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Archive: 18 April 2019

Posts in 18 April 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7182 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Amendment of Rules for Profit attribution to PE: CBDT invites comment

April 18, 2019 4212 Views 0 comment Print

Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent (PE) Establishment invited by CBDT. Under Article 7 in the Indian treaties, profits are to be attributed to the PE as if it were a distinct and separate entity on the basis of the accounts of the PE and where such accounts are not available to enable determination of profits attributable to the PE, the profits attributable to the PE can be determined under the domestic laws.

Basic administrative expenses incurred after setting up but before commencement of business allowable

April 18, 2019 3672 Views 0 comment Print

 Assessee having already set up its business was eligible to claim basic administrative expenditure as business expenditure though business operations were commenced in the subsequent year.

Allowability of Expense And Burden of Proof on Assessee

April 18, 2019 6981 Views 0 comment Print

In the case of Pr. CIT versus Chawla Interbild Construction Company Private Limited (2019) 412 ITR 152 (Bom.), the hon’ble Bombay High Court has reiterated an important principle regarding burden of proof which lay on the assessee to prove the genuineness of the transaction. The Court has held that the assessing officer cannot compel the […]

New Half-Yearly Compliance for Unlisted Companies

April 18, 2019 7371 Views 0 comment Print

The audit report provided under regulation 55A of the securities and Exchange Board of India (Depositories and participants) Regulations, 1996 shall be submitted by the unlisted public company on a half-yearly basis to the Registrar under whose jurisdiction the registered office of the company is situated.

Company cannot be treated as comparable due to unreliability of its financial data

April 18, 2019 1368 Views 0 comment Print

As regards comparability of Maple e–solutions Ltd., it has now been well settled through various judicial precedents that this company cannot be treated as comparable due to unreliability of its financial data.

TDS U/s. 194J deductible on Fees shared between hospital & doctors

April 18, 2019 13371 Views 1 comment Print

CIT Vs Asian Heart Institute and Research Centre Pvt. Ltd. (Bombay High Court) In the present case, it has been recorded that the doctors were entitled to admit, investigate and provide treatment to the patients and that the doctors would be responsible for their clinical care. The doctors were responsible for supervising the sub-ordinate staff […]

Reassessment when Assessee made AO left with little time to complete assessment

April 18, 2019 2691 Views 0 comment Print

Cenveo Publisher Services India Ltd Vs. UOI (Bombay High Court) In this case the petitioner raised objections promptly after withdrawing the petition from this Court, would not in any manner dilute the fact that it was on the ground of the petitioner’s conduct that the Assessing Officer was left with little time to dispose of […]

Section 254(2) Non-consideration of decisions is mistake apparent from law

April 18, 2019 5727 Views 0 comment Print

M/s. Ushodaya Enterprises Private Ltd Vs Addl. CIT (TDS) (ITAT Hyderabad) We have perused the order of the Tribunal and find that in Para 8 of the order, the Tribunal has considered the applicability of sub-section (3) of section 201(1) also to 201(1A) and has clearly held that sub section (3) refers only to an […]

RBI releases draft “Enabling Framework for Regulatory Sandbox”

April 18, 2019 774 Views 0 comment Print

Reserve Bank of India Press Releases Date : Apr 18, 2019 In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Working Group (WG), to look into and […]

CBIC notifies Rate of Exchange of Foreign Currencies wef 19.04.2019

April 18, 2019 1569 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion wef 19th April, 2019 notified vide Notification No. 32/2019–Customs (N.T.) dated 18th April, 2019.

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