To make you prepare with recent notifications we would like to bring into notice for our readers that , Central Board of Indirect Taxes and Customs (‘CBIC’) had issued Notification No. 29/2018 Central Tax (Rate) dated 31st December 2018, said Notification make further amendments in the Notification No. 13/2017- Central Tax (Rate), dated 28th June […]
Notification :- On 22nd January, 2019 MCA notified the Section 9 of MSMED Act, 2006 in Companies Act 2013 vide exercised its power under Section 405 of the Companies Act, 2013. Provision :– The said provision can be understand in two parts Part I – Initial Return :- “Every Specified company shall file in MSME Form I details […]
Shri Rajkumar Mandhani Vs DCIT (ITAT Hyderabad) In the case before us, the assessee and his wife are independent income tax assessees and the assessee already owned one house at Kilpauk, Chennai. The assessee therefore, cannot be said to have invested in order to avoid capital gains to tax in his hands, as u/s 54F(1), […]
ACIT Vs Nekkanti Sea Foods Ltd. (ITAT Hyderabad) there was a delay of 92 days in filing this C.O. by the assessee, for which an application for condonation of delay was filed by the assessee, wherein, inter-alia, the assessee stated that since there was a delay in getting the signatures of the MD of the company who […]
Shri Srinivasa Reddy Yenumula Vs ITO (ITAT Hyderabad) As regards the addition of Rs.18.00 lakhs towards unexplained investment is concerned, the learned Counsel for the assessee placed reliance on the judgment of the Hon’ble Supreme Court of India in the case of CIT vs. Bharat Engg. & Construction Co. reported in (1972) 83 ITR 0187 wherein […]
Addition made under section 68 consequent to notice issued under section 153C was deleted because the AO had initiated assessment proceedings under section 153C for the relevant assessment years without pointing out or referring to any seized document belonging to those years and, therefore, there was no prima facierationale or logic behind issuing the said notice.
After issuing notice under section 153A revenue can carry out re-assessment or assessment with respect to the six immediate prior years and the year in which the search is carried out. This does not require any incriminating material recovered on search relating to those prior years; in which there is no time left, on the date of search, for an assessment under section 143.
Whether the Electricity Charges are taxable under GST? As per the notification No. 12/2017 (Central Rates) Dt: 28th June, 2017 as per the entry no.25 – ‘Transmission or distribution of electricity by an electricity transmission or distribution utility’ are taxable under GST @ ‘NIL’.
Order of reassessment passed without disposing off the objection raised by assessee was invalid as assessee was entitled to raise objection against the reason given in reassessment notice and AO was under mandate to dispose of the same by a speaking order before proceeding to reassess the assessee’s income.
Shri Bhagwandas Nagla Vs ITO (International Taxation) (ITAT Hyderabad) Conclusion: TDS under section 195 was to be deducted in case payment for purchase of immovable property made to GPA (general power of attorney) holder of non-residents because, at best, GPA holder could be considered as only a conduit between assessee and the owners of property […]
