"06 January 2019" Archive

New Year resolutions of GST?

New Year celebration and resolutions for year 2019 are thought over by all. Many new notifications, circulars, orders, etc. in GST are issued on 31-12-2018. What are new changes in GST?...

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GST Rate on Supply of minerals & erection work as work contract services

In re Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (GST AAR Madhya Pradesh)

In the instant case, the applicant had awarded work to the successful bidder for Supply of Materials and Erection respectively. Therefore, the contract entered by the applicant is squarely falls under the works contract and falls under entry no. (ii) of S. No. 3 of the table of notification no. 11/2017 — Central Tax (Rate), Dated — 28...

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Jackie Shroff allowed claim of loan written off given to wife

Mr. Jackie Shroff Vs. ACIT (ITAT Mumbai)

When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case...

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Dematerialization of Securities Helps to Enhance Transparency

In this article the writer shall deliberate the provisions of the Companies Act, 2013 and other applicable Acts and Laws  which deals with the issue of dematerialization of share of unlisted public companies, he try to explain the process and procedure involved and also seeks to elaborate the likely benefits of the dematerialization. Th...

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Year of taxability on Transfer of land pursuant to development agreement

K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad)

K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like ass...

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Statement made during Survey supported with Corroborative Evidence is admissible as Evidence

Thiru S.Shyam Kumar Vs  Assistant Commissioner of Income Tax (High Court Madras)

Thiru S.Shyam Kumar Vs  ACIT (High Court Madras) The entire issue revolves around the factual matrix as to whether the slips, which contain certain details, were pertaining to payments made by the assessee, not brought into the books of accounts.  Before the assessing Officer, the assessee has given more than one statement accepting th...

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In Search of The Self, Who Are You?

If anybody asks me, Whom do you think the most important person alive in your life so far? Then my answer is that I am the most important person in my life. If we dispassionately look at the question devoid of prejudices and vested interests and with proper application of our mind, the answer can be only one....

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Section 201(3) amended WEF 01-10-2014 cannot be applied retrospectively

Eris life sciences pvt ltd Vs DCIT (High Court Gujarat)

Eris Life Sciences (P) Ltd. Vs DCIT (High Court Gujarat) As per sub-section (3) of section 201 which stood prior to 1.10.2014, the initiation of action for failing to deduct tax at source is barred by limitation. The amended sub-section(3) of section 201 with effect from 1.10.2014 enlarges the period of limitation to seven years which...

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Penalties under SEBI (LODR) Regulations, 2015

F.No.275/29/2018-IT(B) (24/12/2018)

ACTION TO BE TAKEN AGAINST LISTED COMPANIES IN CASE OF NON-COMPLIANCES: The recognized stock exchanges shall take action for non-compliance with the provisions of the Listing Regulations by a listed entity as under:...

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TDS not deductible on issue of recharge vouchers by cellular service provider at discount

Idea Cellular Ltd. Vs ACIT (ITAT Kolkata)

No commission element was embedded in sale of prepaid SIM cards/ prepaid vouchers/ recharge coupons and, therefore, assessee was not liable to deduct tax under section 194H....

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