"29 March 2019" Archive

I-T offices to remain open on 30th & 31st March, 2019 (Saturday & Sunday)

F. No. 225/86/2019-ITA-II (29/03/2019)

The last date for filing belated/revised tax-returns for assessment year 2018-19 is 31' March, 2019. The Financial Year 2018-19 also closes on 31' March, 2019. In view of the closed holidays on 30th March, 2019 and 31st March, 2019, being Saturday and Sunday,...

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Central Goods and Services Tax (Second Amendment) Rules, 2019

Notification No. 16/2019-Central Tax [G.S.R.294(E)] (29/03/2019)

CBIC notifies Central Goods and Services Tax (Second Amendment) Rules, 2019 vide Notification No. 16/2019—Central Tax dated 29th March, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 16/2019—Central Tax New Delhi, the 29th March, 2019 G.S.R.294(E). ...

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Income Tax Dept carries out more search actions in J&K Region

Income Tax Department carried out search actions at 5 premises located in and around Srinagar on 28th March, 2019. Two groups who have connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched....

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Posted Under: Income Tax |

Procedure & formats for limited review / audit report of listed entity- Reg.

CIR/CFD/CMD 1/44/2019 (29/03/2019)

Revised Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity...

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Interest rates of NSC, PPF, KVP, SSAS, SCSS for Q1 of FY 2019-20

rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring Ist April, 2019 and ending on 30th June, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19....

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SEBI (Listing Obligations And Disclosure Requirements) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/07 (29/03/2019)

SEBI notifies Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2019...

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Execution of power of attorney not amounts to transfer of property

Shri S.S. Manthirikumar Vs ITO (ITAT Chennai)

Mere execution of power of attorney could not be considered to be transfer of property. For transfer of property, assessee had to enter into an agreement for sale either by himself or through power of attorney agent and also hand over the physical possession of the property as contemplated under Section 53A of Transfer of Property Act....

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Levy of penalty u/s 271D and 271E in case of non-genuineness of transactions between director and assessee-company

M/s. Vasan Healthcare P Ltd. Vs Addl. CIT (Madras High Court)

Penalty u/s 271D and 271 E was leviable as there was absolutely no genuinity or bonafideness in the transaction done between the promoter/ director and assessee- company....

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While determining sugarcane purchase price profit component to be considered as sharing of profit and rest was deductible expenditure

C.I.T. Bombay Vs Tasgaon Taluka S.S.K.Ltd. (Supreme Court of India)

C.I.T. Bombay Vs Tasgaon Taluka S.S.K.Ltd. (Supreme Court of India) Conclusion: AO was directed while determining sugarcane purchase price paid to the cane growers by the assessee-society to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price were decided a...

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General overhead expenses on mall that was work-in-progress to be allowed as per AS-2

M/s Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai)

M/s. Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai) Conclusion: Since assessee had set up the business by acquiring land and obtaining approval for construction of mall and residential complex although the mall had not commenced business till the end of the relevant previous year, therefore, assessee had rightly charged the ...

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