"29 April 2019" Archive

Tax on Enhanced Compensation for Compulsory Acquisition of Agricultural Land

Shri Baldev Singh Vs ITO (ITAT Delhi)

Shri Baldev Singh Vs ITO (ITAT Delhi) We have gone through the orders of the authorities below in the light of the arguments on either side and the decisions of the Hon’ble Apex Court cited above. In the case of Ghanshyam (supra), the Hon’ble Supreme Court held in unequivocal terms that the additional amount u/s […]...

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Penalty U/s. 271(c) not sustainable if notice not have specific charge

ITO Vs M/s. Ambey Retailers Pvt. Ltd. (ITAT Kolkata)

As notice issued under section 274 read with section 271(1)(c) of Income Tax Act, 1961 did not specify particular viz., whether assessee had concealed particulars of income or had furnished inaccurate particulars thereof, hence, levy of penalty could not be sustained....

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Material Seized from third party cannot be said to belonging to Assessee for mere mention of his name

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi)

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi) Where AO had framed assessment under section 153C against assessee on basis of a list unearthed pursuant to a search and seizure operation at the premises of a third party, containing name of assessee as an investor, the assessment order was quashed because the said document could […]...

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Set off of unabsorbed business losses against capital income arising through slump sale allowable

Gouranga Cement Pvt.Ltd. Vs DCIT (ITAT Kolkata)

Gouranga Cement Pvt.Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of business […]...

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Income from betting (horse racing) | Taxability | Net Vs. Total Income

CIT Vs Dr. M.A.M. Ramaswamy (Madras High Court)

Total income of winnings from betting (horse racing) of assessee, instead of net income from betting after deduction of business loss, should be brought to tax at the rate of 40% under section 115BB....

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GST AUDIT – How to Reconcile GSTR 3B and GSTR 1

How to map GSTR 1 vs GSTR 3B GSTR-1, filed by the supplier, contains invoice-wise and category-wise details of all outward supplies made in a year GSTR-3B is the summary return based on which tax is deposited by the supplier. It contains category-wise summary of both inward and outward supplies and tax payment details. Now, […]...

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Posted Under: Income Tax |

ICSI Advisory on Filing of e-Form INC 22A (ACTIVE)

It has been noticed that the compliance of the same is not being undertaken in true letter and spirit and that some of the corporates and professionals are resorting to unscrupulous practices by undertaking multiple appointments and resignations, solely for the purpose of compliance pertaining to e-form INC 22A (ACTIVE) without understand...

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Posted Under: Income Tax |

Exemption under Section 10(23C) vis-a-vis Section 11

Analysis of the Income Tax Exemptions available to certain Educational Institutions under Section 10(23C) of the Income Tax Act, 1961 and comparison of the same with exemption available under Section 11. Background: Section 11 is a popular section for claiming exemption from income tax among the non-government charitable trusts and instit...

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Posted Under: Income Tax |

Utilisation Of ITC Sequence In GST Act- Recent Changes & Analysis

Utilisation Of ITC Sequence In GST Act- Circular No. 98/17/2019-GST Dt.23-04-2019 RECENT CHANGES & CLARIFICATIONS ON SEQUENCE OF ITC UTILIZATION After introduction of section 49A in CGST Act, 2017 by amendment in CGST Act through CGST (Amendment) Act, 2018 a confusion arose due to new sequence of setting up ITC sequence which was earl...

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Posted Under: Income Tax |

Benami Transaction – Prohibition of Benami Transactions Act, 1988

BENAMI TRANSACTIONS”, THE PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988 Preamble; An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto. “BENAMI” the word is combination of a Persian Words, as “be” means without and “nam” means n...

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Posted Under: Income Tax |