"27 July 2019" Archive - Page 2

Addition for Unexplained cash credits cannot be made for doubt on source of credit

CIT Vs M/s. Sree Ganesh Trading Company (Kerala High Court)

CIT Vs M/s. Sree Ganesh Trading Company (Kerala High Court) Conclusion: AO was not justified in making addition to the income of assessee under section 68 on account of alleged unexplained credits as assessee-firm had proved identity, creditworthiness of the creditors from whom it had received credits and if AO had doubt on the source [&h...

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Assessment of Bogus Purchases

Surinder Jit Singh Chief Commissioner of Income Tax-3, New Delhi [email protected] Surinder Jit Singh is graduate in Mechanical Engineering from Punjab Engineering College in 1981 and joined Income Tax Department in 1984 as an IRS officer and has worked at Chandigarh, Ludhiana, Pune, Bombay, Amritsar and at Delhi in various capacities ...

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Posted Under: Income Tax |

Section 54 Exemption cannot be denied for fault of developer

Bal Kishan Atal Vs ACIT (ITAT Delhi)

Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because  the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee. ...

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Post-Liberalisation Direct Tax Reforms in India

Ajai Das Mehrotra Pr. Chief Commissioner of Income Tax, Gujarat [email protected] Sh.Ajai Das Mehrotra, is an IRS officer of 1984 batch and is currently posted as Principal Chief Commissioner of Income Tax, Gujrat. He had worked extensively in the field of Assessment, Investigation and other direct taxation fields. He had a...

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Posted Under: Income Tax |

Better to have Insured Medically

It is always better to have secured when there is an increasing level of uncertainty in every aspect of our life. The secured way is to have medically insured. I am not at all an insurance agent and or marketing any insurance product through this article. Reason behind this article is only to make you […]...

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Posted Under: Income Tax |

Addition u/s 69B justified in respect of unaccounted money paid in cash to sellers of land

Vinay Gupta v. ACIT (ITAT Delhi)

Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same....

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DIR-3 e KYC 2019 : Web based e-DIN-KYC

The Ministry Of Corporate Affairs Has Issued A General Circular No. 07/2019 Dated: 27.06.2019 And Has Clarified The Following: Every Person Who Has Already Filed DIR-3 KYC Will Only Be Required To Complete His/hers KYC Through A Simple Web-Based Verification Service, With Pre-Filled Data Based On The Records In The Registry, For Ease Of...

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Posted Under: Income Tax |

ITC of Motor Vehicles can be claimed now

Finally the Truth Reviled!!!! Whether ITC of CAR/ Truck can be eligible???? Various notifications, Circulars, and Articles issued by various entities regarding the Input Tax Credit on Motor vehicles/ truck does not provide us the crisp information whether the Input Tax Credit is eligible or not. Finally in the CGST Amendment Act, 2018 whi...

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Posted Under: Income Tax |

How to submit DIR 3 KYC WEB Based

Ministry of Corporate Affairs issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) e Form DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the […]...

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Posted Under: Income Tax | ,

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