"12 March 2019" Archive - Page 3

Documentary Evidence Mandatory for admissibility of Cash Expenditure

Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai)

Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai) BOGUS PURCHASES – On the basis of information, huge racket of hawala dealers involved in issuing bogus invoices to allow the traders to claim tax credit was discovered. Assessee was alleged to be one of the beneficiary to who dealt with certain parties engaged in hawala racket. […]...

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Posted Under: Income Tax |

Requirement to File Form DPT-3

E-form DPT-3 Onetime Return for disclosure of details of ‘outstanding money’ or ‘loan received‘ by a company but not considered as deposits in terms of Section 73 read with Rule 2(1) (c) of the Companies (Acceptance of Deposits) Rules, 2014. Applicability: Every company, other than Government Company: Shall file wi...

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Posted Under: Income Tax |

Sales tax on free replacement of defective parts during warranty period : SC refers to Larger Bench

M/s. Tata Motors Ltd. Vs Deputy Commissioner of Commercial Taxes (Supreme Court of India)

In case of warranty for the supply of free spare parts, once the replacement was made and the defective part was returned to the manufacturer, whether sales tax would be payable on such a transaction relating to the spare part, based on a credit note, which may be issued for the said purpose to dealer by the manufacturer was referred to L...

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Amount paid to SEBI under consent order is allowable business expense

DCIT Vs M/s. Prabhudas Liladhar P. Ltd. (ITAT Mumbai)

Payment made by assessee to SEBI under consent order was an allowable business expenditure under section 37(1) and the same was not in the nature of the penalty for infraction of the law....

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Sec. 154 rectification can be invoked in case order of assessment inconsistent with a binding precedent.

Hindustan Lever Limited Vs JCIT (Calcutta High Court)

Where an assessment order not in tuned with the law laid down by a binding precedent, it would amount to an error apparent on the record for the purpose of invoking rectification under section 154....

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Former Directors of Corporate Debtor entitled to Resolution Plans to be discussed at COC meetings:SC

Vijay Kumar Jain Vs Standard Chartered Bank & Ors. (Supreme Court of India)

The members of the suspended Board of Directors of the corporate debtor who wish to meaningfully participate in meetings held by the committee of creditors are entitled to get a copy of insolvency resolution plans from the resolution professional along with the notice of meetings. ...

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GST Compliance = Classification + Valuation

GST Compliance was founded on the bed-rock of balance between Classification and Valuation. GST is applicable on each and every supply transaction. In this regard, there were several misnomers among professionals and assessees w.r.t  GST Rate applicability on taxable supplies viz....

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Posted Under: Income Tax |

Empanelment with Bank of Maharashtra for Concurrent audit

Bank of Maharashtra, having its Head Office at Pune is inviting applications for the empanelment of Concurrent Auditors for the year 2019-20. Bank of Maharashtra is a nationalized Bank having pan India presence. ...

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Comply with RBI requirements related to corporate debt securities: SEBI

Circular No. IMD/FPIC/CIR/P/2019/37 (12/03/2019)

It is clarified that all the circulars and directions issued hereinafter by RBI w.r.t investment conditions for FPI Investment in corporate debt securities shall be complied with as per the timelines specified in the RBI circular(s). No separate circular(s) shall be issued by SEBI. All the intermediaries may take steps required to operati...

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Income Tax कानून के किस सेक्शन में कितना बचा सकते हैं टैक्स

आपकी सैलरी स्लिप में ऐसे कई खर्च या निवेश होते हैं, जो Income Tax बचाने में मददगार हैं. क्या आप Income Tax बचाने के लिए निवेश के विकल्पों की तलाश ...

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Posted Under: Income Tax |