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Archive: 05 February 2019

Posts in 05 February 2019

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 561 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7500 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.

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

February 5, 2019 1788 Views 0 comment Print

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 […]

SC order on resolution plan for Kamineni Steel & Power

February 5, 2019 3570 Views 0 comment Print

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 […]

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

February 5, 2019 2460 Views 0 comment Print

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.

Mandatory pre-deposit can be made through CGST Credit

February 5, 2019 12159 Views 1 comment Print

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

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

February 5, 2019 3882 Views 0 comment Print

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. […]

Reopening based on reason to suspect is invalid

February 5, 2019 2025 Views 0 comment Print

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 suppliers admitted […]

Declaration of Commencement of Business for companies incorporated after 01.11.2018

February 5, 2019 3789 Views 1 comment Print

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 the […]

SEBI: Performance review of Public Interest Directors (PIDs)

February 5, 2019 1170 Views 0 comment Print

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 Annexure A.

No penalty on excess depreciation claim for bona fide reasons

February 5, 2019 1803 Views 0 comment Print

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.)

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

February 5, 2019 5094 Views 0 comment Print

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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