ser Archive - 06 April 2019

"06 April 2019" Archive

Merger of Lakshmi Vilas Bank and IBHF not yet approved: RBI

Press Release: 2018-2019/2390 (06/04/2019)

Reserve Bank of India (RBI) has learnt through media reports that Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL) have made a merger announcement on April 5, 2019 with approval of their respective Boards....

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Non-Competent Fee from sale of Business Asset taxable as LTCG

Pr. CIT Vs M/s. Monsanto India Ltd. (Bombay High Court)

Pr. CIT Vs M/s. Monsanto India Ltd. (Bombay High Court) Tribunal recorded that the Non ­Compete Agreement was part of the agreement for the sale of the business. Under this Agreement, the Assessee could be seen to have transferred the right to manufacture the product in question. The Tribunal, therefore, was of the opinion that […...

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Reassessment order passed without disposal of objections raised by assessee is invalid

Golden Flame Steels Pvt. Ltd. Vs ITO (ITAT Delhi)

Reassessment order passed without disposal of objections raised by assessee by passing a speaking order by AO was illegal and invalid....

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Income from Letting out space on terrace of building to mobile companies is Income from house property

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai)

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house [...

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ITAT condemns cavalier & naïve approach of Income Tax Dept.

ITO Vs Ms. Rayoman Carriers Pvt. Ltd. (ITAT Mumbai)

ITO Vs Ms. Rayoman Carriers Pvt. Ltd. (ITAT Mumbai) The insinuation of revenue that ITAT passes order in a state of oblivion to the facts and antecedents to the appeal, displays a totally irresponsible and cavalier approach on the part of Revenue on the cusp of contempt and deserving exemplary cost to purge the same. […]...

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Income Tax Tax Updates for March 2019

NEWS 1. Signing of Inter-Governmental Agreement for exchange of country by country reports between  India  and  the  United  States  of  America-Press  release  dated  27.03.2019. 2. CBDT notifies ‘Nodal Officer, PM-KISAN’ for furnishing specified information u/s 138 [Ref:-Notification S.O. 1065(E) [NO.12/2019 (F.NO.FEMA 20...

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Posted Under: Fema / RBI |

Rule 12 of Income Tax Rules wef 1st April 2019 related to ITR of AY 2019-20

Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 32/2019-Income Tax Dated 01/04/2019 for ready reference of our readers. Changes are Marked in Red Coloure. Rule 12 of Income Tax Rules as applicable from 01st April 2019 i.e. for Income Tax Return of Assessment […]...

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IBBI is not for realisation of bad loans, Refutes misleading media report

IBC Code segregates commercial aspects from judicial aspects of an insolvency proceeding and empowers and facilitates the stakeholders and the Adjudicating Authority to take decisions in their respective domain. ...

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Posted Under: Fema / RBI |

Without doubting sales 100% disallowance for Bogus Purchases cannot be made

ITO Vs M/s. Dinal Diamonds (ITAT Mumbai)

ITO Vs M/s. Dinal Diamonds (ITAT Mumbai) We find that in this case the sales have not been doubted. It is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. The rationale being no sales is possible without actual purchases. This proposition is supported from the Hon’ble jurisdictional [&hel...

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Cancellation of F Forms issued to Petitioner by dealers: HC Grants interim stay

Sheel Chand Agroils (P) Ltd. Vs Government of NCT of Delhi & Anr. (Delhi High Court)

Sheel Chand Agroils (P) Ltd. Vs Government of NCT of Delhi & Anr. (Delhi High Court) Rule 8A of the CST Delhi Rules makes the issuance of manual forms redundant. All forms now are generated electronically through the website of the DTT and qua particular transactions/suppliers. He accordingly submits that there was no occasion for [&h...

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