"23 March 2019" Archive - Page 2

High Sea Sales- Procedure & Implications under GST & Customs

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....

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Addition for LTCG on mere surmises not justified

M/s. J.V.S. Foods Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Denial of assessee’s claim under section 10(38) on the basis of suspicion without any cogent material to show that the assessee had brought back its own unaccounted income in the shape of long-term capital gain was not justified....

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No Service Tax on Site Formation & Clearance Services provided as Self-Service before Sale of Land

Hallmark Infrastructure Pvt. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)

Hallmark Infrastructure Pvt. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai) During the adjudication proceedings appellants have contended that the said activities were undertaken before sale of land took place, hence the service was a self-service and there is no service provider and service recipient relationship and t...

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Re-Opening not allowed for issue Investigated during original assessment

Nu Power Renewables Pvt. Ltd. Vs ACIT (Bombay High Court)

The channel of movement of the fund, the source of the fund, purpose of investment and the ultimate destination of the fund, were all part of the record during the assessment proceedings. There is nothing in the reasons recorded by the Assessing Officer to suggest that, such investment is bogus....

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HC explains Law on reopening to assess alleged Bogus Capital gains from penny stocks

Purviben Snehalbhai Panchhigar Vs ACIT (Gujarat High Court)

Purviben Snehalbhai Panchhigar Vs ACIT (Gujarat High Court) In the present case the Assessing Officer has heard the material on record which would prima facie suggest that the assessee had sold number of shares of a company which was found to be indulging in providing bogus claim of long term and short term capital gain. […]...

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In case of Encumbered Property, Stamp Duty value cannot be adopted as Sale Value

Sir Mohd. Yusuf Trust Vs ACIT (ITAT Mumbai)

Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C....

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DGFT amends Conditions of application for import of Pet coke

Public Notice No. 81/2015-2020-DGFT [S.O. 1405(E)] 22/03/2019

Procedure for allocation of quota for import of (i) Calcined Pet Coke for use as Calcined Pet coke (CPC) in Aluminum Industry and (ii) Raw Pet Coke for CPC manufacturing industry is notified....

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Period for installation & operationalisation of Radiation Portal Monitors & Container Scanner

Public Notice No. 80/2015-2020-DGFT 22/03/2019

The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated ports is extended up to 30.06.2019....

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Companies (Incorporation) Third Amendment Rules, 2019

Notification No. [G.S.R. 275(E)] 29/03/2019

These rules may be called the Companies (Incorporation) Third Amendment Rules, 2019. They shall come into force on the date of publication in the official gazette....

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It is mandatory to link your PAN with Aadhaar?

Link your Aadhaar with PAN today to enjoy seamless Income Tax services online How to link your PAN with Aadhaar Through SMS facility Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN> Example : SMS to 567678 or 56161: UIDPAN 111122223333 AAAPA9999Q Through a-filing...

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