Note on Sole Concessionaire under GST Under GST, as given under explanation to Section 15 of the Central GST Act,2017, the term ‘related person’ includes persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, of the other. Now it is time […]
Addition under section 68 on mere reason of non-production of directors in the person of shareholder companies was not justified and AO had not brought any cogent material on records in assessment order to demolish the copious evidences furnished by assessee.
The doctrine of merger is not a doctrine of universal or unlimited application. It will depend on the nature of jurisdiction exercised by the superior forum and the content or subject-matter of challenge laid or capable of being laid shall be determinative of the applicability of merger. The superior jurisdiction should be capable of reversing, modifying or affirming the order put in issue before it.
For the effective utilization of the available manpower for the disposal of pending work under the Value Added Tax Act, the Central Sales Tax Act and also the work related to Goods and Services Tax, it has become necessary to formulate the criteria for withdrawal of the assessment proceedings where the likely revenue earnings in each such case is as determined with the use of the Business Intelligence Data Warehouse tools or such other electronic data mining tools, is less than the threshold as provided in clause 6 of notification referred at serial number 1.
When income which was the foundation on which he based his belief of escapement of income was absent /disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen the assessment legally untenable and so null in the eyes of law and therefore, the reassessment made by AO without jurisdiction was quashed.
Assessee was not entitled to the benefit of section 54F in respect of the investment made by assessee in purchasing the capital asset (land) as the said purchase of land was not within a period of one year prior to the sale of capital asset or falling in any of the categories in which assessee was entitled to claim exemption u/s.54F.
Kindly see my earlier article, for understanding of INC -22A i.e. e-form ACTIVE.Link titled as ‘Everything one should know about INC 22A – Active‘ Procedure of filing the form INC-22A ACTIVE step by step is here 1. Enter a valid CIN 2. Click the Pre-fill button, Kindly check mail Id , in case there is […]
Introduction: The Banning of Unregulated Deposit Schemes Bill, 2019 was passed by the Lok Sabha on 13.02.2019 but could not be passed by the Rajya Sabha. Since the Parliament is not in session, the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 has been issued by the President of India vide Notification dt. 21.02.2019. According to […]
Rejection of Books of Account under Section 145(3) and Assessment in the manner under Section 144 Connotation thereof Method of Accounting Section 145 of the Income Tax Act, 1961 (the Act) provides the method of accounting by the assessee. Section 145(1) of the Act provides that income chargeable under the head “Profits and gains of business […]
After good response on my previous article, ‘E-Form ACTIVE INC-22‘, I wish to share piece of knowledge on appointment of additional director. Section 161 of the Companies Act, 2013 governs this area. Any Individual can be appointed as an Additional Director by a company under section 161 of the Companies Act, 2013. If the Board […]
