"31 March 2019" Archive

Validity of ITR filed prior to 01.04.2019 without quoting of Aadhaar

Circular No. 06/2019-Income Tax (31/03/2019)

Returns which were filed prior to 01.04.2019 without quoting of Aadhaar number as an outcome of any decision of different High Courts in a specific case or returns which were filed during the period when the online functionality for filing the return without quoting of Aadhaar number was so available...

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Statutory Dues including Income Tax, VAT etc. are Operational Debts under IBC

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT)

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT) Conclusion – All statutory dues including ‘Income Tax’, ‘Value Added Tax’ etc. come within the meaning of ‘Operational Debt’ under the Insolvency and Bankruptcy Code 2016. Facts – According to appellant, the ‘...

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Posted Under: Income Tax | |

Rectification application of assessee not to entertained in case assessee’s conduct was speculative

PCIT Vs N. R. Portfolio (Delhi High Court)

PCIT Vs N. R. Portfolio (Delhi High Court) Conclusion: The conduct of the assessee was speculative, it was not an uninformed litigant; it calculatedly chose not to question the rejection of its cross objection. Instead, waited more than a year after the decision of this court (which was rendered on 21-12-2012) till the two members [&helli...

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Special Income Tax Benefits to Non Residents

Who is a non resident under Income Tax Act, 1961? Non-resident is a person who is not a ‘resident’ as per the Income Tax Act, 1961. For detailed provisions related to residential status, reference may be made to TPI brochure titled “Determination of Residential status under Income-tax Act, 1961”. Income which are n...

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Posted Under: Income Tax |

Limiting Customer Liability for Unauthorised Electronic Payment Transactions in PPIs

What is purpose of prescribing a framework for Limiting Liability of Customers for Unauthorised Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorised Non-banks?...

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Posted Under: Income Tax |

Non-Filing of I-T Returns not necessarily mean no source of Income

Shrimati Ragini Gupta Vs. Piyush Dutt Sharma (Madhya Pradesh High Court)

Non-filing of Income Tax Return by itself would not mean that the complainant had no source of income and thus, no adverse inference can be drawn in this regard only because of absence of Income Tax Return....

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Addition can be made without issuing notice u/s 153C separately in case both assessee and his brother lived in same building

Vinod Kumar Gupta Vs Deputy Commissioner of Income Tax Central Circle-17 (Delhi High Court)

Where both searched assessees were brothers and were involved in the common business and assessee used to be in-charge of the accounts, there was no necessity of issuing notice under Section 153C separately to assessee in case they lived separately, but in the same building....

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Exemption U/s. 54 cannot be disallowed just because exemption was claimed U/s. 54F

ACIT Vs Jai Kumar Gupta (HUF) (ITAT Mumbai)

Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO....

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Special audit justified only if AO forms opinion that same is in interest of revenue

Multi Commodity Exchange of India Vs DCIT (Bombay High Court)

Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendment....

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Prosecution not to be launched in case matter was already pending before authorities

Sayarmull Surana Vs ITO (Madras High Court)

No necessity for Department to have launched prosecution hurriedly when the case was pending before lower authorities as the law of limitation under Section 468 Cr.P.C. for criminal prosecution had been excluded by the Economic Offences (Inapplicability of Limitation) Act, 1974. ...

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Concluded assessment cannot be disturbed if no incriminating material found during search

M/s. Bhansali Fincom Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Unabated/concluded assessment, on the date of search, deserved to be undisturbed in the absence of any incriminating material found during search and accordingly impugned addition was deleted....

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Profession Tax, MVAT & CST Registration through MAITRI Portal

Trade Circular No. 14T of 2019 (31/03/2019)

Now Applicants can also apply for registration under PT Act or MVAT Act or CST Act or all on the MAITRI Portal. This is the step towards a Single Window System for all necessary registrations required for doing business in the State of Maharashtra....

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Intention to exploit capital asset for business purpose shall be date of conversion of capital asset into stock-in-trade

Late Puran Ratilal Mehta Vs ACIT (ITAT Mumbai)

Date of conversion of capital asset into stock-in-trade shall be determined either on the basis of entry passed in the books of account of the assessee or the intention of the assessee to exploit the capital asset into stock-in-trade for its business purpose....

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ICAI President’s Message – April 2019

As the poll season reaches its climax, the stage is all set for festival of democracy in India. In the 17th Lok Sabha elections, the biggest democratic elections in the history of mankind, about 900 million people will participate. Being harbingers of growth and partnering- nation-building, we Chartered Accountants have an important role ...

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Posted Under: Income Tax |

Comprehensive analysis of GST Composition Scheme for Service Providers

Why the Composition Scheme for Service Providers ?? 1. A need was felt to extend the benefit of paying the tax at lower rate under the simpler composition scheme to even the suppliers of services, hitherto only available to the suppliers of goods. Press Release dated 22.12.2018 issued by the GST Council after their 31st […]...

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Posted Under: Income Tax |

Aadhaar Mandatory for income tax return filing wef 01.04.2019

Notification No. 31/2019-income Tax [S.O. 1495(E)] (31/03/2019)

Notwithstanding the last date of linking of Aadhaar number with PAN being extended to 30.09.2019 in para 1 above, it is also made clear in Circular No. 6 of 2019 that w.e.f. 01st of April, 2019, it is mandatory to quote Aadhaar number while filing the return of income as required under Section 139AA(1)(ii) ...

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