"14 April 2019" Archive

LTCG tax payable on Transfer of client relationship & goodwill by CA firm

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi)

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi) Conclusion: Assessee-firm was entitled to claim deduction claim under Section 54EC as assessee had made an investment in the specified bonds and capital gain had arisen to the assessee from transfer of client relationship and goodwill which was long-term capital asset under section 2(14...

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No limitation on amount of premium that can be charged on Share Capital: SC

PCIT Vs Chain House International (P) Ltd (Supreme Court)

PCIT Vs Chain House International (P) Ltd (Supreme Court of India) In this case Supreme Court upheld the Judgment of Madhya Pradesh High Court. Madhya Pradesh High Court held that The question raised by the revenue in regard to issuing the share at a premium is purely a question of fact. It is a prerogative […]...

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Order U/s. 201(1) & 201(1A) after one year in case of non-residents was void-ab-initio

Atlas Copco (India) Limited Vs DCIT (ITAT Pune)

Where payments in the nature of royalty/fee for technical services (FTS) were made to non -residents, an order u/s. 201 passed after one year from the end of the financial year in which the proceedings were initiated was void ab initio and liable to be quashed....

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Income on sale of technical concept was taxable as non-compete fee u/s 28(va)

Ashish Tandon Vs ACIT (ITAT Ahmedabad)

Income on sale of a technical concept, that assessee developed on his own, with respect to website malware monitoring was non-compete fee taxable as business income under section 28(va) as the consideration was in respect of parting the knowledge by assessee concerning confidential information relating to the business....

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No tax on Retirement compensation from Partnership firm based on revaluation of Assets

M/s. D.S. Corporation Vs ITO (ITAT Mumbai)

Retiring partners did not acquire any right in the revalued property and what they got on retirement was only money equivalent to enhanced portion of the assets re-valued which did not constitute capital asset under section 2(14) and payment of the said money by assessee-firm to retiring partners could not give rise to capital gain under ...

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S. 68 Cash Receipt from Debtors: Addition justified on failure to prove

ITO Vs Sanjeev Kejriwal (ITAT Kolkata)

Addition under section 68 on aacount of entire credits shown by assessee in form of realization from debtors was justified as the onus was primary on assessee to prove that the said cash was sourced by realization from debtors, which had not been proved by assessee except making an oral statement and taking credence from the entries passe...

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Detailed Analysis of Companies (Acceptance of Deposits) Amendment Rules, 2019

Deposit Under Companies Act, 2013 Detailed Analysis of Companies (Acceptance of Deposits) Amendment Rules, 2019 – Effective Date: from the date of publication of the notification in the official Gazette 22.01.2019 Which types of Company required filing: All Company (Private, Public, OPC, Small Company) Exemptions from filing:  Gove...

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Posted Under: Income Tax |

We Only Responsible

We only are responsible for our own acts and deeds. It is an old age human tendency that when we face failure in any aspect of life we blame others for that and when we succeed, we only remember our own efforts and nothing else. Have we ever thought why this was happened? Why can’t […]...

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Posted Under: Income Tax |

Landmark Judgements on Works Contract in Prior Tax Regime & GST

 The Goods and Service Tax Act, 2017 (GST) is the most ambitious, stronger and best decision of recent government. Through GST Legislation, we have sub-merge 17 taxation laws into one GST. The concept of One Tax One Nation to some extent fulfilled with the implementation of GST. The mute matter is that we have find […]...

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Posted Under: Income Tax |

No GST on Interest Free Security Deposit & Notional Interest: AAAR, Maharashtra

Levy of GST on Interest Free Security Deposit and Notional Interest was put in front of AAAR, Maharashtra. The appellate authority held that the definition of consideration is inclusive and the consideration may be in cash or kind. The payment received towards Interest Free Security Deposit will not be treated as consideration...

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Posted Under: Income Tax |