"10 November 2018" Archive

Relief U/s. 89 available in respect of any arrear related to a Perquisite

Rajesh Kumar Vs. ACIT (ITAT Agra)

Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections 15 and 16. Section 15 is the charging section qua income from salary, whereas section 16 deals with deduction there-from. Section 17(1)(iv) says that ‘salary’ includes, inter alia, perquisites. Relief u/s 8...

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Why planning well in advance for your retirement matters?

Have you ever wondered about financial independence at the time of retirement? Have you ever contemplated on how your retirement life will look like? Will it be something where you reside in your dream house, which is like a fairy tale?...

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Posted Under: Income Tax |

Input service distributor (ISD) Vs Cross Charge under GST

which option is beneficial based on various situation...

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Posted Under: Income Tax |

The Rise of FinTech in India

As the country is going through a complete digital transformation, FinTech companies are playing vital role by promoting the financial inclusion of people from all walks of life, such as individuals, small and micro industries. ...

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Posted Under: Income Tax |

CESTAT condones delay of 23 Days subject to payment of cost to Kerala CM Relief Fund

M/s Parvatiya Plywood Pvt. Ltd. Vs. CGST, CC & CE, Dehradun (CESTAT Delhi)

We find that delay is explained to some part. However, in the interest of justice, we condone the delay subject to payment of cost of Rs. 5000/- payable in ‘Kerala Chief Minister Relief Fund’ on or before 1st November, 2018...

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CA Final Result: A mistake & error cannot confer a legal right: HC

Milind Aggarwal Vs ICAI (Delhi High Court) (Delhi High Court)

Milind Aggarwal Vs ICAI (Delhi High Court) The dispute relates to the result declared by the respondent-institute. The appellants claim that they had cleared Group I/II as per the result circulated through Whatsapp messages and uploaded on Facebook. They rely on the screenshots. The appellants however accept that as per result uploaded on...

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No disallowance U/s. 40(a)(ia) where net profit was estimated

Power Liners Vs. ACIT (ITAT Jaipur)

Once the income of the assessee was estimated after rejection of books of account, then, the AO could not make disallowance on the same books of account for the purpose of disallowance by invoking provisions of section 40(a)(ia) or general disallowance under section 37(1). Hence, the disallowance made by the AO was deleted....

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Credit for TDS deducted but not paid & Certificate issued to deductee

Devarsh Pravinbhai Patel vs. ACIT (Gujarat High Court)

Whether the petitioner is correct in contending that he had already suffered the deduction of tax, the mere fact that the deductee did not deposit such tax with the Government revenue could not permit the Income­ tax Department to recover such amount from the petitioner....

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No GST on fee for grant of license sale of liquor for human consumption

Divya Singla Vs. UOI (Punjab and Haryana High Court)

Learned counsel for respondents No.1 to 3 fairly submitted that he has received instructions to the State that in 26th meeting of GST Council held on 10.03.2018 it has been decided that no GST/Service Tax is leviable on the fee paid for grant of license sale of liquor for human consumption....

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HC upheld addition for security deposit used as a devise to postpone tax liability

CIT Vs. M/s. Ansal Properties And Industries (Delhi High Court)

One of the most fundamental bases amongst the other important considerations is that if new materials or documents come to light, the assessee’s income can be revisited and additional amounts brought to tax. ...

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