"16 June 2019" Archive

Negotiable Instrument Act covers not only debt but also covers Later Liability

Madan Tiwari Vs Yashwant Kumar Sahu (Chhattisgarh High Court)

Madan Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court) Purport of the special law under the Negotiable Instruments Act is to ensure that the promise to pay is abided by the person so promising. The provision under Section 139 of the NI Act is that it shall be presumed that the holder of a cheque […]...

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Section 80G approval cannot be rejected on the ground that society is not engaged in charitable activities

Shiv Raj Sharma Shiksha Samiti Bilaspur Vs CIT (ITAT Lucknow)

Shiv Raj Sharma Shiksha Samiti Bilaspur Vs CIT (ITAT Lucknow) It is well settled position of law that at the time of granting approval under Section 80G of the Act, what is to be examined is the object of the trust and so far as the aspect of income is concerned, the same can be […]...

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Depreciation on non ­compete fee payment treating it as an intangible asset

DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai)

Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd.  ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non ­compete fee as an intangible asset unde...

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Empanelment with Punjab & Sind Bank for Concurrent Audit

Punjab & Sind Bank invites application from Chartered Accountants firms & Retired Officers of our Bank on the prescribed format, who are willing to be considered for empanelment as Concurrent Auditors in the Bank for the period 01.07.2012 to 30.06.2013. The profile/bio-data of Chartered Accountants firms & Retired Officers (of our Bank), ...

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Posted Under: Corporate Law | ,

Blanket Quashing of Trademark Removal: Another Chance for defaulters!

Trademark is an important asset for an organization. People spend their sweat, money and life to create value in a brand, which helps to create a different position in the market for their products with other’s products. Organization registers their trademark to extend their protection from infringer/copycats. The registration of a trad...

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Posted Under: Corporate Law |

AO cannot doubt share premium if he accepts receipt of share capital as genuine

ITO Vs Savera Towers (P) Ltd. (ITAT Kolkata)

Once receipt of share capital had been accepted as genuine within the ken of section 68 there was no reason for AO to doubt share premium component received from the very same shareholders as bogus in view of the fact that assessee had duly discharged burden cast on it to prove genuineness of transaction and identity and creditworthiness ...

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Penalty cannot be imposed on disallowance of creditors for want of address verification

Kishor A. Sewani Vs ITO (ITAT Ahmedabad)

Where sundry creditors arising out of the purchases debited in the profit and loss account as revenue expenses, were added to income of assessee for want of the addresses of said creditors, that did not mean assessee had concealed the particulars of income or furnished inaccurate particulars of income, so as to impose penalty under sectio...

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Non Filing of Income Tax Return | Offence under Section 276CC

Jay Polychem India Ltd. Vs ACIT (Delhi High Court)

Offence under section 276CC stood committed upon the non-filing of return under section 142(1) within the prescribed time limit. Hence, no case was made out for discharge of assessee....

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Revisiting Classic Decisions-#1- Global payment solution provider MasterCard has a PE in India: AAR

In re MasterCard Asia Pacific Pte. Ltd. (GST AAR Delhi)

To create a PE, one has to pass the three tests of: permanency, a fixed place and disposal. All the three tests are satisfied and hence MIPs act as PE of the applicant. We hold that significant activities relating to clearance and settlement take place in India. Detailed analysis of Galileo judgement and application of the rationale hel...

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Quick glance of treatment of sales promotion scheme under GST

There are lot of schemes to promote the sale, however the treatment of the sale promotion schemes under GST is very confusing and complex. in this article I have tried to enlighten on the issues raised in treatment of various sale promotion scheme such as applicability, taxability, input tax credit , valuation and etc. 1. […]...

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Posted Under: Corporate Law |