"16 March 2019" Archive - Page 3

No Transfer U/s 2(47)(v) in Absence of Registration of Agreement Under Indian Registration Act

Principal CIT Vs Mr. Fardeen Khan (Bombay High Court)

Section 2(47)(v) – SC has held in Balbir case that transfer of any immovable property in part performance of a contract of the nature referred in section 53A of Transfer of Property Act will be completed only when the agreement is registered under Indian Registration Act. ...

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Subsequent Inquiry Based on Additional Material is Sustainable in Law

Kalsha Builders Pvt Ltd Vs ACIT (Bombay High Court)

Kalsha Builders Pvt Ltd Vs ACIT & Ors. (Bombay High Court) Subsequent Inquiry Based On Additional Material is Sustainable In Law  And Requirement Of True And Full Disclosure Runs Through The Entire Assessment And Doesn’t End With Filing Of Return.  FACTS – Assessee, a registered company, is engaged in the business of developing ...

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Meaning of “Associated Enterprises” for “Transfer Pricing” Provisions

Under Section 92A of the Income Tax Act, two enterprises are treated as Associated Enterprises only when one of the enterprises participates in “management, control or capital” of the other enterprise. Section 92A(1) of the Income-tax Act specifies that and “Associated Enterprise” in relation to another enterprise, means an enterp...

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Posted Under: Income Tax |

Foreign Direct Investment – Who can invest in India

It is the intent and objective of the Government of India to attract and promote foreign direct investment in order to supplement domestic capital, technology and skills, for accelerated economic growth. Foreign Direct Investment, as distinguished from portfolio investment, has the connotation of establishing a “lasting interest‟ in a...

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Posted Under: Income Tax |

Impact of changes in ITC utilisation on or after 1st Feb 2019

We have listed out all possible examples explaining impact of changes in ITC utilisation on or after 1st Feb 2019 with its possible proper explanation as new GST set off rules: Case 1 : Where supplier is engaged in making only Local Sale and Local Purchase and thus no IGST transaction. Impact : Since there […]...

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Posted Under: Income Tax |

Composite supply Vs. Mixed Supply under Goods & Services Tax (GST)

Under GST ‘Mixed Supply‘ Means a combination of two or more goods or services made together for a single price. Each of these items can be supplied separately and is not dependent on any other. Under GST ‘Composite supply‘ means a supply comprising  two or more goods/services, which are naturally bundled and suppl...

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Posted Under: Income Tax |

Significant Beneficial Ownership Rules- Applicability, Register & Returns

‘Significant beneficial owner’ means an individual referred to in sub-section (1) of section 90 (holding ultimate beneficial interest of not less than ten per cent.) read with sub-section [10] of section 89 of Companies Act, 2013, but whose name is not entered in the register of members of a company as the holder of such [&hel...

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Posted Under: Income Tax |

Summary of SA 706 w.e.f. 01.04.2018.

Summary SA-706: Emphasis of Matter and Other Matter: Meaning of Emphasis of Matter: A Para included in the auditor report that That refers to a matter disclosed/presented in the financial statement that In the auditors judgment is of such importance that it is fundamental to users of financial statement. Meaning of other Matter: A Para [&...

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Posted Under: Income Tax |