"25 February 2019" Archive

Reassessment based on subsequently amended Provisions is invalid

Brahm Datt Vs ACIT (Delhi High Court)

Brahm Datt Vs ACIT (Delhi High Court) CONCLUSION – Re-assessment not tenable in law in as much as the same is barred by limitation. Any subsequent amendment in the re-assessment provisions, if not specifically mentioned, are presumed to be prospective and hence not applicable in the present case. FACTS – Petitioner, a senior citizen, ...

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Special Audit justified If Assessee follows Complex Accounting System

Patanjali Ayurveda Ltd Vs DCIT (Delhi High Court)

When AO finds the accounts of the assessee to be complex and in order to protect the interest of the revenue, it is justifiable to direct for special audit....

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Debit Note Is An Eligible Document For Availment of Cenvat Credit

Hindustan Petroleum Corporation Limited Vs CCT (CESTAT Hyderabad)

Debit note, even though not specifically indicated in rule 9(1), is an eligible document for availing CENVAT credit since the same is allowed by higher courts.CENVAT credit cannot be disallowed simply due to the reason that the service tax amount is mentioned with pen and is not pre-printed....

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E-Form ACTIVE (INC-22A)- Mandatory Compliance For Companies

Ministry of Corporate Affairs on 21-02-2019 has bring a new concept Active Company Tagging Identities and Verification by the Companies (Incorporation) Amendment Rules, 2019 notified with effect from 25th February 2019 and which introduces new E-FORM ACTIVE (INC-22A). Applicability: – Pursuant to the provisions of the amended rules...

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Posted Under: Income Tax |

Analysis of 33rd GST Council meeting proposals on Real Estate Sector

The GST Council in its 33rd meeting has in principle given approval to the below proposals in respect of residential sector of the real estate sector from 1st April, 2019. Details of the scheme shall be worked out by an officers committee and shall be approved by the GST council in a meeting to be called specifically […]...

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Posted Under: Income Tax |

FAQ on Banning of Unregulated Deposit Schemes Ordinance, 2019

Q1 What is  Banning of Unregulated Deposit Schemes Ordinance, 2019 Answer- The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated to have a central legislation to tackle the menace of illicit deposits taking activities in the country. Presently, non-banking entities are allowed to raise deposits from the public u...

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Posted Under: Income Tax |

Section 54EC Deduction on Capital Gain Under Income Tax Act

Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the 'long-term specified assets', then the capital gain shall be dealt with in accordance...

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Posted Under: Income Tax |

Banning of Unregulated Deposit Schemes Ordinance, 2019: Detailed Analysis

Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and  Rose Vally Scam of West Bengal which has cheated 17 Lakhs ...

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Posted Under: Income Tax |

Mandatory to link your PAN with Aadhaar by 31st March, 2019

Link PAN-Aadhaar Today Beneficial Tomorrow It is mandatory to link your PAN with Aadhaar! Last date to link PAN with Aadhaar is 31st March, 2019 How to link your PAN with Aadhaar Through SMS facility: Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digitAadhaar><Space><10 digit PAN> Example: SMS t...

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Posted Under: Income Tax |

ITAT upheld Application of controlled transaction in specific circumstances

Bayer Material Science Private Limited Vs Additional CIT (ITAT Mumbai)

This decision highlights the fact that the taxpayers need to meticulously analyze the functions, assets and risks of activities undertaken. Pursuant to that, the taxpayers need to determine whether the activity can be clubbed or should be benchmarked separately....

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