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Archive: 03 February 2019

Posts in 03 February 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7167 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Mandatory reporting of outstanding receipt of money or loan to ROC

February 3, 2019 4902 Views 3 comments Print

MCA has issued a new notification dated 22nd January, 2019, which requiring mandatory reporting of details of the outstanding receipt of money or loan which have not been considered as deposits as per Companies Act. The period of such receipt of money or loan has to be considered from 1st April, 2014 till the date […]

No Deemed dividend on Transactions of receipt & payment on same date

February 3, 2019 2157 Views 0 comment Print

ACIT Vs Seema Devi Bansal (ITAT Delhi) Trade and commercial transactions are not covered in the definition of ‘loans and advances’ on which section 2(22)(e)  can be applied. When the company got back its funds on the same day, it could not fall into the definition of the deemed dividend. FULL TEXT OF THE ITAT […]

Disallowance U/s. 40(a)(i) cannot be made for non claimed expenses

February 3, 2019 3099 Views 0 comment Print

Delhi Tourism and Transport Development Corporation Ltd. Vs DCIT (ITAT Delhi) It was obvious that if no deduction was claimed, there can be no question of disallowance under section 40(a)(i), therefore, matter was remitted to file of the AO for considering assessee’s claim about not having claimed any deduction for this sum in  computation of […]

No liability to deduct TDS if income not chargeable to tax in the hands of recipient

February 3, 2019 4812 Views 0 comment Print

Zee Entertainment Enterprises Ltd. Vs ITO (ITAT Mumbai) It is undisputed that the Hon’ble Delhi High Court has held that the payment is not taxable in the hands of the recipient. Respectfully following the precedent of the Hon’ble Apex Court in the case of E. Technology Centre Pvt. Ltd. (supra), we are of the considered […]

Delay in filing appeal can be condoned only based on explanation for delay

February 3, 2019 12141 Views 0 comment Print

Catholic Syrian Bank Ltd Vs DCIT (ITAT Cochin) In the present case, there were no affidavits from the concerned persons who are handling the impugned issues and who are required to take proper steps in filing the appeals before the CIT(A). In our opinion, the decision of the co-ordinate Bench is without doubt binding upon […]

Reopening based on accommodation entry info from Income Tax Investigation Wing is Valid

February 3, 2019 2568 Views 0 comment Print

DCIT Vs. M/s. Erawat Infotech Pvt.Ltd. (ITAT Delhi) In the instant case, the information is specific having detail of value of the amount of accommodation entry taken, the instrument and date through which entry was taken, name and account number of the entry provider were available before the Assessing Officer and thus we cannot hold the information […]

Why You Should Not Copy Others Portfolio?

February 3, 2019 2784 Views 0 comment Print

Ever thought of replicating the portfolio of a big investor or a fund house? Everyone is tempted with the thought of earning money easily. And in stock market easy means greasy! Once you get in the habit of finding easy ways of earning money through stock market. It will stick to you like a grease […]

Custom BCD rate changes wef 30th January 2019

February 3, 2019 4227 Views 0 comment Print

Principal Notification No. 02/2019 – Customs Dated: 29th January, 2019. Amendment Notifications: notification No.57/2017-Customs, dated the 30th June, 2017  and  notification No. 75/2018 -Customs, dated the 11th October, 2018 Effective Date: 30th January 2019 Sl. No. Heading Description of services Rate Conditions Old Amendment Old Rate New Rate 7 Any Chapter Inputs or raw material for use […]

Audit / Nomination and Remuneration / Stakeholders Relationship Committee and Vigil Mechanism

February 3, 2019 38361 Views 0 comment Print

Committees of Board of Directors are usually formed for the following reasons: 1. Improving Board Effectiveness and efficiency. 2. To provide specialized, technical advice. 3. To allow depth scrutiny of the affairs of the Company. 4. Provide groundwork for decision making A. Audit Committee As Per Section 177 Of  Companies Act, 2013 1. Establishment of […]

Affidavit is a Sworn Written Statement !

February 3, 2019 13245 Views 0 comment Print

In this article we shall look through the different components of an affidavit, let’s begin with understanding the term Affidavit- “Affidavit” is a term used very frequently in the common-parlance; however, the consequences it carries are highly underestimated. People file affidavits being unaware of what its repercussions might be and also unaware of the fact […]

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