"27 June 2019" Archive - Page 2

Transfer & Postings of 385 officers in ACIT/ DCIT Grade

Office Order No. 142 of 2019 26/06/2019

Office Order No. 142 of 2019 – AGT 2019 – Transfer & Postings of the officers in the grade of Assistant Commissioner/ Deputy Commissioner of Income Tax – reg. F.No. A-22013/1/2019-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated:...

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Form DPT 3: ICSI seek clarification on Audit Requirement, Nil Return, Amount to Include

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 […]...

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Posted Under: Income Tax | ,

Addition for income from commodity transactions not justified if supporting details filed

ITO Vs M/s Prism Share Trading Pvt. Ltd. (ITAT Mumbai)

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....

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Ind AS Technical Facilitation Group Clarification Bulletin 20

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....

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Posted Under: Income Tax |

Disallowance u/s 36(1)(iii) of interest expenses not justified on failure to prove direct nexus

ACIT Vs Shri Rohit Kochar (ITAT Delhi)

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 bea...

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Difference between purchase and market price of shares quoted on BSE/NSE is deemed benefit taxable u/s 56(2)(vii)

Radhika Roy Vs DCIT (ITAT Delhi)

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...

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SARFAESI: Only secured creditors can initiate action against borrower

Trishul Developers Vs L & T Housing Finance Limited (Karnataka High Court)

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....

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No GST TDS on conservancy & waste management service to municipality

In re Time Tech Waste Solutions Private Limited (GST AAR West Bangal)

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....

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No GST on Renting of residential property for residence to company

In re Borbheta Estate Pvt Ltd (GST AAR West Bangal)

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 Sou...

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GST on works contract of dredging a river-bed for government entity

In re Dredging and Desiltation Company Private Limited (GST AAR West Bengal)

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 Constituti...

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