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Archive: 26 July 2019

Posts in 26 July 2019

Bogus LTCG Addition not sustainable if AO fails to disprove claim of Assessee

July 26, 2019 1203 Views 0 comment Print

Where assessee had furnished relevant evidences such as copies of bank statement, demat account, share purchase documents and share certificate., etc., to prove its bogus long-term capital gain on sale of shares and no adverse material had been brought on record by AO to disprove the claim of assessee, addition made under section 68 on account of unexplained credit could not be sustained.

Designing Trust for Indian Tax System

July 26, 2019 2205 Views 0 comment Print

Significant academic research has been conducted to establish factors that lead to voluntary tax compliance. A plain and pessimistic conclusion of some redoubtable research is that taxpayers have an inherent selfish motive to evade taxes;

Eficacy of Tax breaks

July 26, 2019 1677 Views 0 comment Print

A Tax break is a saving on a tax payer’s liability and provides savings to tax deductions and exemptions. Tax breaks are an essential component of any taxing statute. However, as a result of the tax breaks, a chunk of revenue otherwise available to the exchequer is lost.

RT. Hon’ble James Wilson-Architect of Modern Indian Budgeting System

July 26, 2019 1962 Views 0 comment Print

The Royal proclamation on November 1, 1858 in grand Darbar held at Allahabad was a major event in modern Indian financial history. Lord Canning announced that the Queen had assumed the governance of India.

Insight on Companies (Amendment) Ordinance, 2019, as introduced in Lok Sabha

July 26, 2019 1212 Views 1 comment Print

Companies (Amendment) Ordinance, 2019 (Bill) is introduced to replace the second ordinance. Earlier, a bill to replace the first ordinance, the bill which passed in Lok Sabha in January 4, 2019 and which could not get through in Rajya Sabha, and hence the second ordinance was promulgated in February 21, 2019.

The Missing Link: The Collaboration between GSTN and TDS

July 26, 2019 1833 Views 0 comment Print

Unprecedented pace of changes happening in the field of Information and Communication Technology (ICT) offers both unfamiliar challenges as well as new vistas for effective tax administration. This article demonstrates as to how the GSTN offers huge possibility, as a real time collaborative tool, for TDS wing of ITD to have an effective compliance verification system without much additional cost or manpower.

Transfer Pricing in India

July 26, 2019 15765 Views 0 comment Print

A substantial volume of global trade comprises transactions between related enterprises within groups of multinational enterprises (MNEs). The transactions between such related or associated enterprises may take place under conditions different from those taking place between independent enterprises.

Special Court Convicts Four Directors of Kolkata based Company for Non-Compliance of Summons Issued by SEBI

July 26, 2019 408 Views 0 comment Print

SEBI Special Court convicted four directors of the Roofers Realty Limited for not complying with the summons issued by the investigating authority of the Securities and Exchange Board of India (SEBI). SEBI had launched investigation into alleged illegal mobilization of funds from the public by Roofers Realty Limited.

Cattle feed in cake form exempt from GST: AAR Tamilnadu

July 26, 2019 3585 Views 0 comment Print

In re Chinnakani Arumuga Selvaraja, Proprietor of M/s Sri Venkateshwara Traders (GST AAR Tamilnadu) The product ‘Cattle feed in cake form’ manufactured by the Applicant is classifiable under Chapter Heading 23099010 and stands exempted as per vide Sl.No. 102 of Notification No. 2/2017-Central Tax(Rate) dated 28th June 2017 as amended and Sl.No. 102 of Notification. […]

‘Cattle feed in cake form’ classifiable under CTH 23099010

July 26, 2019 1383 Views 0 comment Print

The product ‘Cattle feed in cake form’ manufactured by the Applicant is classifiable under Chapter Heading 23099010 and stands exempted as per vide Sl.No. 102 of Notification No. 2/2017-Central Tax(Rate) dated 28th June 2017

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