Difference between alleged fair market value of share and the subscribed value of shares cannot be assessed as income u/s 56(2)(vii)(c) as the transaction of issue of shares was carried out to comply with a covenant in the loan agreement with the bank to fund the acquisition of the business by the subsidiary in USA, therefore, such a bonafide business transaction could not be taxed under section 56(2)(vii) especially when there was not even a whisper about money laundering by the AO in the assessment order.
FEMA (Foreign Exchange Management Act, 1999) has acted as a catalyst for the growth and development of various sectors in India. The main aim of FEMA is to facilitate external trade, balance the payments, promote the orderly development, and maintain the foreign exchange market in India. This article covers the Important Compliances to be followed […]
The provision and rules under this subject has been explained with lot of Example. The articles comprise total 35 examples. [Section 15 of CST Act and Valuation Rules (Rule 27 to 35)] 1. Valuation of Goods and/or Service [SECTION 15 (1)] “Transaction Value” is the basis for Valuation for supply of goods and/or services […]
MCA Form MSME-1- Specified Companies (Furnishing of Information about payment to Micro & Small Enterprises Supplies) Order, 2019. In my current article, I will enlighten my friends about urgent secretarial compliance of filing MCA Form MSME-1.
What will be the correct HSN code and consequently rate of GST applicable on ‘Ready to cook popcorn premix i.e. Popcorn Maize with edible oil and salt’, sold in retail pack size ranging from 30 grams to 350 grams.
The provisions of section 9 (4) of the CGST Act, 2017 deals with the applicability of reverse charge mechanism, wherein, the goods or services or both is being procured by the registered person from the unregistered person.
Regarding amendment in notification No. 95/2018-Cus (N.T.) dated 06.12.2018 relating to AIRs of Duty Drawback MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 12/2019-CUSTOMS (N.T.) New Delhi, the 16th February, 2019 G.S.R. 122(E).—In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of […]
THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 This act was enacted for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto. This act came into force on 16th June 2006. Under this act Enterprises are classified as under on […]
Amended 80A (5) could not be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with Section 80A (5).
Registered Valuer & Insolvency Professional The concept of Registered Valuers was brought by section 247 of The Companies Act, 2013 to regulate the practice of Valuation in India and to standardize the valuation in line with International standards. However the valuer’s qualification, experience, manner and process was mentioned “as may be prescribed”. Hence it was […]
