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Archive: 31 October 2018

Posts in 31 October 2018

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6441 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Service of Notice under GST & Validity of notice by affixation

October 31, 2018 3819 Views 0 comment Print

Kashi Bartan Bhandar Vs State of UP  (Allahabad High Court) The notice under the CGST Act is required to be served in accordance with the provisions of Section 169 of the Act which provides that it can be served by giving or tendering it directly or by messenger to the person concerned or to a […]

ESOPs Holding period to be from date of grant not from date of vesting

October 31, 2018 8556 Views 0 comment Print

Period of holding ESOP options transferred by the assessee in course of buy-back scheme of his employer was to be counted from the date of grant of ESOP option and date of vesting was not relevant as options were transferred without any exercise.

Interest on Loan for Land purchased and shown as Stock in Trade is revenue expense

October 31, 2018 3786 Views 0 comment Print

Model Properties Pvt. Ltd. Vs ACIT (ITAT Jaipur) The fact of showing this land in the books of account as stock in trade is not in dispute, however, the ld. CIT(A) has denied the claim on the ground that the assessee has not undertaken any activity which could lead to the inference that the assessee […]

Securitization of lease receivables is a taxable receipt in the year of securitisation

October 31, 2018 1086 Views 0 comment Print

Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the amount of Rs.1.69 Crores credited to the profit and loss account on account of securitization of lease rentals receivable in subsequent years is chargeable to tax in the assessment year 2002-03 ?.

CIT cannot pass a revision order unless assessee is given opportunity of being heard

October 31, 2018 1569 Views 0 comment Print

ITAT Mumbai quashes CIT order reversing Ambuja Cements assessment, citing lack of scientific basis for provision of slow-moving inventory.

Ao verified loan based on CASS parameter: CIT(A) cannot invoke jurisdiction u/s 263

October 31, 2018 1170 Views 0 comment Print

ITAT states that AO had made specific enquiry into loan transactions of assessee based on the CASS parameter. In response to enquiries made under section 133(6), loan creditors had filed their documents/details to substantiate/prove their identity(ies), creditworthiness and genuineness of the loan transactions. AO having examined all the details had not drawn any adverse inference against any loan creditors and did not follow a view ‘unsustainable in law’ and assessment order was not the result of non-application of mind or any inadequate enquiry, accordingly, invocation of jurisdiction under section 263 was untenable.

No deduction U/s. 80-IB(10) if Assessee utilises only small part of eligilble FSI

October 31, 2018 1335 Views 2 comments Print

Where assessee utilized only a small part of eligilble FSI remaining part was sold, then assessee was not entitled deduction under section 80IB. In respect profits assessee for sale of unutilized part.

Loss incurred on derivative transactions allowable as business loss

October 31, 2018 12297 Views 0 comment Print

Since loss arising from derivative transactions were excluded from being regarded as speculative business under section 43(5)(d) as per Explanation to section 73, therefore, the loss incurred on account of derivatives was business loss and allowed to be set off against business income.

Set off of unabsorbed business losses against capital income on slump sale

October 31, 2018 1740 Views 0 comment Print

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of […]

Section 115JB not applies to assessee governed by Special Acts & Rules

October 31, 2018 3978 Views 0 comment Print

Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act.

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