Basic requirement of reopening of assessment is ‘reason to believe’ that the income has escaped assessment without which reopening under Section 148 of Income Tax Act, 1961 is is not sustainable
Sale of Agricultural Land by the assessee was not ‘adventure in the nature of trade’ and therefore, profit earned on such sales cannot be taxed as business income.
A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years from the end of financial year in which loan was taken. If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The […]
GST Provisions for Fixed Assets Background Fixed Assets were subjected to separate provisions under Excise and Service Tax under Cenvat credit rules, 2004. There were several restriction on availability of Cenvat credit, Sale and disposal of Fixed Assets under the previous regime. Under GST, the provision are more liberal as compared to rules under Excise […]
Company Act, 2013 or LLP Act, 2008 allows companies or LLP or Partnership Firms to change their constitution or convert them i.e. from Private limited to LLP or any other combination. In such a situation, it’s very important to understand the impacts of the GST. We observed that their merger, demerger or amalgamation or conversion […]
Valuation of money market and debt securities which are rated below investment grade:2.1 In order to have uniformity and consistency across the Mutual Fund industry on valuation of money market and debt securities rated below investment grade, the following has been decided:
Vijayanagar Sugars Pvt Ltd Vs Commissioner of Central Excise, Customs And Service Tax (CESTAT Bangalore) These applications of M/s Wellcast Steels Ltd, M/s Vijayanagar Sugars Pvt Ltd and of Shri R Rajendra Kumar under section 35F of Central Excise Act, 1944, read with section 35C(2A) of Central Excise Act, 1944 and with rule 41 of […]
Dear Shri Rahul ji,We have come across one of your statement made yesterday at a Rally that traders are suffering from GST and if you come to power you will abolish Gabbar Singh Tax as called by you for GST.
M. Sougoumarin Vs ACIT (Madras High Court) High Court held that there was no such reason for regular loan transactions of borrowing and repayment in cash of amounts exceeding Rs.20,000/- so as to escape penal liability under Sections 271E and 271D of the IT Act. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT These […]
The economy and the trade have grown to a greater extent as compared to the ancient period and people have come with many types of dealings and transactions over a period of time to either attract the customers, to reduce their costs or to make things easier for conducting their business. One such transaction is High Sea Sale.
