"07 January 2019" Archive

Goods cannot be treated as Smuggled for mere non-maintenance of books

Union of India Vs Imtiaz Iqbal Pothiwala (Bombay High Court)

UOI Vs Imtiaz Iqbal Pothiwala (Bombay High Court) We are of the view that in the absence of evidence in the form of regular Books of Account, Registration under the Income Tax and Sales Tax, etc., cannot ispo­facto lead to the conclusion that the seized gold bars, are smuggled gold bars. These may lead to proceedings for […]...

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It cannot be said that Land was not compulsorily acquired merely because Price was negotiated

Smt. Jayasree Sreedharan Vs ACIT (ITAT Cochin)

Smt. Jayasree Sreedharan Vs ACIT (ITAT Cochin) In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land wa...

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Application U/s. 80G(5) cannot be rejected for sufficiency of funds with an institution

Raghu Nath Rai Memorial Educational & Charitable Trust Vs CIT(E) (ITAT Chandigarh)

CIT(E) was not justified in rejecting approval sought by assessee under section 80G(5) on the allegation that assessee had sufficient disposable fund because sufficiency of funds available with an institution seeking the approval is not mentioned as condition under section 80G, which needs to be looked into before granting approval....

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NSEL scam bad debts: ITAT to ensure that effective inquiry is carried out by AO

Omni Lens Pvt. Ltd Vs DCIT (ITAT Ahmedabad)

Omni Lens Pvt. Ltd Vs DCIT (ITAT Ahmedabad) Where the AO failed to discharge its obligation to conduct a proper inquiry to take the matter to logical conclusion, it is also the obligation of the first appellate authority and indeed that of ITAT to have ensured that effective inquiry is carried out on the subject […]...

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AO not justified in insisting on payment of 20% of demand during pendency of appeal before CIT(A)

Bhupendra Murji Shah Vs DCIT (High Court Bombay)

Bhupendra Murji Shah Vs DCIT (High Court Bombay) We are not concerned here with the Circular of the Central Board of Direct Taxes. We are not concerned here also with the power conferred in the Assessing Officer of collection and recovery by coercive means. All that we are worried about is the understanding of this […]...

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Mere license to enter property to carry out development cannot be treated as Transfer in JDA

Smt. Lakshmi Swarupa Vs ITO (ITAT Banglore)

Smt. Lakshmi Swarupa Vs ITO (ITAT Banglore) In the present case, the clause in the JDA regarding possession clearly states that what is given is not possession contemplated u/s. 53A of the Transfer of Property Act and that it is merely a license to enter the property for the purpose of carrying out development. Further, […]...

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Rental income from Warehouse is taxable as Business Income

DCIT Vs Maa Amba Towers Ltd. (ITAT Kolkata)

DCIT Vs Maa Amba Towers Ltd. (ITAT Kolkata) Hon’ble Supreme Court in the case of Chennai Properties supra, we hold that the ld CITA had rightly directed the ld AO to treat the warehouse rentals as income from business and consequentially allow the expenditure claimed in the return as business expenditure. Accordingly,  Ground  raised ...

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GST on Banking Sectors- 65 FAQs

Frequently Asked Questions related to Banking Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’? Ans:- No. Banks are not required to provide the details of ATMs while applying fo...

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GST on Insurance Sectors- 11 FAQs

Frequently Asked Questions related to Insurance Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 What is the location of the supplier of service for fund management charges in ULIP policies? Ans: The fund management charges are charges towards managing and administering the fund. These funds...

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Posted Under: Custom Duty |

GST on Stock Broking Services- 15 FAQs

Frequently Asked Questions related to Stock Broking Services on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 In the case of stock broking, whether stamp duty or securities transaction tax or other Central or State taxes would be considered as a part of the value of supply as prescribed under Section [&he...

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Posted Under: Custom Duty |