"05 February 2019" Archive

No Penalty for Delay in filing of tax audit report due to Virus in computer system or for mere technical venial breach

M/s. Johns Biwheelers Vs ACIT (ITAT Cochin)

M/s. Johns Biwheelers Vs. ACIT (ITAT Cochin) In this case, the assessee was required to get his books of account audited and filed along with the return of income u/s. 44AB within the due date of 30/09/2013 for the assessment year 2013-14. However, the audit report was furnished only on 28/03/2014. The contention of the […]...

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SC order on resolution plan for Kamineni Steel & Power

K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India)

K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India) In the present case, however, we are concerned with the provisions of I&B Code dealing with the resolution process. The dispensation provided in the I&B Code is entirely different. In terms of Section 30 of the I&B Code, the decision is taken collectively...

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Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

ITO Vs Sri.Harimurali Sreedhara Panicka (ITAT Cochin)

Merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked....

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Mandatory pre-deposit can be made through CGST Credit

M/s. Dell International Services India Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bengalore)

The learned AR also accepted the legal position that mandatory pre-deposit can be made through the CGST Credit. In view of this fact, we are of the opinion that the objection raised by the Registry is not tenable ...

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Exemption u/s. 54F on multiple units in same building received under JDA

Smt. Roopa Vs ITO (ITAT Bengalore)

Smt. Roopa Vs ITO (ITAT Bengalore) ITAT held that assessee’s claim for exemption u/s 54/54F of the Act in respect of 2 flats in the same residential building complex is squarely covered in favour of the assessee by the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Smt. K. G. […]...

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Reopening based on reason to suspect is invalid

Urvish B. Mehta Vs I.T.O (ITAT Mumbai)

Urvish B. Mehta Vs ITO (ITAT Mumbai)  “reason to believe”and not “reason to suspect” The undisputed facts are that, the Assessing Officer received information from the DGIT (Inv.) Mumbai who in turn has got the same from the Sales Tax Department. The information was in the form of statements/affidavits which stated that the suppl...

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Declaration of Commencement of Business for companies incorporated after 01.11.2018

A company incorporated on or after 2nd November, 2018, The Companies (Amendment) Ordinance), 2018 shall not commence its business or exercises any borrowing powers unless:- √ A declaration is filed by a director with ROC within a period of 180 days from incorporation of company that every subscriber to the MOA has paid the value of th...

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Posted Under: Income Tax |

SEBI: Performance review of Public Interest Directors (PIDs)

Circular No. SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/26 05/02/2019

As a part of framing performance review policy, NRC shall be primarily responsible for formulation of performance evaluation criteria. The criteria for performance review of PIDs, which shall be considered for both internal evaluation and external evaluation, may be framed by NRC taking into consideration guiding principles provided at An...

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No penalty on excess depreciation claim for bona fide reasons

DCIT Vs Federal Brands Ltd. (ITAT Mumbai)

An excess claim of depreciation by an assessee for bonafide reasons would not justify imposition of penalty under section 271(1)(c) had also been deliberated upon by the Hon'ble High Court of Bombay in the case of CIT vs. Somany Evergreen Knits Ltd. (2013) 352 ITR 592 (Bom.)...

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Corrigendum to Notification No. 03/2019 – Central Tax dated: 29.01.2019

Notification No. 03/2019 Corrigendum [G.S.R. 91(E)] 05/02/2019

At page 15, in line 1, for in instruction 12, for the words business verticals at both the places where they occur, the words places of business read in instruction 12, for the words business verticals at both the places where they occur, the words places of business and for the word vertical, the words place of business....

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