"27 May 2019" Archive - Page 2

ITC allowed on inputs/services used for mall construction for letting out

Safari Retreats Private Limited Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court)

Orissa High Court in the case of M/s. Safari Retreats Private Limited vs. Chief Commissioner of CGST held that Credit on inputs/services used for construction of malls for the purpose of letting out is allowable....

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S. 43B Conversion of outstanding interest into loan not amount to payment

CIT Vs M/s Gujarat Cypromet Ltd. (Supreme Court of India)

CIT Vs. M/s Gujarat Cypromet Ltd. (Supreme Court of India) The conversion of outstanding interest into loan does not amount to actual payment of the interest in order to qualify for deduction in view of the retrospective insertion of Explanation 3C to Section 43B of Income Tax Act, 1961. FULL TEXT OF THE SUPREME COURT […]...

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GST- Export to Nepal & Bhutan – Critical Questions Answered

I had Published articles in Taxguru with titles GST on Export of Services to Nepal and Bhutan  & Procedure for Export via Land Customs Stations to Nepal, Bangladesh & Bhutan. I had received many Queries, Questions & Comments from many readers, thus I thought it’s my Responsibility to clarify those Doubts. Let’s first unde...

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Claim of deduction accepted by AO despite unequivocal language of Act is erroneous U/s. 263

Paras Chinubhai Jani Vs Pr. CIT (ITAT Ahmedabad)

Claim of deduction accepted by the AO despite unequivocal language of the Act, in our view, is erroneous as contemplated under s. 263 of the Act. Such error on the part of the AO has caused definite prejudice to the interest of the Revenue. ...

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Nil statement in form 61A of SFT- Optional or Compulsory?

Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or reportable financial transactions in Financial Year 2016-17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to fi...

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Taxation of non-compete fees

In the era of globalisation, the world of Mergers & Acquisitions is witnessing rapid growth and the race amongst corporates to expand organically and inorganically is seeing significant momentum across the globe. Strategies that focus on core businesses or diversify into new businesses and markets, or even hive-off non-core businesses...

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Expenditure on improvements on leasehold premises is capital expenditure

Carrier Air-conditioning & Refrigeration Ltd. Vs ACIT (ITAT Delhi)

In other words, the amount so incurred would be capitalized entitling the assessee to depreciation as per the eligible rate. The learned Members of the ITAT held that the facts of the instant case precisely fall within the ambit of Explanation 1 to section 32 and upheld the impugned order treating such amount as capital expenditure, eli...

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FEEL THE FEAR

FEEL THE FEAR Have you ever experienced that whenever you start  a new job, go to new college, start new assignment etc, there is usually a fear. Which kind of fear? Fear of failure, fear of doing mistakes, fear of rejection, fear of being judged and so on. But do you know that it is […]...

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Notification No. 23/2019-Customs (N.T./CAA/DRI) Dated: 27.05.2019

Notification No. 23/2019-Customs (N.T./CAA/DRI) [S.O. 1855(E)] (27/05/2019)

Notification No. 23/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respec...

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Notification No. 22/2019-Customs (N.T./CAA/DRI), Dated: 27.05/2019

Notification No. 22/2019-Customs (N.T./CAA/DRI) [S.O. 1854(E)] (27/05/2019)

Notification No. 22/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respec...

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