"17 July 2019" Archive

Depreciation on Office Premises assessed as House Property Income?

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai)

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain rental income which has been assessed as...

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SEBI changes format of quarterly compliance report on corporate governance

Pursuant to Regulation 27(2) of SEBI Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), listed entities were required to submit a quarterly compliance report on corporate governance to the Stock Exchange....

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Posted Under: Income Tax |

Income Tax Refund cannot be withheld for error in Computer System

M/s. Vodafone Idea Limited Vs DCIT (TDS) & Ors. (Bombay High Court)

High Court held that Income Tax Refund cannot be withheld by Income Tax Department for error in Computer System. It held that the computer system cannot override the factual aspects and if Income Tax refund is payable than whether the computer systems accepts or not, is of no consequence....

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Non-compete rights are Intangible asset eligible for depreciation: HC

Pr. CIT Vs Piramal Glass Limited (Bombay High Court)

Section 32(1)(ii) Rights acquired by the assessee under the said agreement not only give enduring benefit, protected the assessee's business against competence, that too from a person who had closely worked with the assessee in the same business. The expression 'or any other business or commercial rights of similar nature' used in Explana...

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National Pension Scheme (NPS) – FAQs

Q. 1 When can a subscriber withdraw from National Pension Scheme (NPS)? Is it possible to exit from NPS before attaining the age of 60 or superannuation? Ans. Withdrawal from NPS can be: 1. On attaining the age of 60 or superannuation; 2. Before attaining the age of superannuation or 60 (Pre-mature exit), provided the subscriber [&hellip...

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Posted Under: Income Tax |

Concept of E-Way Bill

In this article we are going to discuss What is E-Way Bill, When it is required to be issued, Who can issue it, and when it is not required to be issued. What is E-Way Bill? E-Way bill refers to the Electronic way Bill. It is a document required to be carried by the transporters […]...

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Posted Under: Income Tax |

Non-charging of interest on loan to director – Perquisite?

DCIT Vs Shri Shekhar G. Patel (ITAT Ahmedabad)

Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration or salary in the capacity of the director had been drawn from the lending company nor any interest expenditure was shown in its profit and loss account....

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Registration u/s 12AA cannot be denied for non-application of income for charitable purposes

Rajiv Gandhi Proudyogiki Vishwavidyalaya Vs CIT (Exemption) (ITAT Indore)

Since objects of assessee were duly charitable in nature and there was no dispute as to genuineness of its activities, therefore,  no registration could be denied under section 12AA merely on the basis that assessee was not carrying out activities for charitable purposes....

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No addition u/s 68 of short-term capital loss merely on Investigation Wing report

Nicholson Vanijya (P) Ltd. Vs ITO (ITAT Kolkata)

Addition under section 68 of short term capital loss on sale of shares alleged as bogus on the basis of investigation wing report was not justified as the transaction of purchase and sale of shares were supported and evidenced by Bills, Contract Notes, Demat statements and bank statements, ledger accounts of brokers and payment of STT, et...

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No Capital Gain Tax on Sale of accrued FSI/TDR rights to developers

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai)

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai) Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd.  has held that in case of sale of FSI/TDR rights by the assessee to the developers which have accrued in favour of the assessee following promulgation of Development Control Rules for […]...

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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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MCA notifies Court at Pune U/s. 435(1)

Notification No. S.O. 2564(E) (17/07/2019)

Notification of Special Court (Court of District Judge-1 and Additional Sessions Judge) at Pune (Maharashtra) under sub-section (1) of Section 435 of the Companies Act, 2013 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 17th July, 2019 S.O. 2564(E).—In exercise of the powers conferred by sub-section (1) of section 435 of th...

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CBDT notifies Revised India -China DTAA Protocol

Notification No. 54/2019-Income Tax [S.O. 2562(E)] (17/07/2019)

Protocol amending the Agreement between the Government of the Republic of India and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and the Protocol thereto Signed at New Delhi on 18th July, 1994. MINISTRY OF FINANCE (Department [&...

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Changes in disclosure norms of divergence in asset classification & provisioning by banks

Circular No. CIR/CFD/CMD1/79/2019 (17/07/2019)

Vide Circular No. SEBI/CIR/CFD/CMD/80/2017 dated July 18, 2017, it was specified that banks which have listed specified securities shall disclose to the stock exchanges, divergences in the asset classification and provisioning wherever the additional provisioning requirements assessed by RBI/ the additional Gross NPAs identified by RBI ex...

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Section 194A: TDS on interest other than interest on securities

Section 194A of the Income Tax Act deals with the provisions relating to deduction of TDS on interest (other than interest on securities). Interest like interest paid on an unsecured loan, interest paid by banks on fixed deposits, interest paid on loans and advances, etc. are covered under the provisions of section 194A. The present arti...

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Posted Under: Income Tax | ,

Committee to examine Data Structure & Modalities of upload of data for E-Assessment

F.No. ADG(S)-5/Misc./2019-205789-5790 (17/07/2019)

A Committee to examine the feasibility of laying out the modalities, formats and data structures for uploading online, analysing and archiving of information sought during e-assessment in a forensically sound secure and importable data-structure to facilitate e-assessmcnt and to mitigate difficulties of both the taxpayers and Assessing Of...

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DGFT allocates additional 1239 MTRV for sugar export to USA under TRQ

Public Notice No. 19/2015-2020-DGFT (17/07/2019)

Additional quantity of 1239 MTs (One Thousand Two Hundred Thirty Nine Metric Ton Raw Value) of raw cane sugar to be exported to USA under TRQ upto 30.09.2019 has been notified. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Public Notice No. 19/2015-2020-DGFT New Delhi, the 17 July, 2019 Subjec...

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Del Credere agent under GST

There was various presentation received from the industry by GST Board, regarding the scope and ambit of the principal agent relationship in line with del-credere agent. In order to clarify the same the board has came up with various circulars. Definition of Del Credere Agent: Del-Credere agent is no where defined under GST law. So, [&hel...

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Posted Under: Income Tax |

IP not responsible for appointment as IRP in CIRP if he conveyed of expiry of his registration

F. No. IBBI/IP/MON/2018/26 (17/07/2019)

It, therefore, appears that despite making it clear that he did not have a valid registration as an IP, he was made to serve as the IRP in the CIRP. In such circumstances, it is difficult to hold Mr. Mallik liable for contravention of section 206 of the Code. In view of this, I dispose of the notice without any direction....

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Court-fees depends on relief claimed not on value of property: HC

Smt. Neelam Dagla Vs Sarwan Gond (Chhattisgarh High Court)

For the purpose of injunction, the value of property would not be a criteria for valuation. In order to assess the valuation of plaint, the relief clause has to be seen. In a case where the fixed court fee is payable according to Schedule-II of Article 17 of the Court Fees Act for relief of declaration, that would be the value for the pur...

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Merger of Council for Trade Development and Promotion into BoT

Notification No. 11/2015-20-DGFT [S.O. 1798(E)] (17/07/2019)

It has been decided to merge the Council for Trade Development and Promotion (CTDP) with the Board of Trade (BOT) and the new forum will remain as Board of Trade (BOT) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 11/2015-20-DGFT New Delhi, the 17 July...

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Anti-Profiteering: HC stays NAPA’s order in ‘Jubilant Foodworks Ltd.’ case

Jubilant Foodworks Ltd. & Anr. Vs Union of India & Ors (Delhi High Court)

Jubilant Foodworks Ltd. & Anr. Vs Union of India & Ors (Delhi High Court) As far as the facts of the present case are concerned, one grievance is that although the Petitioners deal in as many as 393 products, and even according to the NAPA they are compliant in regard to the price of many […]...

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Management of Good & Services Tax Audit by GST Department

Audit management requires planning and effective execution of the audit process. Structurally and functionally, this is to be undertaken at two levels – Apex level and Local level. In order to monitor, co-ordinate and guide the effective implementation of the GST audit system, the Board has set up the Directorate General of Audit as the...

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Posted Under: Income Tax |

Selection of Registered Persons for GST Audit by Department

1. Objective of Selection of Registered Persons for GST Audit: Selection of registered persons for audit means selection of registered persons to be audited during a specified period, taking the available resources into account. Given the large number of registered persons under GST, it is impossible to subject every registered person to ...

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Posted Under: Income Tax |

GST Audit – Preparation and Verification

1. Profiling of registered person: 1.1 Audit requires a strong database for profiling each registered person so that risk-factors relevant to a registered person may be identified in a scientific manner and audit is planned and executed accordingly. Some of the relevant data has to be collected from the registered person during the course...

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Posted Under: Income Tax |

Preparation of GST Audit Report and Follow up by Auditor

1. Preparation of Draft GST Audit Report and submission to senior officers 1.1 After completion of audit verification, the auditor should prepare the verification report in the prescribed Proforma for each issue of the approved Audit Plan. This document should record the results of verification conducted as per the audit plan. Any additio...

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Posted Under: Income Tax |

5 Major issues in filing Income Tax Return for AY 2019-20: BCAS to FM

BCAS has highlighted issues of Delay in making available the utility to enable filing, Multiple changes in utilities, The requirement of reporting Permanent Account number of unlisted companies, Unlawful requirement of reporting ISIN codes/Folio No of shares sold and 26AS not updated and TDS certificates not available with the tax payers....

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Posted Under: Income Tax |

Online Patent Filling Procedure in India: Cost & Flowchart

Want to safeguard your inventions and discoveries? Then get it registered as a patent under the Patent Act, 1970 and make money out of your invention. What is Patent Registration? It is an exclusive right provided to the owner or the enterprise under which no outsider can make, use, sell or import the patented product […]...

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Posted Under: Income Tax |

Is there a hidden fact behind deduction u/s 80EEB on Purchase of Electric Vehicle?

On 5th July 2019 Finance minister Nirmala Sitharaman in her maiden budget speech of Union Budget 2019 has proposed to extend income-tax benefit of Rs.1.5 Lakh towards interest paid on loans for buying Electric Vehicle. A new section 80EEB is been proposed to be inserted in Income Tax Act via Finance Bill 2019 to extend […]...

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Posted Under: Income Tax |

RCM on Goods Transport Agency (GTA) Services

A Quick Understanding on Reverse Charge Mechanism (RCM) on Goods Transport Agency (GTA) Services It has been more than a couple of years since GST was launched on 1st July 2017 but the organisations are yet to get settled down and adopt it with full clarity. Since the time GST was rolled out, there have […]...

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Posted Under: Income Tax | ,

Artificial Intelligence vis-a-vis Role of Company Secretary

The impact of artificial intelligence and robotics on employment opportunities have always been a topic of much speculation. When it comes to organising and manipulating data, processing complex mathematical problems, and executing tasks in the blink of an eye, artificial intelligence and robotics are the most preferred choice. As a resul...

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Posted Under: Income Tax |

Section 35D-Preliminary expenses – Untying the knots

There is a primary difference between the preliminary and preoperative expenses. Preliminary Expenses / Pre-incorporation expenses are those expenses incurred prior to incorporation of the LLP. Pre-operative expenses are incurred after incorporation of business but before commencement of business operations....

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Posted Under: Income Tax |

Desist addressing as ‘My Lord’ & ‘Your Lordship’: Rajasthan HC

To honour the mandate of equality enshrined in the Construction of India, the full Court in its meeting dated 14.07.2019 has unanimously resolved to request the counsels and those who appear before the Court to desist from addressing the Hon'ble Judges as 'My Lord' and 'Your Lordship' ....

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Posted Under: Income Tax |

Union Budget 2019 Highlights on Changes in taxation & Other Laws

Article contains Union Budget 2019 Highlights with Budget at a Glance compiled by the Institute of Cost Accountants of Indian on Changes in Law and taxation related to Indirect Tax, Direct Tax, MSME Sector, Start Ups, Bank/NBFC, Social Stock Exchange, FDI and Foreign Portfolio Investments.  INDIRECT TAX A. Customs Customs Duty Increased/...

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Posted Under: Income Tax |

Some Replies received from GSTN for CMP-08 and GSTR-4

Problem reported: Concern regarding CMP-08 is not reflecting on return dashboard. Resolution: This is in reference to our telephonic conversation, we informed you that the functionality for filing CMP- 08 is currently unavailable on GST portal, we request you to wait for further notification and keep yourself updated with www.gst.gov.in. ...

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Posted Under: Income Tax | ,

Golden Rules of Investing In Stock Market

Everyone wants to buy low and sell high in Stock Market but, why do most of the people fail? There are many influential factors. I have considered all the factors and compiled them in this article. It is advised not to just see the side-headings and move on but read the entire article. Introduction Stock […]...

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Posted Under: Income Tax |

Procedure for Delisting of Shares (Infrequently Traded)

Article explains Procedure For Delisting Of Shares (Infrequently Traded) under SEBI (Delisting of Equity Shares) Regulations, 2009- S.NO. REGULATION NO. PARTICULARS 1. Regulation 8 (1) (a) of SEBI (Delisting of Equity Shares) Regulations,2009 Convene a Board Meeting – The proposed delisting shall be approved by a resolution of the board...

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Posted Under: Income Tax |

Demerger V/s Slump Sale

Article explains Conditions for Tax Neutral Demerger, Reasons for Demerger, Tax Implications of Demerger,  Tax implications of Demerger in the hands of the transferor entity, Tax implications of Demerger in the hands of shareholders of the transferor entity, ACCOUNTING IMPLICATIONS of Demerger, Accounting Aspects in Different Demerger Si...

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Posted Under: Income Tax |

Foreign Liabilities And Assets Information Reporting (Flair) System

What is Annual Return of Foreign Liabilities and Assets? -FLA annual return are one of the compliances that have to be met by the companies that are involved with FDI (Foreign Direct Investments) or companies who invest in foreign companies either via joint venture or wholly owned subsidiaries, also termed as Overseas Direct Investment...

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Posted Under: Income Tax |

Avoid these small mistakes while filling up your ITR form

Since the deadline of 31st July 2019 for ITR filing is fast approaching, we should not commit the mistakes which we generally commit while filing the ITR form in hurry. Let us discuss the mistakes which people generally commit while filling up the ITR form. Basic contact details Since the income tax department nowadays sends […]...

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Posted Under: Income Tax | ,

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