"07 April 2019" Archive

GST on amount received by Co-op Housing Society from its members

Tahnee Heights Co-Operative Housing Society Limited Vs Commissioner of CGST (CESTAT Mumbai)

The principle of mutuality is based on common law principles. It rests on the theory that a person cannot make a profit from himself/herself. An amount received from oneself cannot be regarded as income so as to be liable to tax. However, litigation often arises on its application to facts of cases. ...

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Innovators Growth Platform – Good Opportunity for Startup Listing

SEBI has come up with revised version along with relax norms for listing of new-age venture start-ups operating in e-commerce, data analytics, bio-technology and nano-technology sectors to raise funds and get their shares traded on stock exchanges. The name of platform is changed from 'Institutional Trading Platform' to 'Innovators Growth...

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Notification on Companies Active Tagging Identities and Verification

Companies (Incorporation) (Incorporation) Amendment Rules, 2019 The Ministry of Corporate Affairs (MCA) on 21st February 2019 has notified an E-form ‘Active-INC-22A’, applicable with effect from 25th February 2019. Key Highlights Ø As per the notification, every company incorporated on or before 31st December 2017 has to file...

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SIXER” in GST, its New!!! (6% GST Rate)

Krishna, as IPL season is going on and batsmen are hitting sixers and making records in the matches, likewise the new rate of 6% has been introduced in GST, it’s a sixer in GST. Please tell something about that sixer....

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Summary of Companies (Acceptance of Deposits) Amendment Rules, 2019

Article summarizes Companies (Acceptance of Deposits) Amendment Rules, 2019 as follows:- 1. Every company receiving monies deposits, loan, ICD, advances, etc. is required to file DPT-3 annually. 2. One time return for every company who have outstanding monies which are not deposits as per rule 2(1) (c) (Specified in Annexure-1.) Meaning o...

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Bogus Capital Gains from Penny Stocks- HC upheld the addition

Udit Kalra Vs ITO (Delhi High Court)

Udit Kalra Vs ITO (Delhi High Court) In the case there was a specific information that assessee has indulged in non-genuine and bogus capital gain obtained from the transactions of purchase and sale of shares of M/s Kappac Pharma Ltd., a Mumbai based company. It is noticed that the purchase transaction has been done off […]...

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Commissioner cannot revise order in respect of issue not adjudicated by Settlement Commission

Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court)

Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court) On reading the provisions contained in Chapter XIX-A of the Act, a clear picture that emerges is that an assessee can apply for settlement of a case as long as same is pending. Once such an application is filed (and in case of application filed before […]...

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No exempt income, No disallowance u/s 14A & Rule 8D: SC

PCIT Vs M/s Oil Industry Development Board (Supreme Court)

PCIT Tax Vs M/s. Oil Industry Development Board (Supreme Court) Hon’ble supreme court held that in the absence of any exempt income, disallowance under Section 14-A of the Act of any amount was not permissible. FULL TEXT OF THE SUPREME COURT JUDGEMENT Delay condoned. In view of the decision of this Court in Commissioner of Income [...

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In absence of any exempt income disallowance U/s. 14A not permissible

Pr Commissioner of Income Tax Vs Oil Industries Development Board (Delhi High Court)

ITAT relied upon the ruling of this Court in Cheminvest Limited vs. Commissioner of Income Tax-VI, (2015) 378 ITR 33 which ruled in the absence of any exempt income, disallowance under Section 14-A of the Act of any amount was not permissible. ...

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Sec. 56(2)(viia) applies only to bogus capital building & money laundering cases

Aamby Valley Ltd Vs ACIT (ITAT Delhi)

In our view, the said Section can be applied if there is a transfer of shares in favour of a Firm or a Company. For the transfer of shares, we agree with the assessee that there must be a transferor and transferee and transferred assets i.e., shares. In the case of amalgamation, it cannot be said that there is a transfer of shares as the...

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