"24 August 2019" Archive

No Deemed Dividend if Assessee was not a Shareholder when amount been advanced

ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune)

ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune)  The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. It is an undisputed fact that assessee had received loan from Mahesh Ginning Pvt. Ltd., in which both the partners of the assessee also held 18.19% shares each. We find […]...

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Expense on Foreign Scholarship to Promote Professional Profile allowable

Shri Harish Narinder Salve Vs ACIT (ITAT Delhi)

Shri Harish Narinder Salve Vs ACIT (ITAT Delhi) Undoubtedly, assessee is a noted international lawyer who has set up a scholarship for creating his visibility in international arena and his social standing. The assessee has specifically submitted that it has increased lot of value of the CV of the assessee and the government of Singapore ...

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ITAT Explains Meaning of Term ‘Lottery’ for Taxation & TDS deduction

Sri. Rajmohan V.V. Kumbalappalli Vs ITO (ITAT Cochin)

Before a scheme can be regarded as a lottery, there must be the element of distribution of prizes which should be by chance or lot and such distribution should be among those who had paid a price for participating in the scheme. Mere gratuitous distribution without any price having been paid by the participants for acquiring the chance an...

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Failure to make reference to TPO renders TP Adjustments bad in law

PCIT Vs M/s. S.G. Asia Holdings (India) Pvt. Ltd. (Supreme Court)

In view of the guidelines issued by the CBDT in Instruction 3/2003 the Tribunal was right in observing that by not making reference to the TPO, the Assessing Officer had breached the mandatory instructions issued by the CBDT....

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Sabka vishwas (Legacy resolution dispute scheme 2019) -Procedure

Sabka vishwas (Legacy resolution dispute scheme 2019) and its procedure by Notification 05/2019 of Central Excise, NT dt 21.08.19 Introduction- It was announced in the Finance Budget 2019, for  cases pending during Pre-GST regime in adjudication or appeal at any forum, this scheme offers a relief of 70 per cent from the duty demand if [&...

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Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme-Procedure, Eligibility

Introduction: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 was introduced by the Finance Act 2019 which has now come into force vide Notification No. 05/2019 Central Excise-NT dated 21st August, 2019. By this Notification, government made Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 which shall be effective from ...

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Posted Under: Income Tax |

Corporate Governance- Objective, Elements, Secretarial Standards

Corporate Governance  aimes at creating an organization which maximizes the wealth of shareholders. It envisages an organization in which emphasis is laid on fulfilling the social responsibilities towards the stakeholders in addition to the earning of profits....

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Posted Under: Income Tax |

Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets

The Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets – Revenue Authorities Over-Reaching Taxpayers- Withholding of Refunds!! With a view to provide the much needed stimulus and push to the falling GDP growth rate and the currently prevailing slow-down in economy, the Hon’ble Finance Minister (FM) Smt. Nirmala ...

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Posted Under: Income Tax |

Govt withdraws enhanced surcharge on tax payable on transfer of certain assets

Release ID: 1582824 24/08/2019

In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act,1961(the 'Act') from the current FY 20...

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Why to Choose Max Life Smart Term Plan

Life is always undefined and under this uncertainty it is highly imperative to secure your family’s financial needs in your absence. There are several insurance companies offering different types of term plans in the market. Selecting the best amongst them can certainly be  difficult. Here you can learn the features of an ideal term pl...

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Posted Under: Income Tax |

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