"27 May 2019" Archive

Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019

[Notification No. 44/2019/F.No. 370149/194/2017-TPL] [G.S.R. 379(E).] (27/05/2019)

Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019 shall come into force from 27th May, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 44/2019-Income Tax New Delhi, the 27th May, 2019 G.S.R. 379(E).—In exercise of the powers conferred by section 68 re...

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Mistake by Advocate is Reasonable Cause to condone Delay in Filing Appeal

Mahnoo Khan Vs ITO (ITAT Jodhpur)

Mahnoo Khan Vs ITO (ITAT Jodhpur) In the present case it is noticed that the Ld. CIT(A) dismissed the appeal in limine and had not condoned the delay.  He mentioned that there was delay of 740 days in filing the appeal, however, the claim of the assessee is that the delay is of 217 days. […]...

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NAA found builder guilty of deliberate profiteering (Not passed ITC)

Sh. Varun Goel Vs M/s Eldeco Infrastructure & Properties Ltd. (NAA)

Sh. Varun Goel Vs M/s Eldeco Infrastructure & Properties Ltd. (NAA) We have carefully considered the Report of the DGAP, the submissions of the Respondent and all the documents placed on record. From the perusal of the facts of the DGAP’s Report it is revealed that the ratio of ITC to the taxable turnover during the […]...

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All about filing of ITR-2 for A.Y. 2019-20

Instructions for filling out FORM ITR-2 These instructions are guidelines for filling the particulars in Income-tax Return Form-2 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year f...

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Posted Under: Income Tax |

GSTR-9 Annual Return – Applicability

GSTR 9 is an annual return which needs to be filed by the registered persons once in a year. It consists of details regarding the supplies made and received during the year i.e it is consolidation of the information furnished in the monthly or quarterly returns during the year....

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Posted Under: Income Tax |

Alleged Fake GST Bill & ITC Claim: HC grant bail to accused

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court)

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court) 1. This application is filed by the applicant under Section 439 of the Code of Criminal Procedure, 1973 for regular bail in connection with File No. CCST/ADENF/FSU-7/MadhavArrest/2018-19/B.4 & AC/U-6/Arrest/2018-19/B.5811 of the office of the Chief Commissioner of State Tax...

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How Wrong Classification of Goods/Services under GST affect your Business?

Under GST law, one of the most important elements is the classification of goods/services for the purpose of determination of rate of tax to be levied on them. The rate of tax to be charged on a particular product depends on the HSN/SAC codes specified under the GST law. Also, for the availability of exemptions, […]...

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Posted Under: Income Tax |

Section 244A of Income Tax Act,1961- Details of Changes Since 1.4.1989

Whenever an assessee gets his refund from the department which is late then he is entitled for the interest u/s 244A of the Income Tax Act , 1961. There remains a confusion of the year and calulation of the interest for the period. Period is very important . From which date and for which period […]...

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Posted Under: Income Tax |

Power to issue debentures | Section 179 | Companies Act, 2013

The power to issue debentures can be exercised on behalf of the Company as a meeting of the Board under the provisions of Section 179 (3) of the Companies Act, 2013. Along with Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014 The power to issue debentures can be exercised on behalf of […]...

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Posted Under: Income Tax |

Restrictions on Powers of Board to Borrow Money with Ultra Virus Borrowings

Restrictions on Powers of Board to Borrow Money as per Section 180 of Companies Act Along with Ultra Virus Borrowings. RESTRICTIONS ON POWERS OF BOARD As per the provisions of section 180 of the companies act provides the rules regarding the restriction on power to borrow by the board of directors. The Board of Directors […]...

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Posted Under: Income Tax |