"04 February 2019" Archive

Reopening based on wrong facts Not Sustainable

Harjeet Singh Vs ITO (ITAT Delhi)

Harjeet Singh Vs ITO (ITAT Delhi) It can be seen that the Assessing Officer has proceeded on wrong assumption fact. The amount of Rs. 10 lacs is not supported by any cheque number whereas the allegation is that the assessee has received accommodation entry from Sh. Gupta through cheque. In my considered opinion the basis […]...

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Corporate Debtor Cannot Maintain Appeal Under IBC : NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT)

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT) when the matter was taken up one Mr. Ankit, representative of the Corporate Debtor submits that the lawyer is appearing before the Debts Recovery Tribunal. However, we are not adjourning the case as even on appearance of the counsel we cannot entertain the appeal preferred […...

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Posted Under: Income Tax | |

Concept of Wholly Owned Subsidiary, Registered Owner, Beneficial Owner under section 89 of Companies act, 2013

This article deals with the concept of beneficial owner, registered owner of shares & wholly Owned Subsidiary. Before moving forward we will throw a light on the meaning of the two words: Registered Owner, Beneficial Owner & Wholly Owned Subsidiary: a) Registered owner – A person whose name is registered in the Register of Membe...

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Posted Under: Income Tax |

Either INVEST or Pay TAX!

There are many options in the market where a person can invest and save his/her tax. But before investing anywhere, all the factors must be kept in mind like return on investment, risk involved, lock-in period, minimum and maximum amount that can be invested and many more....

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Posted Under: Income Tax |

Interim Budget 2019-20 – Highlights and Boosters

While the global economy is battling with strong headwinds, India’s economy is seeing a robust growth and is on the path to emerge out as one of the fastest growing economies in the world. The Finance minister Mr. Piyush Goyal has presented the Interim Budget 2019-20. This write-up provides an overview of key announcements and […...

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Posted Under: Income Tax |

Big Relief to Middle Class from Union Budget 2019 & computation

As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less....

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Posted Under: Income Tax |

TDS deductible on delayed pay-in-charges payable to sharebroker for making delayed payment

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai)

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) Delayed pay-in-charges payable by the assessee to sharebroker for making delayed payment of purchase consideration for purchase of shares is infact „interest‟ within meaning of Section 2(28A) of the 1961 Act and the assessee was required to deduct income-tax at source on such...

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Jubilant guilty of not passing GST benefit on sale of Dominos Pizza

Sh. Kiran Chimirala & Director General Anti-Profiteering Vs. M/s. Jubilant Food Work Ltd. (National Anti-Profiteering Authority)

Sh. Kiran Chimirala & Director General Anti-Profiteering Vs. M/s. Jubilant Food Work Ltd. (National Anti-Profiteering Authority) The National Anti-Profiteering Authority (NAA) passed the order on an email complaint filed by a customer that Jubilant FoodWorks had not reduced the prices of ‘Dominos Stuffed Garlic Bread’ and ...

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No provision for withdrawal of recognition U/s. 35(1)(ii)

DCIT Vs Maco Corporation India (P) Ltd. (ITAT Kolkata)

DCIT Vs Maco Corporation India (P) Ltd. (ITAT Kolkata) There is absolutely no provision for withdrawal of recognition under section 35(1)(ii) of the Act. Hence, the so-called withdrawal of recognition under section 35(1)(ii) in  the hands of the payee organizations could not affect the rights and interests of  assessee herein for claim ...

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FDI Policy on E-Commerce effective from February 01, 2019

The e-commerce sector is expected to keep growing in future because of a number of reasons. The FDI policy on e-commerce has remained unchanged. Better enforcement of this policy will contribute significantly to growth of this sector over medium and long term....

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Posted Under: Income Tax |