"19 February 2019" Archive

Cabinet approves Banning of Unregulated Deposit Schemes Ordinance, 2019

Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the ...

Read More
Posted Under: Income Tax |

No Angel tax on issuance of shares up to Rs. 25 crore

Notification No. G.S.R. 127(E) (19/02/2019)

A Start-ups will be eligible for exemption under Section 56 (2) (viib) of Income Tax Act, if it is a private limited company recognized by DPIIT and is not investing in any of the following assets: i. building or land appurtenant thereto, being a residential house, other than that used by the Start-ups for the purposes of renting or held ...

Read More

297 Page ITAT order in the case of Late Shri Harshad S. Mehta

Late Shri Harshad S. Mehta Vs DCIT (ITAT Mumbai)

First we shall deal with the appeals of Late Harshad S. Mehta through Legal Heir Smt. Jyoti H.S. Mehta for AY 1992-93 in ITA No.5702/Mum/2017 of assessee appeal and ITA No.6028/Mum/2017 of Revenue appeal....

Read More

Companies (Adjudication of Penalties) Amendment Rules, 2019

Notification No. G.S.R. 131(E) (19/02/2019)

Adjudication of Penalties. - (1) The Central Government may appoint any of its officers, not below the rank of Registrar, as adjudicating officers for adjudging penalty under the provisions of the Act....

Read More

Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2019

Notification No. G.S.R. 130(E) (19/02/2019)

These rules may be called the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

BSE Circular on Deficiencies in disclosures related to Pledge of Shares

LIST/COMP/43/2018-19 (19/02/2019)

Bombay Stock Exchange Circulars to Listed Companies LIST/COMP/43/2018-19 February 19, 2019 Dear Sir/Madam, Subject: Deficiencies in disclosures related to Pledge of Shares Regulation 31 of SEBI (Substantial Acquisition of shares and takeovers) Regulation, 2011 requires the promoter of every company to disclose the details of shares in th...

Read More

Valuation of stamp authority cannot be adopted in case of long gap between date of MOU execution and formal development agreement

PCIT Vs Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court)

PCIT Vs Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court) From the record, it can thus be seen that there were two significant factors why the CIT(A) and the Tribunal did not adopt the valuation of the stamp authority for the purpose of collecting capital gain tax in the hands of the assessee. Firstly, there was...

Read More

Long term vis-a-vis short term: Tenancy right after converting into ownership

Jayantilal K. Jain Vs ITO (ITAT Mumbai)

Where assessee had tenancy right in property, which was converted into ownership before sale of shop, then period of holding would be determined from the date the assessee acquired ownership of the asset because on purchase of the property the tenancy right was converted into ownership and assessee had sold shop not tenancy right....

Read More

Insignificant decline in G.P. cannot be a reason for addition

Ramanand Industries Vs ITO (ITAT Jaipur)

Ramanand Industries Vs ITO (ITAT Jaipur) It is settled proposition of law that even if the books of account are rejected U/s 145(3) of the Act, it would not ipso facto result to an addition except the income estimated on same reasonable and proper basis lead to an addition. In the case in hand, neither […]...

Read More

Analysis of provisions of interest on late payment of GST

After 31st meeting of the GST Council, it has been published on 22nd December, 2018 that the council has principally approved to amend section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be [&h...

Read More
Posted Under: Income Tax |