"25 March 2019" Archive

Transferring money to India for cheaper than before

If you have been doing business internationally, whether as a small business owner with customers and suppliers overseas, or as a private investor with properties or other form of asset outside of India, then you must have fully understood by now that the cost of transferring money is nothing but marginal. Transferring money international...

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Opportunities and Challenges of FinTech

In general, FinTech stands for financial technology and describes technologically enabled financial innovations. From ‘start-ups’ to ‘big-techs’ to established financial institutions, all the key players are harnessing this technological edge along the financial services’ value chain to provide agile, efficient and differentiat...

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Posted Under: Finance |

Penalty not justified, if both assessment order & SCN failed to state specific charge

Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi)

Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi) Levy of penalty under section 271(1)(c) was not justified, where both the assessment order and show cause notice failed to state the specific charge of concealment and/or furnishing of inaccurate particulars of income by assessee. FULL TEXT OF THE ITAT JUDGMENT Aggrieved by the order dated 2...

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Sale of shares invite capital gain or would be business income, is mixed question of law and facts : HC

Pr. CIT­ Vs Vernan Pvt. Trust (Bombay High Court)

Pr. CIT Vs Vernan Pvt. Trust (Bombay High Court) Whether the Assessee is engaged in the business of buying and selling of shares or is a mere investor, would depend on the range of factors. In the present case, the Tribunal has noted the relevant facts and analyzed such facts in proper perspective. To reiterate, […]...

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TDS Rate & Tax Provisions for F.Y. 2019-20 (A.Y. 2020-21)

Every specified person is responsible for deducting the tax at source. The TDS compliance of the financial year 2019-20 would be started from 1 April 2019, in light of the concern I have prepared the brief about TDS and tax provision along with important details. TDS stands for tax deducted at source. As per the […]...

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Posted Under: Finance |

CBIC revises Format of Shipping Bill for Export of Goods

Notification No. 25/2019-Customs (N.T.) 25/03/2019

In the Shipping Bill and Bill of Export (Forms) Regulations, 2017, under regulation 2, for Form SBI and under regulation 3 for Form III, the following Forms shall be substituted, namely :-...

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Amended section 32(2) by Finance Act, 2001 applicable from A.Y. 2002-03 &subsequent years

ACIT Vs Starflex Sealing India (P) Ltd. (ITAT Mumbai)

ACIT Vs Starflex Sealing India (P) Ltd. (ITAT Mumbai) i) Amendment to Sec.32(2) by Finance Act 2001 is applicable from A.Y.2002-03 and subsequent years. Therefore, unabsorbed depreciation from A. Y 97-98 upto A. Y 2001 to got carried forward to the A. Y.2002-03 and become part thereof’, ii) It came to the governed by the […]...

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Locker search warrant and proceedings u/s 153A can be quashed if authority failes to prove that such locker contains undisclosed income

Shah-E-Naaz Judge Vs. Addl. DIT (Inv) (Delhi High Court)

Shah-E-Naaz Judge Vs. Addl. DIT (Inv) (Delhi High Court) Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. Constitutional validity of the said provision has b...

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An Introduction to the Foreign Direct Investment Policy

Foreign Direct Investment (FDI) means investment by non-resident entity/person outside India in the capital of an Indian company under Schedule 1 of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. Foreign (Direct) investment was introduced under Foreign Exchange Management ...

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Order passed U/s. 254(2) cannot be rectified or amended by invoking of section 254(2) once again

Pr. CIT Vs Alpana Bhartia (Karnataka High Court)

Tribunal in exercise of its power under sub-section (2) of section 254 had rectified the mistake apparent on record and deleted the double addition of income in respect of assessee. Thereafter, Revenue again filed an application under sub-section (2) of section 254 seeking rectification of order passed under sub-section (2) of section 254...

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