"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...

Read More
Posted Under: Finance | ,

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...

Read More
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...

Read More

TDS on payment to retailers on Sale of SIM & Mobile Recharge Coupons

Shri Rahul Singhal Vs ITO (ITAT Jaipur)

Shri Rahul Singhal Vs ITO (ITAT Jaipur) This appeal by the assessee is directed against the order dated 02/07/2018 of ld. CIT (A)-3, Jaipur for the A.Y. 2014-14. The assessee has raised following grounds of appeal: “1. The impugned additions and disallowances made in the order U/s 143(3) of the Act dated 29/12/2016 are bad […]...

Read More

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, […]...

Read More

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 […]...

Read More
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 :-...

Read More

Mere low profitability of recipient firm not relevant to apply section 40A(2)(b)

Sharp Designers and Engineers India Pvt. Ltd. (Formerly Khinvasara Investments Pvt. Ltd.) Vs ACIT (ITAT Pune)

Sharp Designers and Engineers India Pvt. Ltd. (Formerly Khinvasara Investments Pvt. Ltd.) Vs ACIT (ITAT Pune) AO had not brought any comparables from market to make out that the case that impugned payment was excessive or unreasonable within the meaning of section 40A(2)(b) and based his conclusion merely on low profitability of recipient...

Read More

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 […]...

Read More

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...

Read More