"26 May 2019" Archive

Reopening in absence of fresh tangible material to form an opinion is invalid

Best Cybercity (India) Pvt. Ltd. Vs. ITO (Delhi High Court)

Best Cybercity (India) Pvt. Ltd. Vs. ITO (Delhi High Court) In the present case all the material that was necessary for the AO to form an opinion regarding the transaction involving the Assessee and PACL was already available with the AO. There was no fresh tangible material on the basis of which the AO could […]...

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Posted Under: Income Tax |

GST ANX-1 and ANX-2 of New Return Prototype

In these we will see the new functionalities launch by the GSTN related to the new return as a demo to the taxpayer. The detailed analysis are: 1. What is this web portal all about? Web based Prototype of Offline Tool of New Return is an interactive demo or mock-up of the “Offline Tools of […]...

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Posted Under: Income Tax |

Compulsory Maintenance of Register of Members as per Companies Act 2013

 As per Section 88 of Companies Act, 2013 read with Rules 3, 4, 5, 6, 8 and Rule 28 of the Companies (Management and Administration) Rules, 2014 specifies and binds every company to maintain specified register in the given format and within the prescribed time limit....

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Posted Under: Income Tax |

Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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Annual General Meeting

What is an Annual General Meeting? An AGM is the only meeting in which Shareholders can interact with the Management or Board of Directors of their company. A mandatory yearly gathering  of a company’s interested Stakeholders. It is the platform for directors to present the Company’s Annual Report. AGM’s are not just held by compan...

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Posted Under: Income Tax |

Changes in ITR Forms AY 19-20-Tax Evasion & Detection of Revenue Leakage

Central Board of Direct Tax has been conferred power by the Income Tax 1961, under section 139 read with section 295  to notify Income Tax Return(ITR) forms every year. This year on 1st April 2019, CBDT issued notification for amending Income Tax Rules, 1962, amending the ITR Forms for the Financial year 2018-19 i.e, Assessment […...

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Posted Under: Income Tax | ,

Receivables Management Policy For Beginners

Most Important Points While Credit Selling (Receivables Management Policy) Receivables Form One of the major part and backbone of the Business be it any time whether Trader , Manufacturer & Service Provider, This is about how to place an effective credit management policy and will give the readers an inner dive into the why Credit [&h...

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Posted Under: Income Tax |

TDS U/s. 194C deductible on AMC for repairs/maintenance of computers

Jagran Prakashan Ltd. Vs ACIT (TDS) (ITAT Lucknow)

Expenditure on account of AMC for repairs and maintenance of computers installed at assessee’s office premises were payments of contractual nature without involving any technical or professional skill or knowledge. Therefore, TDS was rightly deducted by assessee under section 194C, instead of 194J....

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Commission not allowable in absence of evidence of rendering services

Shri Charanjeet Singh Chadha Vs JCIT (ITAT Chandigarh)

Assessee has not produced any evidence before the authorities below regarding as to what services have been rendered by Shri Sarabjit Singh for the business of the assessee. No confirmation from Shri Sarabjit Singh was filed before the authorities below....

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AO must consider Claim made before him through letter

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai)

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai) We observe that the claim made by the assessee in the form of a letter and by way of revised computation of income in the course of the assessment proceedings was never entertained by the Assessing Officer. The Assessing Officer has not gone into the claim at all. […]...

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