"29 September 2018" Archive

Challenges & Critical Issues in filing Annual Return Form GSTR – 9

In terms of Section 44(1) of the CGST Act, 2017, every registered person, other than an Input Service Distributor, a person paying tax under Section 51 (TDS Collector) or Section 52 (TCS Collector), a casual taxable person and a non-resident taxable person, shall furnish an Annual Return for every financial year on or before the 31st day...

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Rental Income can be business income even if Main Objects are not letting out of Properties

Principal Commissioner of Income Tax Vs M/s. Sakthi Sugers Ltd. (Madras High Court)

PCIT Vs M/s. Sakthi Sugers Ltd. (Madras High Court) Issue- Whether the Appellate Tribunal is right in allowing the rental income of the assessee as ‘business income’ instead of ‘income from house property‘ when the principal object of the assessee company is not letting out of properties ? When this matter came...

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S. 254(2) Tribunal cannot condone delay in filing MA but HC can

Muninaga Reddy Vs ACIT (Karnataka High Court)

Though the Tribunal has no power u/s 254(2) to condone delay in filing the MA, the High Court has power under Articles 226 and 227 of the Constitution of India to do substantial justice by condoning the delay. ...

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HC orders inquiry of concerned AO for manipulation of Assessment records

Prabhat Agarwal Vs DCIT (Delhi High Court)

Prabhat Agarwal Vs DCIT (Delhi High Court) In this case revenue played a subterfuge, in trying to cover up its omission, and in ante dating the record, in the attempt to establish that such reasons existed, and this court’s interference was not called for. In these circumstances, this court hereby directs the Chief Commissioner concerne...

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Deduction U/s. 54 on Investment in 4 adjacent flats made into single residential house

ITO Vs Kavita Gupta (ITAT Mumbai)

Where assessee had independently acquired multiple flats, which, however, were joined together and used by the assessee as a single residential unit, the claim for exemption under section 54 in respect of total investment made towards acquisition of the said flats could not be denied....

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How to score good marks in theory Papers in exam

Focusing on how to write your answers is something which can help you being confident and scoring better in theory. After implementing the tricks here are some tricks...

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ITAT on Set-Off of Capital Loss via Sham Transaction against Capital Gain

The Dy.C.I.T. Vs .M/s.B S. Infosolution Pvt. Ltd (ITAT Delhi)

DCIT Vs M/s. B S. Infosolution Pvt. Ltd (ITAT Delhi) ITAT Held that No prudent person with some commercial prudence would pay a hefty premium of Rs. 190/- on a book value of Rs. 82/-, hold it for one year, and then sell the same shares at book value. Further Though the premium is justified […]...

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Loan to Director and Other Person in Which he is Interested

MCA vide its notification dated 7th May 2018 notified the Sections 61 of the Companies (Amendment) Act, 2017, through which Section 185 has been amended and reproduced as follows: 1. Loan to Director or firm in which he is interested-Absolutely Prohibited Pursuant to section 185(1), no company shall advance any loan to or give any [&helli...

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Analysis of Micro Small and Medium Development Act

Introduction Act provides for facilitating the promotion and development as well as enhancing the competitiveness of Micro, Small and Medium enterprises. Categorization of Micro, Small and Medium Enterprises As per Act, The categorization of Micro, Small and Medium is based on investment in Plant and Machinery as below Category of Enterpr...

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No Penalty U/s. 271E on cash refund of advance from customers under Bonafide Belief

M/s. Orison Transport Vs DCIT (ITAT Cuttack)

 M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the assessee against [&hel...

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