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Archive: 15 November 2018

Posts in 15 November 2018

Section 50C not applies to Sale of right to property

November 15, 2018 2403 Views 0 comment Print

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the […]

Misconduct Allegations against CS not sustainable in absence of Evidence

November 15, 2018 1227 Views 0 comment Print

Shri Nizar Mawani Vs Shri Ajay Moreshwar Antarkar (ICSI Disciplinary Committee ) The Disciplinary Committee and after considering all the material on record and after considering all the facts and circumstance of the matter observed that the instant case has arisen out of an affidavit purportedly filed before CLB, Mumbai, by the Respondent wherein he […]

Section 112A – Long-term capital gain on listed securities: Recent developments

November 15, 2018 26337 Views 2 comments Print

The Finance Act, 2018, withdrew the exemption for long-term capital gains on the sale of listed equity shares, units of equity oriented mutual fund or business trust, etc., (subject to certain conditions) and subjecting such gains to tax at a concessional rate of 10% under section 112A of the Income-tax Act, 1961 (Act).

Impact of GST largely positive & constructive on Pharma Sector

November 15, 2018 1611 Views 0 comment Print

Before GST, Annual Turnover of the Pharma Sector (as on 31.05.2017) was Rs 1,14,231 crores while after GST, the Annual Turnover of Pharma sector (as on 31.05.2018) touched Rs 1,31,312 crores, which is 6% higher than the Pre-GST regime.

RERA is bringing positive transformative changes in the industry

November 15, 2018 636 Views 0 comment Print

As we are in the 2nd year of the implementation of RERA, I am happy to note all the States/UTs have notified Rules under RERA except for 6 North Eastern States and the state of West Bengal

Checklist for GST Health Check

November 15, 2018 24597 Views 6 comments Print

It’s been more than a year since GST, one of the biggest Indirect Tax reform was implemented in India. The new tax regime with its rigid compliance requirements strives to streamline the levy and collection of indirect tax in India. In the race to comply with the GST laws, as a business entity, you must […]

S. 241(1)(c) Penalty cannot be imposed for merely for Rejection of Registration by RBI

November 15, 2018 1416 Views 0 comment Print

Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra Third Member) The Id. DR cited several reasons, which, in his opinion, justified imposition of penalty, such as,. the RBI rejecting the application for registration of NBFC; names and addresses of the depositors not available; no books of account or vouchers available; a qualification by the auditors […]

Radiation Portal Monitors and Container Scanner at designated ports by 31.03.2019

November 15, 2018 387 Views 0 comment Print

The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated ports is extended up to 31.03.2019.

No adverse inference can be drawn on Failure to offer cross-examination of persons whose statements are relied

November 15, 2018 1749 Views 0 comment Print

Failure by the AO to offer cross-examination of the persons whose statements are relied upon means that no adverse inference can be drawn against the assessee.

Merely because AO did not raise specific queries & is silent in assessment order does not mean there is no application of mind

November 15, 2018 2217 Views 0 comment Print

State Bank Of India Vs ACIT (Bombay High Court) It is submitted that in this case, the Assessing Officer while passing the regular assessment orders had overlooked and/or ignored this particular claim. It is submitted that it is not a case of change of opinion as neither the assessment order referred to allowing of this […]

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