ICSI has made a representation to Minister of Corporate Affairs and requested to clarify – 1. w.r.t requirement of the Audit of financials for the purpose of filing of Form DPT – 3, 2. In case of one-time DPT -3 return a. Whether the amount received before 1st April, 2014 is to be included if […]
Where assessee had duly substantiated that it had earned a profit from commodities transactions along with complete details supporting the same, AO was not justified in treating the commodity transactions a fictitious arrangement with its associate concerns and adding the income as an unexplained cash credit under Sec.68.
Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion.
ACIT Vs Shri Rohit Kochar (ITAT Delhi) Disallowance under Section 36(1)(iii) of interest expenses not justified on failure to prove direct nexus between interest bearing funds and interest-free advances Conclusion: Disallowance under section 36(1)(iii) was not justified as Revenue had failed to establish any nexus between the interest bearing funds and interest free advances made […]
Enhancement of assessee’s income on account of difference between the purchase price of the shares of NDTV limited at Rs 4 per share and the market price of those shares quoted on recognized stock exchange at Rs. 140 per share was a benefit taxable u/s 56 (2)( vii) as assessee could not justify that there was no motive of tax evasion in the same.
SARFAESI Act provides only secured creditors to initiate action against the borrower and a demand made by a person or legal entity who was not the secured creditor was definitely prejudicial to the interest of assessee.
Whether TDS notifications applies to conservancy and waste management service to a municipality and and whether he is required to obtain registration under the GST Act even if he is making exempt supplies only.
Whether renting a residential property for residential purpose to a company is an exempt supply under GST? It appears that the dwelling units rented to individuals, as described in the relevant contracts, are meant for residential accommodation. The dwelling unit rented to M/s Larsen & Toubro Ltd is a flat in the housing complex named South City. The South City Apartment Owners’ Association certifies that the Applicant owns the flat and it is a residential flat and cannot be used for any other purpose. The said association further confirms that an employee of M/s Larsen & Toubro Ltd is staying at the flat.
It appears from the description of the work that it improves the navigability of the river-bed and channels – an activity toward development of irrigation and waterways. It is, therefore, an activity in relation to the function listed under SI No. 5 of the Eleventh Schedule, as entrusted to a Panchayat under Article 243G of the Constitution of India. Exemption under SI No. 3A of the Exemption Notification is, therefore, applicable to the Applicant’s supply of the above works contract service.
RBI instructed banks that Instructions relating to the Gold Card Scheme for Exporters shall be strictly implemented and the branch level functionaries suitably sensitised in this regard. RESERVE BANK OF INDIA RBI/2018-19/224 DBR.Dir.BC.No.48/04.02.002/2018-19 June 27, 2019 To All Scheduled Commercial Banks (Excluding RRBs) All Small Finance Banks All Local Area Banks Dear Sir / Madam, […]
