"23 August 2019" Archive

Guidelines for cross checking of Input Tax Credit under MVAT

Trade Circular No. 46T of 2019 (23/08/2019)

For the periods starting on or after Ola April 2005 and ending on or before 31a March 2008, the return as well as the MVAT Audit report filing process was not electronic. ITC in such cases shall be allowed upon verification of record such as tax invoices and books of accounts produced by the claimant dealer....

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Maharashtra Amnesty: Due date extended till 30th August 2019

Notification No. GST-1019/C.R.34/Taxation-1 (23/08/2019)

Amendment to the Order of the Removal of Difficulties faced by the taxpayers due to technical glitch-Extension of dates for submission of application and for making payments for Settlement by the Identified Taxpayers under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2019 till 30th August 2019. FINANCE DEPA...

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ITAT held 282 time Capital Gains from Penny Stocks as Bogus

Shri Sanat Kumar Vs ACIT (ITAT Delhi)

No doubt assessee has meticulously completed the paper work by routing his entire investment through banking channel but the results thereof are altogether beyond human probabilities. Because neither in the past nor in the subsequent years, assessee has indulged into any such investment having huge windfall. Had the assessee been so intel...

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Failure to issue notice u/s 143(2) renders assessment order void even if assessee participated in proceedings

CIT Vs Laxman Das Khandelwal (Supreme Court)

CIT Vs Laxman Das Khandelwal (Supreme Court of India) S. 143(2)/ 292BB: The failure to issue a notice u/s 143(2) renders the assessment order void even if the assessee has participated in the proceedings. S. 292BB does not save complete absence of notice. For S. 292BB to apply, the notice must have emanated from the […]...

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Income from shares is capital gain if shares been held as investment with intention of Investment

ACIT Vs Shri Finance (ITAT Delhi)

Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’....

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Income from Letting of Property is Business Income if same is business Object of Firm

Pr. CIT Vs Shreeji Exhibitors (Bombay High Court)

Pr. CIT Vs Shreeji Exhibitors (Bombay High Court) The impugned order of the Tribunal noted the fact that the assessee’s activity of letting out building premises is its business activity. This, the Tribunal observed it is clear from objects of the respondent as set out in its partnership deed viz. to deal with properties i.e. to [&...

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Rule 8D not applicable if AO not recorded satisfaction

Pr. CIT Vs Vedanta Limited (Delhi High Court)

Pr. CIT Vs Vedanta Limited (Delhi High Court) It is apparent that the Assessing Officer without examining, commenting and rejecting the disallowance made by the respondent-assessee had applied Rule 8D as compulsory and universally applicable rule where the assessee has earned exempt income. However, Rule 8D cannot be invoked and applied u...

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How Demat Account Helps You to Save Tax

Every earning individual wants to save money in some way or the other to meet their long term goals. After all, every penny saved is a penny earned. While government taxes eat a major part of your income every year, there are still ways to save the tax amount with the help of various tax […]...

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Process of Closing A Private Limited Company

Since the inception of the Companies Act, 2013, the Compliances of carrying out business through a Company in increasing day by day. Increase in compliances majorly hit those who do not perform substantial activities in the Company since they are required to pay both Government filing fees and Consultant’s fees in relation to maintainin...

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Income tax perspective – Sale of Immovable Property by a Non Resident Indian

A sale transaction between a non-resident (NRI) seller and resident buyer needs planning by seller and buyer shall take abundant caution. In most of the cases, misconceptions in the minds of buyers resulting into serious non-compliances and lack of awareness among sellers resulting into liquidity crunch. Through this article, I am making ...

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