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Archive: 19 February 2019

Posts in 19 February 2019

Cabinet approves Banning of Unregulated Deposit Schemes Ordinance, 2019

February 19, 2019 1257 Views 0 comment Print

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 country launched by rapacious operators, which at present […]

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

February 19, 2019 32664 Views 0 comment Print

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 by it as stock-in-trade, in the ordinary course of business;

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

February 19, 2019 4260 Views 0 comment Print

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.

Companies (Adjudication of Penalties) Amendment Rules, 2019

February 19, 2019 4749 Views 0 comment Print

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.

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

February 19, 2019 5178 Views 0 comment Print

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.

BSE Circular on Deficiencies in disclosures related to Pledge of Shares

February 19, 2019 849 Views 0 comment Print

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 that company, when the shares held by these promoters […]

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

February 19, 2019 1176 Views 0 comment Print

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 ofcollecting capital gain tax in the hands of the […]

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

February 19, 2019 2088 Views 0 comment Print

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.

Analysis of provisions of interest on late payment of GST

February 19, 2019 69438 Views 5 comments Print

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 […]

Character of agricultural land not changes merely for Sale of Land within one year

February 19, 2019 1608 Views 1 comment Print

Merely because the assessee was not able to generate desired agricultural income from the said land and thus, it sold the said land within one year of its purchase, would not change the character of agricultural land to a non-agricultural land. Consequently, the assessee would be entitled to claim the benefit of exemption under section 10(1).

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