M/s. Royal Rich Developers Pvt. Ltd. Vs Pr. CIT (Bombay High Court) The Assessing Officer recorded that there was no reason for high premium of Rs.30 per share being paid by the investors. The assessee company had carried out no business during the entire period, except for collection of share application money. The responding investors […]
M/s. Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai) We are of the considered view that the onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not […]
Notification No. 03 of 2019 Dated 19th August 2019- Selection grade (NFSG) to the 52 officers in the grade of Joint Commissioner of Income Tax. Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, the 19th August, 2019 28 Shravana 1940 (SAKA) NOTIFICATION NO. 03 OF 2019 The […]
Provision of section 45(3) are exhaustive and does not confer any power on the AO to adopt consideration different from what is recorded in the books of account of the firm. Thus, AO was not correct in adopting the market value of land as revalued subsequently by the firm in the books of account.
In re Siemens Ltd (GST AAR West Bangal) Whether mobilization advance for works contract is supply on the date on which it stands credited on the supplier’s account? After the GST comes into force, the works contract is no longer divisible into a contract for the supply of goods and a service contract. It is […]
In re TP Roy Chowdhury & Company Pvt Ltd. (GST AAR West Bangal) Whether service of loading and unloading of yellow peas at the port is exempted supply? The Applicant renders the service of loading, unloading etc. after the cargo of yellow peas, imported from a foreign land, reaches the port of entry. The produce […]
In re Novel Engineering & Technical Works Private Limited (GST AAR West Bangal) Whether evacuation and disposal of ash from ash pond of a thermal power station is an exempted supply? Scrutiny of the work as described in para 2.2 reveals that the work involves earthwork, excavation, sloping and earthmoving services involving making of embankments […]
In re Macro Media Digital Imaging Pvt Ltd. (GST AAR West Bangal) The Applicant prints billboards, building wraps, fleet graphics, window graphics, trade show graphics, office branding, in-store branding, banners, signage graphics etc., commonly known as trade advertising material, classified under heading 4911 of the Tariff Act. The recipient provides on a digital media the […]
DCIT Vs Prathamik Shikshak Sahakari Bank Ltd. (ITAT Pune) Brief facts relating to the issue are that the Assessing Officer was of the view that in the absence of any scheme formulated by the assessee bank, the amount paid as ex-gratia to prematurely retiring employees was not to be allowed as deduction. The case of […]
Tribunal applied the principle of taxing the profit embedded in such purchases covered by the bogus bills, instead of disallowing the entire expenditure.
