"21 January 2019" Archive

Exemption U/S 54B Available for Purchase of Agricultural Land in Son’s Name

Balu Vitthal Kharate Vs ACIT (ITAT Pune)

Balu Vitthal Kharate Vs ACIT (ITAT Pune) Amendment to section 55A is effective from 01.07.2012 and the same doesn’t have retrospective effect. Exemption u/s 54B cannot be denied on the base that the land was purchased in son’s name when the new land was used for agricultural purpose. FACTS – Assessee, along with 5 other […]...

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How to download GST Registration Certificate from GST Portal

As important as registering yourself under Goods and Service Tax (GST), it is equally important for you to obtain the GST registration certificate. This GST registration certificate can be obtained from the common GST portal. This article we will discuss in details about the steps to be followed to download the GST registration certifica...

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Posted Under: Income Tax |

News of mass prosecution notices for small TDS default is completely misleading: CBDT

Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices...

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Posted Under: Income Tax | ,

IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT)

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Code, 2016? For an amount to be classified...

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Posted Under: Income Tax | |

Appointment of Special auditor U/s. 142(2A) at fag-end of expiry of limitation is illegal

M/s. Unitech Limited Vs DCIT (ITAT Delhi)

Where special auditor was appointed under section 142(2A) at fag-end of expiry of limitation to pass assessment order and for sole purpose of extending limitation period for assessment order, i.e., just before 23 days in expiry limitation under section 153(1) such appointment was illegal and invalid therefore, to be quashed....

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IRDAI (Insurance Brokers) (First Amendment) Regulations, 2018

Notification No. IRDAI/Reg/2/153/2019 21/01/2019

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018....

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No exemption U/s 54F on failure to deposit unutilized amount of capital gain within time

Shri Sameer Vithalrao Ghanwat Vs ITO (ITAT Pune)

Assessee is not entitled to the claim of deduction under section 54F of the Act as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income....

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Fema: Reg. opening of project office relating to defence sector in India

Notification No. FEMA 22 (R)/(2)/2019-RB 21/01/2019

In the case of proposal for opening a project office relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings....

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Non-Operation of a Centralised System not an Excuse to delay Service Tax Payment & avoid penalty

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court)

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court) Whatever be the constraint, the assessee was faced with, it was duty bound to remit amounts collected by it towards service tax, in a planned manner, and as required by law. The deposit belatedly, by it, on the ground that the amounts were […]...

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Vaya Tyffyn (lunch box) & Vaya Drynk (bottle) classifiable under CTH 96170019

In re M/s. Vaya Life Private Limited (GST AAR Tamilnadu)

In re M/s. Vaya Life Private Limited (GST AAR Tamilnadu) What is the Harmonized system of nomenclature (HSN) code and the applicable GST rate for VAYA TYFFN (lunch boxes) and VAYA Drynk (bottle) in terms of notification 01/2017- Central Tax (Rate) dated 28/06/2017 as amended from time to time.  1. The goods ‘Vaya Tyffyn’ and ...

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