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Rajat Exports Import (India) Pvt. Ltd. Vs ITO (ITAT Delhi) The AO noted in the assessment order that the DIT (Inv.) in the course of investigation in the case of Shri Mukesh Gupta, Shri Rajan Jassal and Shri Surinder Pal Singh recorded their statements. The assessee was supplied with the seized material at the fag […]
ACIT Vs M/s. Wig Investment (ITAT Delhi) AO has treated not only the gain on mutual funds as business income but also gain on profit and sale of shares as also as business income. Now in view of the CBDT Circular dated 29.9.2016, if shares are held for more than 12 months which have been […]
Pro and Cons of Recommendations made during 31 Meeting of the GST Council on 22 Dec, 2018 Complete Analysis has been made of Recommendation in laymen Language and Presented in 3 Part- Proposed Change Present Scenario Impact There would be a single cash ledger for each tax head. Currently there are multiple heads like Tax, […]
Where assessee was not a member/shareholder of the concerned company, therefore, loan/advance received from such company was not deemed dividend under section 2(22)(e).
Merely disallowance of any claim which is legally not allowable, no penalty under section 271(1)(c) can be levied when there was no concealment of any material facts or furnishing of inaccurate particulars of income.
Schwing Stetter (India) Private Limited case: Where except for the debit entries, assessee did not produce any evidence to show that the expenditure was incurred wholly and exclusively for the purpose of business expenditure, held as unallowable for deduction while computing total income
In this article we would like to explain the important GST provisions relating to the major services offered by the banking industry to its customers.
In re M/s. Shree Construction (GST AAAR Maharashtra) The Advance Ruling Authority upheld the order passed by the Advance Ruling Authority, by observing that the any works contract pertaining to the railways, carried out by the main contractor or its sub-contractors are eligible for the concessional rate of 12% GST in terms of the provisions […]
Mafatlal Industries Limited Vs ITO (ITAT Mumbai) Loss on Account of Compensation on Enforcement of Security Paid to Subsidiary Companies is allowable as same was in the course of business The assessee has claimed loss incurred by two subsidiary companies M/s Mishapar Investment Ltd & Vibhadeep Investment & Trading Ltd on the ground that the […]
Customs Rate of Exchange of Foreign Currency Conversion wef 04.01.2019 notified vide Notification No. 02/2019 – Customs (N.T.) dated 3rd January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOAR OF INDIRECT TAXES AND CUSTOMS) ***** Notification No.02/2019 – Customs (N.T.) New Delhi, dated the 3rd January, 2019 13 Pausha, 1940 (SAKA) In exercise […]
