"14 March 2019" Archive

Payment For Removal of Encumbrances Deductible U/s 48(1)

Shri Dinar Umeshkumar More Vs ITO (ITAT Pune)

Payment for removal of encumbrances is deductible u/s 48 (1) as expenses incurred wholly and exclusively in connection with transfer. Accordingly, value of flat allotted to Shri Uday should be accordingly reduced from the full value of consideration u/s 48....

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ALP Adjustment of International Transaction Restricted to AEs

Terex India (P) Ltd. Vs DCIT (ITAT Pune)

Adjustment on account of arm’s length price (ALP) of international transaction is restricted only to the extent of international transaction with associated enterprises (AE). ...

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Commentary on Section 168 of Companies Act, 2013

SECTION 168 OF THE COMPANIES ACT, 2013 Section 168- Resignation of Director (1) A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such […]...

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Posted Under: Income Tax |

Private Placement – of Shares or Unaccounted Money ???

Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on priva...

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Posted Under: Income Tax |

Analysis of applicability of section 44AD, 44AB for (F&O) transactions

Applicability of 44AD and 44AB in case of Derivative (F&O) transactions: Para 5.14 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 provides for method of calculating the turnover or gross receipts to ascertain whether tax audit will be applicable or not. The same is reproduced as under: Derivatives, future...

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Posted Under: Income Tax |

How are Mutual Funds taxed ?

A mutual fund distributes the returns to the investors in the form of periodic dividends and appreciation in the value of the units. The tax liability will depend upon the type of mutual fund scheme, the type of investor and the period of holding. Rules – 1. If a mutual fund scheme invests more than […]...

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Posted Under: Income Tax |

Bank Audit Check List & Procedure (Concurrent Audit)

Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank’s early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches. here the check list and procedure, I ho...

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Posted Under: Income Tax |

Bogus share capital: Reassessment on mere investigation wing report is invalid

M/s Balaji Health Care Pvt. Ltd. Vs The ITO (ITAT Jaipur)

M/s Balaji Health Care Pvt. Ltd. Vs ITO (ITAT Jaipur) Conclusion: Reopening of assessment by AO on basis of report of Investigation Wing that assessee was beneficiary  of accommodation entries in the form of share capital/premium/loan during the financial year was not justified as AO had not carried out any further examination and analys...

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File Revised Income Tax Return- Easy Guide

The facility to upload Revised Return for the returns filed manually (Paper Filed Returns) is now enabled in e-Filing. Taxpayer are required to suffix ‘0’ (Zeros) in case the acknowledgment number of the original paper filed return is less than 15 digits. Example – Paper Filed Return Acknowledgement Number is – ...

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Input credit based on fake invoices- HC dismisses Writ Petition & Imposes Rs. One Lakh Cost

Bharat Raj Punj Vs Commissioner of Central Goods And Service Tax (Rajasthan High Court)

etitioners have claimed tax input credit on the basis of fake invoices hence Writ Petition is dismissed with cost of Rs.1,00,000/- only.29. The cost amount be deposited with the Rajasthan High Court Legal Services Authority within four weeks of the date of this order and proof thereof, be submitted with the Registrar (Judicial). If the pr...

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