"04 January 2019" Archive

8 Point CBDT strategy for maximization of direct tax collections

F. No. 380/02/2018-IT (B) (04/01/2019)

With a view to maximize tax collections in general and collections under Regular Assessment in particular, the following strategies need to be implemented in this quarter: (a) Targeted recovery surveys in potential cases where high amount of recovery is likely. Sale of attached properties in appropriate cases by TROs to recover confirmed ...

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CBI arrests an Income Tax Officer and Two others in a Bribery Case

The Central Bureau of Investigation has arrested an Income Tax Officer(ITO), Income Tax Department, Fatehabad (Haryana) and two private persons in a bribery case of Rs.50,000/-. A case was registered against the Income Tax Officer and a CA(Private person) on a complaint alleging that the ITO, Income Tax Department, Fatehabad has demanded ...

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Posted Under: Income Tax |

Income from Flats / Shops held as Stock-in-Trade is Business Income

Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai)

Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai) If a immovable property in the shape of flats / shops is held as stock-in-trade, then it becomes part of trading operations for the assessee and as a natural corollary, any income derived there-from would be Business Income and not Income from House Property. FULL [&hellip...

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S. 80HHB Sub-contractor for refinery shut down outside India is a Foreign Project

M/s. SPIC Jel Engineering Vs ACIT (Madras High Court)

M/s. SPIC Jel Engineering Vs ACIT (Madras High Court) CIT (A) had gone through the agreement and the drawings, which were enclosed as annexures and found that the nature of work carried on by the assessee, as a sub-contractor, for the refinery shut down clearly comes within the scope of foreign project, more specifically, assembly [&helli...

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Two years of insolvency and Bankruptcy Code (IBC)

The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...

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Posted Under: Income Tax |

Income / Losses declared by Investor Companies not a Sole Criterion to examine Creditworthiness

Psychotropics Leasing & Finance (P) Ltd. Vs ITO (ITAT Delhi)

Psychotropics Leasing & Finance (P) Ltd. Vs ITO (ITAT Delhi) The ld. CIT(A) appears to have stressed on the fact that the impugned share holders has shown meager income in their return of income. In our opinion, the income/losses declared by the investor companies is not a sole criterion to examine the creditworthiness of the [&hellip...

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GST Council: 31 Meetings, 918 decisions & 294 notifications so far

The GST Council has met 31 times so far. Till the 30th GST Council Meeting, a total of 918 decisions have been taken and 294 notifications have been issued by the Central Government. In the 31st GST Council Meeting held on 22nd December, 2018, a total of 29 decisions were taken which have been implemented through the issuance of the requi...

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Posted Under: Income Tax |

Reassessment initiated for second time is valid if based on new Tangible Materials

A. Sridevi Vs ITO (Madras High Court)

A. Sridevi Vs ITO (Madras High Court) Admittedly, the original return filed by the assessee did not reflect the subject matter income, namely, the advance made by the assessee to the said Nagarajan of a sum of Rs.2.75 crores. When the earlier reopening proceedings was initiated with issuance of notice under section 148, the assessee [&hel...

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GST Late Fees Fiasco And Solution

When goods and service tax was introduced in India in July 2017 and first returns were filed in the Month of Aug. 2018, the first most controversial aspect of the GST was surfaced in the form of GST Late fees. ...

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Posted Under: Income Tax |

Govt collects Rs. 612653 crore as Indirect Tax during April-Nov, 2018-19

The total net indirect tax collection (inclusive of CGST, IGST and GST-Compensation Cess) in the current financial year during April-November, 2018-19 is Rs. 6,12,653.47 crore....

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Posted Under: Income Tax |