"October, 2018" Archive - Page 5

Block Assessment invalid if no Satisfaction recorded by AO of Searched Party

DCIT Vs. Salasar Dwellers Pvt. Ltd. (ITAT Mumbai)

DCIT Vs. Salasar Dwellers Pvt. Ltd. (ITAT Mumbai) Satisfaction in the case is not recorded by the AO of the searched party, which is a pre-condition for invoking jurisdiction u/s 153C of the Act and hence, the assessment framed u/s 153C read with Section u/s 143(3) of the Act is bad in law. FULL TEXT […]...

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Customs Electronic sealing implementation extended to 01st January, 2019

Circular No. 41/2018-Customs (30/10/2018)

CBIC has decided to extend the date of implementation of Electronic sealing for Deposit in and removal of goods from Customs bonded Warehouses to 01st January, 2019 in order to enable establishment of infrastructure and procurement of seals by warehouse owners....

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PMS fee not allowable while computing capital gain on Sale of shares

Mateen Pyarali Dholkia Vs DCIT (ITAT Mumbai)

While computing capital gain on sale of shares kept under Portfolio Management Scheme (PMS), assessee could not claim deduction of PMS fee as the same neither fell under the category of transfer fee, nor under the category of cost of acquisition/improvement....

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Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2018

Notification No. 88/2018-Customs (N.T.) [G.S.R. 1076(E)] (30/10/2018)

(1) These regulations may be called the Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....

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Interest on enhanced compensation for compulsory acquisition of agricultural land eligible for exemption U/s. 10(37)

ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore)

ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore) We have considered the submissions of the ld. DR. It is not disputed by the AO that the land acquired was agricultural land and the conditions laid down u/s. 10(37)(i) to (iv) are applicable to the land which is in question which was compulsorily acquired. It is […]...

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HC allows release of goods on furnishing security for Tax & Penalty

Krishna Enterprises Vs State of U.P. & Ors. (Allahabad High Court)

Krishna Enterprises Vs State of U.P. & Ors. (Allahabad High Court) Heard Shri Aditya Pandey, learned counsel for the petitioner and the learned Standing Counsel on behalf of the State-respondents. The goods of the petitioner under transportation along with the vehicle have been seized vide order dated 08.05.2018 passed under Section 1...

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Slump sale of business as going concern to related party qualifies as supply

In re Merck Life Science Private Limited (GST AAR Maharashtra)

Seller has agreed to sell, transfer, convey, assign and deliver to the applicant or to any affiliates as directed by applicant for the BPL business which would be transferred as a slump sale on going concern basis. BPL business means BP business, LS Business and PM business as going concern as outlined in 'Definitions and Interpretations'...

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All you wanted to know about PAN

All you wanted to know about PAN What is PAN? All India UNIQUE 10 Alphanumeric Character allotted by the Income Tax Department. PERMANENT ACCOUNT NUMBER (PAN) does not change with, change of address or station or change of Assessing Officer, etc PAN is needed by > an Income Tax assessee, or > any person carrying […]...

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Posted Under: Income Tax |

No transfer on Gift of share in property against cash gift under Family settlement

Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai)

Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) We find merits in the arguments of the assessee for the reason that the assessee has gifted her 50% share in the property in favour of her brother in law in pursuance of family arrangement between the family members for acquiring separate property for each family member. The […]...

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Show cause notice cannot pre-judge the issue- Order denying credit cannot be SCN

TVS Motor Company Ltd. Vs Asstt. Commr. of CGST & CE (Madras High Court)

TVS Motor Company Ltd. Vs Asstt. Commr. of CGST & CE (Madras High Court) The respondent states that the impugned order is only a show cause notice (SCN). This Court is unable to agree with the said stand taken by the learned Senior Panel Counsel appearing for the Revenue, as a show cause notice cannot […]...

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