"January, 2019" Archive - Page 68

Bank A/c Not Required For GST Registration

Requirement of bank account details has been removed at the time of GST Registration. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field. GST Registration: List of Documents for different types of entities...

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Tax benefits available for home loans

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligible items like Public Provident Fund, Employee Provident Fund, life insurance premium, National Saving Certificates Equity Linked Saving Scheme etc. ...

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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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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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Loan received from company not deemed dividend U/s. 2(22)(e) if assessee was not a member/shareholder of concerned company

CIT Vs Prem Motors (Madhya Pradesh HC)

Where assessee was not a member/shareholder of the concerned company, therefore, loan/advance received from such company was not deemed dividend under section 2(22)(e)....

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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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12% GST payable on Work Contract Services pertaining to railways

In re M/s. Shree Construction (GST AAAR Maharashtra)

In re M/s. Shree Construction (GST AAAR Maharashtra) The Advance Ruling Authority upheld the order passed by the Advance Ruling Authority, by observing that the any works contract pertaining to the railways, carried out by the main contractor or its sub-contractors are eligible for the concessional rate of 12% GST in terms of the provisio...

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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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