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Archive: 14 November 2018

Posts in 14 November 2018

Reopening of assessment before obtaining sanction of CIT is void ab initio

November 14, 2018 1140 Views 0 comment Print

CIT(A) has rightly quashed the assessment because the very foundation for issuance of notice under section 148 is the approval from the competent authority, i.e. Commissioner of Income Tax, and in the absence of such, such notice is void ab initio.

Liberalization of visa regime of India during the last one year 

November 14, 2018 594 Views 0 comment Print

India has a robust visa regime to facilitate smooth entry, stay and movement of foreigners in India for legitimate purposes while ensuring the security of the country. During the last one year, the MHA has taken a series of steps to liberalize the visa process in India.

Reassessment for non-examination of one aspect of deduction during Original Assessment is invalid

November 14, 2018 615 Views 0 comment Print

Hitech Outsourcing Services Vs CIT (Gujarat High Court) We have noticed that the Assessing Officer in teh original assessment proceedings had examined the assessee’s claim of deduction under section 10B of the Act. It is not as if such claim went unnoticed or unscrutinized. He wanted to be specific about the assessee’s claim for deduction […]

Money or payment received in trust and in fiduciary capacity, should not be treated as income

November 14, 2018 1734 Views 0 comment Print

CIT Vs Society for Indian Automobile Manufactures (Delhi High Court) Ministry had sanctioned Rs.1,474.10 lacs ( including cost of land) for setting up Model Inspection & Certification Centres. The respondent/assessee was to execute this project for and on behalf of the Ministry. The amount received was in form of a financial sanction and not a […]

Section 40(a)(ia) applies only when there is no TDS deduction

November 14, 2018 3063 Views 0 comment Print

Once there was compliance to TDS provisions, even if there was short deduction of TDS or TDS had been deducted under different sections, there was no scope for AO to disallow expenditure under section 40(a)(ia) as provisions under section 40(a)(ia) is applicable only when there is no TDS deduction.

Deduction of interest on borrowed capital U/s. 24(b) on building demolished during the year

November 14, 2018 2628 Views 0 comment Print

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b).  Though a restriction as regards the quantum of deduction, is provided in the first proviso of section […]

GST Council may have to take a view on the funding of NDRF

November 14, 2018 369 Views 0 comment Print

Impact on revenues of state govt’s due to GST is important as states are the first responders in case of any disasters. How should the National Disaster Response Fund (NDRF) be funded in GST era, Issue of cess on GST for the purpose of funding disaster response are some policy level issues on which GST Council may have to take a view.

Goods seized as were not accompanied by E-way bill; HC allows release on furnishing security

November 14, 2018 879 Views 0 comment Print

Abhay Traders Vs. State of U.P. & Ors (Allahabad High Court) The goods of the petitioner in transportation along with the vehicle was seized under section 129 of the Uttar Pradesh Goods and Services Tax Act, 2017 on 2-6-2018 for the reason that they were not accompanied by the E-way bill. The submission of learned […]

Date and Place of Supply under UAE VAT

November 14, 2018 3537 Views 0 comment Print

The tax which has been levied and needs to be assessed, will require a specific date to be established for the transaction for taxpayer and tax administration to carry out the quantification. This article provides for the manner of determining the Date of Supply. The Date of supply shall not be entirely left at the discretion of the taxable person. Taxable persons first need to look into which clause of this article is applicable for a supply and then ascertain the date so stated under that clause.

Peer To Peer Lending

November 14, 2018 2202 Views 1 comment Print

P2P lending is basically a crowd-funding model where people join to lend their money with people who are in need. In this platform there is a concept where lenders get higher interest by lending their money instead of saving and borrowers also get comparatively lower interest rates.

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