Gayatri Enterprise Vs ITO (Gujarat High Court) Provisions of Section 50C of the Income Tax Act cannot be applied for the purpose of making addition under section 69B of the Act. We fail to understand why section 50C of the Act has been brought into play having regard to the facts of the present case. […]
M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi) Facts of the Case ♣ Barco Electronic Systems Pvt. Ltd. ( taxpayer) is engaged in business of manufacturing of projectors and parts, trading in visual display products and provision of software development services. ♣ During the year under consideration, the taxpayer entered into various international […]
State Govt. of Rajasthan has issued a notification no. F.12(56)FD/Tax/2017-Pt. 111-53 dated 20-08-2019 extending date of applicability of Rule 138E of inserted vide Rule 12 of Rajasthan State Goods and Service Tax (Fourteenth) Amendment Rules, 2018 from 21-08-2019 to 21-11-2019. Originally Rule 138E was supposed to come into effect from 21-06-2019 [notification no. F. 12 […]
Ministry of Corporate Affairs has amended Companies (Share Capital & Debentures) Rules by removing Debenture Redemption Reserve requirement for Listed Companies, NCFCs and HFCs.
In Budget 2019 there are Numerous of changes related to Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and , step taken by giving enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn to curb cash transaction, and encouraging […]
SPL Industries Ltd. Vs BSE Limited (SAT Mumbai) Unintentional Failure on part of the Company to include the Audit Report in the Financial Results in XBRL uploaded on BSE website, for which BSE imposed fine of Rs. 5,54,600. However SAT reduced the penalty to Rs. 2,50,000 on the grounds that there was no deliberate intention […]
In the case of Megha Engineering and Infrastructures Ltd. High Court has directed that to GST Department that in the event interest is not paid under Section 50 thereof, there shall be a direction to respondent to not to initiate any coercive action against the petitioner until further orders.
Pr. CIT Vs M/s. Welspun Steel Ltd. (Bombay High Court) If Government subsidy was intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries. In such a case, specified percentage of the fixed capital cost, which was the basis for determining the subsidy, would be granted. The Court held that, […]
Revised monetary limits so mentioned in circular 17/2019 is applicable, to all pending SLPs/ appeals/ cross objections/references. All such pending appeals within the revised limits shall be withdrawn on or before 31.10.2019 and a fortnightly report as to progress on withdrawals should be submitted to Board, by 15th and 31st of every month.
G. V. Infosutions Pvt. Ltd. Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand what more plea or proof any assessee could […]
