Key takeaways from 2 honourable Supreme Court judgments of 1) Amarpali & 2) Pioneer as pronounced on 23rd July 2019 & 9th Aug 2019 respectively for Real Estate Stakeholders The striking down of Article 370 by our honourable PM and HM at unprecedented speed has similar parallel in honourable Supreme Court also in last fortnight. […]
The Institute of Chartered Accountants of India (ICAI) today announced the results of following examinations held in May/ June, 2019. 1. Chartered Accountants Final Examination (Old & New Syllabus) 2. Foundation Examination Since December 1949, the Chartered Accountancy Examination is held twice in a year in the months of May/June and November/December. Chartered Accountants Final […]
1) With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. 2) Henceforth, Section 8 Companies can be incorporated by either reserving names through Run and filing SPICe […]
Article contains Compliance chart for Incorporation and other related compliances for wholly owned and other subsidiary Companies in India. It further explains provisions related to Directorship in Subsidiary or Wholly Owned Subsidiary Company, Mandatory Declaration to be filed under Section 89 of the Companies Act, 2013 in case of Wholly Owned Subsidiary Company and Compliances […]
Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate.
Mumbai Bench of CESTAT has held that there is no estoppel in raising classification dispute in subsequent import of a product and that in the absence of appropriate classification there was nothing binding to treat previous classification as the sole option.
MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) As regards the penalty based on addition on account of difference in rate of depreciation on computer peripherals, the Assessing Officer has observed that the assessee made a wrong claim of depreciation @ 60% on printers, UPS, computer stationery, routers and scanners by clubbing them with […]
Pratibha Pipes & Structurals Ltd Vs DCIT (ITAT Mumbai) In this case, on perusal of facts available on record, we find that the AO has not made addition only on the basis of report of sales-tax department. In fact, the AO has conducted all possible enquiries during the course of assessment proceedings, as per which, […]
Invocation of rule 8D of Income Tax Rules without recording satisfaction as to non-correctness of assessee’s claim of suo motu disallowance under section 14A of Income Tax Act, 1961, was in contravention of provisions of section 14A(2), therefore, additional disallowance was deleted.
Lantech Pharmaceuticals Ltd. Vs Prl. Commissioner (Andhra Pradesh High Court) Hon;ble High Court disposes Writ Petition directing the respondents to either open the Portal to enable the petitioner to again file the Form GST TRAN-1 electronically or in the alternative accept the Form GST TRAN-1 presented manually,on or before 31.08.2019. It is needless to say […]
