"02 October 2018" Archive

GST on Restaurants: An analysis

GST rate will not depend now onwards whether restaurant is Air conditioned or Non-Air conditioned, serving alcohol or not. Post amendment, restaurants would be divided into 3 categories (i) Stand-alone restaurants (ii) Restaurants in hotel premises (iii) Outdoor catering...

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Postpone Commencement of KYC process for companies: ICSI

The process of KYC of companies may be commenced from 1st January, 2019 since the companies as well as professionals are currently involved in conducting Annual General Meetings of their respective companies and thereafter in the months of October and November, they would be involved in the annual filing compliances with the MCA. ...

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Power Sector- Deduction under section 80IA of Income Tax Act

Deductions in respect of profits and gains from undertakings or enterprises engaged in, Power undertakings etc. [Section 80-IA]...

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Easy and point wise analysis of TDS Under GST

1. TDS under GST (Section 51 of CGST Act)- Applicable from 1st October 2018 Who Is Liable To Deduct TDS – Section 51(1) 1. Central or State Govt Departments or Establishments 2. Local authority 3. Governmental agencies 4. Entities where 51% Equity or control owned by Govt. 5. Registered Societies of Central or State Govt and Local [&h...

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Sanction u/s 151 is mandatory for issuing notice u/s 147

Sonu Khandelwal Vs ITO (ITAT Jaipur)

Sonu Khandelwal Vs ITO (ITAT Jaipur) Section 150(1) provides exception to the limitation provided U/s 149 for issuing notice U/s 148.  Therefore, Section 150 of the Act can be pressed into service in a particular case of reopening based on the directions or giving effect to the order of the appellate authority only when the time [&helli...

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Consistent loss of cases by revenue in Higher Courts could be termed as a deliberate

PCIT Vs International Biotech Park Ltd (Bombay High Court)

PCIT Vs International Biotech Park Ltd (Bombay High Court) Revenue has been selective in its approach. It picks either the assessee or the assessment years pertaining to that assessee for challenging the orders in relation to them, before the higher forums. This results in revenue leakage or perpetuation of wrongs affecting adversely ...

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Remuneration to partners cannot be disallowed merely because share of partners not fixed or deed not provides for manner of quantification of such remuneration

Panda Fuels Vs ITO (ITAT Cuttack)

Panda Fuels Vs ITO (ITAT Cuttack) We have heard the rival submissions, perused the orders of lower authorities and materials available on record. In the instant case the Assessing Officer disallowed deduction for remuneration paid to partners of Rs.6,64,923/- on the ground that the partnership deed does not provide for remuneration to par...

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Addition for Bogus long-term gains from penny stocks cannot be made merely on suspicion

Pramod Kumar Lodha Vs ITO (ITAT Jaipur)

Pramod Kumar Lodha Vs ITO (ITAT Jaipur) Decision of the AO holding the transaction as bogus and denying the claim of long term capital gain under section 10(38) of the Act is based on suspicion without any material evidence to controvert or disprove the evidence produced by the assessee. The enquiry conducted by the ITO […]...

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ITAT allows Loss due to write off of Investment in Joint Venture

Sahara Global Vision Pvt. Ltd Vs The A.C.I.T (ITAT Delhi)

Sahara Global Vision Pvt. Ltd Vs ACIT (ITAT Delhi) Assessee entered into joint venture by way of participating in a company in USA for distribution of petroleum and chemical products after obtaining approval from RBI. There is also no dispute that the joint venture company in USA was liquidated. The facts on record show that […]...

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S. 147 AO should allow four weeks’ time to assessee after rejection of objections

Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi)

Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi) The bone of contention is as to whether the Assessing Officer has rightly framed the impugned order within 16 days of disposing of the objections of the assessee. The answer is given by the coordinate bench in the case of Metaplast Engineering P. Ltd in ITA No. […]...

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