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 […]
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 […]
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.
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 […]
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).
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 […]
