"22 October 2018" Archive - Page 2

How to avoid a loan rejection despite low credit score

What is a credit score? What is the importance of it? How is it determined? For knowing the use of anything, these questions are a must ask! A credit score is the three digit number valuing from 300 – 900 where 300 is considered as the lowest score and 900 is considered as highest....

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S. 10B STPI Commissioner approval should be construed as Board approval

Limtex Infotech Ltd. Vs ITO (ITAT Kolkata)

As per section 10B for an undertaking to be eligible as 100% Export Oriented Undertaking, it should fulfill the following conditions: i) The undertaking must have approved by the Development Commissioner ii) The approval so granted by the Development Commissioner should be subsequently ratified by the Board of Approval for Export Oriented...

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Interest on Loans for Investment in Agricultural Land not allowable

ACIT Vs M/s. Mini Muthoottu Credit India (P) Ltd. (ITAT Cochin)

Interest expenditure could be allowed only if the loan was borrowed for the purpose of the business of the assessee and if it is used for the purchase of an asset which yielded exempted income, that interest expenditure cannot be allowed u/s. 36(1)(iii) of the Act....

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Highly technical equipment cannot be differentiated into smaller parts

Hindustan Aeronaurics ltd Vs Commissioner of Customs (CESTAT Bangalore)

Hindustan Aeronaurics Ltd Vs Commissioner of Customs (CESTAT Bangalore) It is evident by the submissions of the appellant that the impugned part is not only a mere sting or wire or rope but is part of A90B100 which consists of other units. It was not correct on the part of the department to isolate a minor part […]...

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Customs Duty payable on Amazon Kindle as it is not a Dictionary

Union Of India & Anr Vs Amazon Seller Services Pvt. Ltd. (Delhi High Court)

Union Of India & Anr Vs Amazon Seller Services Pvt. Ltd. (Delhi High Court) 27. In the present case, the exemption notification was to allow import of ―electrical machines with translation or dictionary functions” at nil rate of duty. In whatever manner we interpret the said words the interpretation should not be irrational an...

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Appeal filed with ITAT signed / verified by ex-director of company not valid

UB Ostan (India) Private Limited Vs ITO (ITAT Mumbai)

UB Ostan (India) Private Limited Vs ITO (ITAT Mumbai) It is clearly evident that an appeal u/s 253 to the Tribunal is required to be filed in prescribed Form No. 36 and the same is to be signed by the persons specified in Sub-rule (2) of Rule 45. As per Sub-rule (2) of Rule 45, […]...

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PMS Fees deductible from Capital Gain

Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata)

Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata) Ld. CIT(A) had accepted that the gains on sale of shares through Portfolio Management Services (PMS) providers to be taxed under the head capital gains. Against these findings of the Ld. CIT(A), the revenue has not preferred the appeal before us as per the material available […]...

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Addition for Bogus capital Gain cannot be made merely based on Statement of Assessee

CIT Vs Smt. Pooja Agarwal (Rajasthan High Court)

CIT Vs Pooja Agarwal (Rajasthan High Court) One of the main reasons for not accepting the genuineness of the transactions declared by the appellant that at the time of survey the appellant in his statement denied having made any transactions in shares. However, subsequently the facts came on record that the appellant had transacted not [&...

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Total Expense Ratio & Performance Disclosure for Mutual Funds

Notification No. SEBI/HO/IMD/DF2/CIR/P/2018/137 (22/10/2018)

A. Transparency in TER- In order to bring transparency in expenses, reduce portfolio churning and misselling in mutual fund (MF) schemes, the following shall be adhered to:...

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Sec. 206C Orders passed after reasonable period are void despite no limitation period

ITO Vs M/s Eid Mohammad Nizamuddin (ITAT Jaipur)

ITO Vs Eid Mohammad Nizamuddin (ITAT Jaipur) A consistent view has been taken by the various Hon’ble High Courts on this issue that when no limitation is provided in the statute then a period of four years is considered as reasonable for passing the order U/s 201(1)/201(1A) of the Act. The provisions of Section 206C […]...

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October 2020