"24 March 2019" Archive

HC not justified in dismissing appeal on the ground that it has rendered infructuous

CIT Vs Ms Gopal Shri Scrips Pvt. Ltd. (Supreme Court)

CIT Vs Ms Gopal Shri Scrips Pvt. Ltd. (Supreme Court) The short question, which arises for consideration in this appeal, is whether the High Court was justified in dismissing the appeal filed by the Income Tax Department on the ground that it has rendered infructuous. Having heard the learned counsel for the appellant (Income Tax [&hellip...

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Unfilled Part B of e-way bill cannot be treated as a minor omission: Goods can be released only on Compliance

Daily Express Vs Assistant State Tax Officer (Kerala High Court)

Daily Express Vs Assistant State Tax Officer (Kerala High Court) Section 129 is a self-contained code. It lays down the entire mechanism for provisional release of the goods.  Section 129 begins with a non-obstante clause. It stands protected from every other provision. Earlier this Court, on more than one occasion, has held that unfille...

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Deduction U/s. 54F can be claimed against Gain on Multiple Assets in Multiple Years

Shri Pankaj Chimanlal Patel (HUF) Vs DCIT (ITAT Ahmedabad)

Shri Pankaj Chimanlal Patel (HUF) Vs DCIT (ITAT Ahmedabad) The essential controversy in the instant case is whether deduction under 54F of the Act is available in respect of capital gains arising from sale of more than one long term capital assets, not being residential house (original asset) against the construction or purchase of one [&...

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Deduction U/s. 80-IC on substantial expansion and initial assessment year

DCIT Vs M/S Shyam Sunder Khemka (ITAT Delhi)

DCIT Vs M/S Shyam Sunder Khemka (ITAT Delhi) Assessee being a manufacturer substantial expansion was carried out in asst. yr. 2008-09 hence, initial assessment year would be refixed 2008-09 and assessee would be eligible to claim 100% deduction for next five assessment years and thereafter 25% for next 5 assessment years subject to restri...

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Why so much Excuses

Do you know excuses which we give for not getting things or any act done are obstacles for our own growth. It is a silence killer of our growth in a sense we unknowingly avoid to do certain things or act which we should required to do to reach next level in the life. 99.99% […]...

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Posted Under: Income Tax |

Exemption U/s. 11 cannot be denied merely for Running of bus by School to facilitate transportation of students & staff

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi)

Where assessee-school had provided transport facility by charging separate fee, the transportation activity being incidental to achieve the main object of the assessee-trust, i.e., providing education could not be considered as business activity, so as to deny exemption under section 11 because the transport facility was not provided to o...

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Road to conquest

(before few minutes, swami was occupied with many friends. After leaving all except one friend named Neeti, swami was using his whatsapp to answer the query of his CS group friends’.) Neeti: Hey!! Swami, how are you so popular, kuch jadu tona kar rakha he kya. Swami (smiling face): Yo Neeto, mere ache nature ka […]...

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Posted Under: Income Tax |

Quirk of becoming efficacious Company Secretary (CS)

Quirk of becoming efficacious Company Secretary (CS) Place: Mood Refresher point – pappu’s tea stole Rahul: Aye Swami, jara batana yar, what are the qualities one should possess to become good CS As you know I want to be best CS. Swami: Dekh bhai, me itna bada to hu nai ke me tuje kuch “gyaan” […]...

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Posted Under: Income Tax |

Why should TDS be deducted from your Income?

As the year end is right around the corner the assessee have already started calculating their yearly income and the advance tax deadline has just passed few days ago, where assessee computes his total income of the year and pays tax in advance. Other than the advance tax the other source of tax payment by […]...

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Posted Under: Income Tax |

GST Audit Desk Review- Part 2 (Detailed Analysis)

This is my second post on the topic GST Audit Desk Review which will help you all to focus on the key areas . To begin with- 1. Understand the domain of your assessee: Like the trade practices, policies, ratio trend, sales trend, etc. 2. Try to figure out the issues that may prevail: Like […]...

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Posted Under: Income Tax |