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Archive: 03 April 2019

Posts in 03 April 2019

No penalty u/s 271(1)(c) for disallowance of administrative expenses claimed against LTCG

April 3, 2019 4713 Views 0 comment Print

Merely because assessee’s had claimed administrative expenditure which was not acceptable to Revenue, that by itself would not attract penalty under Section 271(1)(c) if there was absence of concealment and / or furnishing of inaccurate particulars of income.

Amount received on retirement by a partner of firm was not subject to income tax

April 3, 2019 27726 Views 0 comment Print

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. 

Only ‘mistake apparent from record’ can be rectified U/s. 254 (2)

April 3, 2019 3636 Views 0 comment Print

High Court faulted the Tribunal’s decision of reducing the penalty as a ‘way to bypass the minimum limit’ and the Tribunal was in error in granting the relief, the same does not constitute a mistake apparent from the record so as to enable the Tribunal to revisit its decision

TDS deductible on Salary paid to nuns, sisters for Teaching in School

April 3, 2019 5643 Views 0 comment Print

Payment of salaries made to nuns, sisters, priests or fathers for rendering their services as Teachers in schools which receive Grant-in-aid from the State Government under the Grant-in-Aid Schemes and bound by the Canon Law were liable for tax deduction under section 192 as neither Income Tax Department nor State Government had anything to do with the religious character of the Institution, might be Teachers or Nuns or Missionaries and therefore, they could not take a stand for not making the tax deduction at source in view of the Canon Law.

Customary bonus not attract provision of section 36(1)(ii)

April 3, 2019 10536 Views 0 comment Print

DCIT Vs. M/s. Enam Securities Pvt. Ltd (ITAT Mumbai) it is duly noted that the assessee has submitted that the outstanding bonus was customary bonus and not filing u/s. 36(1)(ii) to come under the ambit of disallowance u/s. 43B(C). The assessee has quoted several case laws for the proposition that the customary bonus do not […]

Summary of GST Circulars, Notifications issued in March 2019

April 3, 2019 90747 Views 14 comments Print

The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 7 Central tax notifications, 8 Central tax Rate notifications, 5 Central tax circulars, 1 Order, 2 Removal of difficulty orders were issued during the month of Mach 2019. The same are being summarized […]

Section 14A: Shilpa Shetty Kundra gets Tax Relief

April 3, 2019 1449 Views 0 comment Print

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) It is observed that the assessee has already offered suo-moto disallowance of Rs.2.34 Lacs u/s 14A in her computation of income, which has been overlooked by the lower authorities. Another undisputed fact that emerges is that disallowance against average investments which have actually yielded exempt income during the […]

CBDT signs 18 Advance Pricing Agreement in March, 2019

April 3, 2019 645 Views 0 comment Print

CBDT has entered into 18 APAs in the month of March 2019, which includes 03 Bilateral APAs (BAPAs). With the signing of these APAs, the total number of APAs entered into by the CBDT in the year 2018-19 stands at 52

Exposure Draft Accounting Standard (AS) 17, Leases

April 3, 2019 1335 Views 0 comment Print

Exposure Draft Accounting Standard (AS) 17 Leases Last date for the comments: May 4, 2019 Issued by Accounting Standards Board The Institute of Chartered Accountants of India The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Accounting Standards notified […]

File ACTIVE form upto 25.04.2019 to avoid ₹ 10000 Penalty: MCA

April 3, 2019 21531 Views 2 comments Print

Mandatory Compliance Requirement of filing ACTIVE (Company KYC) form –reg. As you are aware, the Ministry of Corporate Affairs, in its pursuit to improve Corporate Governance and Compliances on the part of the Company after the successful roll out of DIR-3 KYC for Directors/DIN holders, has introduced eform (INC-22A) christened ‘ACTIVE (Active Company Tagging Identities […]

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April 2019