"03 January 2019" Archive

Third part statement cannot be relied if No Opportunity for Cross-Examination was given

Rajat Exports Import (India) Pvt. Ltd. Vs ITO (ITAT Delhi)

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 […]...

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Gain on sale of Shares held for more than 12 months as investment is LTCG

ACIT Vs M/s. Wig Investment (ITAT Delhi)

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 […]...

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Mere Price negotiation do not change nature of compulsory acquisition of urban agricultural land

Smt. Girijakumari M. Vs ITO (ITAT Cochi)

Smt. Girijakumari M. Vs ITO (ITAT Cochi) Compensation for compulsory acquisition of urban agricultural land eligible for section 10(37) benefit The assessee’s 70 cents of land at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition procee...

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Pro and Cons of Recommendations of 31st GST Council Meeting

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, […]...

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Posted Under: Income Tax |

Penalty U/s. 271(1)(c) cannot be levied for mere Wrong claim of deduction

Aristo Pharmaceuticals (P) Ltd. Vs ACIT (ITAT Mumbai)

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....

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GST Implications on Banking Services

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....

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Posted Under: Income Tax |

Reimbursement of loss to Subsidiary Companies in the course of business is allowable

Mafatlal Industries Limited Vs ITO (ITAT Mumbai)

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 groun...

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Customs Rate of Exchange of Foreign Currency wef 04.01.2019

Notification No. 02/2019 - Customs (N.T.) (03/01/2019)

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 3r...

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Duty Drawback can be claimed on export to Nepal from LCS Barhni

Notification No. 01/2019-Customs (N.T.) (03/01/2019)

Inclusion of Land Customs Station (LCS), Barhni in the list of LCSs from which export under claim of Duty Drawback can be made to Nepal vide Notification No. 01/2019-Customs (N.T.) dated 3rd January, 2019...

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ANF-4F & 5B to indicate number of EDI/Non-EDI Shipping Bills used by applicant for redemption

Public Notice No.66/2015-20-DGFT (03/01/2019)

DGFT notifies vide Public Notice No. 66/2015-20 that ANF-4F and ANF-5B will indicate the number of EDI/Non-EDI Shipping Bills used by the applicant for redemption. Government of India Ministry of Commerce and Industry (Department of Commerce) Directorate General of Foreign Trade Udyog Bhawan, New Delhi ***** Public Notice No. 66/2015-20 D...

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