"06 September 2019" Archive

National Financial Reporting Authority (Amendment) Rules, 2019

Notification No. G.S.R. __ (E). (05/09/2019)

(1) These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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Gain on Sale of right to obtain flat- LTCG or STCG?

ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai)

ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) The only surviving question that arise for consideration is manner of computation of the gains. It is noted that the assessee has paid upfront payment to the extent of 5% upon allotment and the balance payment has been spread over by way of installment during the [&hell...

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Open Letter to FM: Suspend Section 43CA & 56(x) to revive Sick Real Estate Companies

Real Estate Sector needs a bigger dose of corrective measures and concessions to bring out this sector from the red. One of the Demands of the Real Estate Sector is to Suspend Section 43CA & Section 56 (x) of the Income Tax Act....

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All about Inter-Corporate Loans and Investments made by Company

ALL ABOUT INTER-CORPORATE LOANS AND INVESTMENTS MADE BY THE COMPANY UNDER COMPANIES ACT, 2013 COMPANY > Gives Loan to any person > Investment in Body Corporate > Provides Security to any person > Provides Guarantee to any person – Important Note: – The word “person” does not include any individual who is in t...

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Posted Under: Company Law |

Share valuation report without scientific basis can be rejected

M/s. Innoviti Payment Solutions Pvt. Ltd. Vs ITO (ITAT Banglore)

M/s. Innoviti Payment Solutions Pvt. Ltd. Vs ITO (ITAT Banglore) (1) The AO can scrutinize the valuation report and the if the AO is not satisfied with the explanation of the assessee, he has to record the reasons and basis for not accepting the valuation report submitted by the assessee and only thereafter, he can […]...

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GST authorities cannot refuse to give copies of document seized unless same affects investigation prejudicially

High Ground Enterprises Ltd Vs UOI (Bombay High Court)

High Ground Enterprises Ltd Vs UOI (Bombay High Court) Petitioner has sought to question the refusal by the Officers of the DGGI, Mumbai to supply documents to the Petitioner seized by the officers and also sought a direction to the Respondents to hand over copies of the documents seized in January 2019 Petitioner, in the […]...

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Payment to legal heirs of deceased partners towards Goodwill is allowable as deduction

Wadia Ghandy & Co. Vs ACIT (ITAT Mumbai)

Wadia Ghandy & Co. Vs ACIT (ITAT Mumbai) The assessee is a Solicitor Firm and was initially constituted by three partners who were eminent Lawyers. He submitted, all the three partners had created huge goodwill which was definitely exploited by the firm. He submitted, for use of goodwill, the firm was required to pay 5% […]...

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Tax Reform: What’s new for US business from tax year 2018 onwards

American business to watch for these monumental changes include corporations, S Corporations, partnerships like LLCs and sole proprietorships. I gleefully agree that as a business owner or self-employed individual one may like to review tax reform sections that may affect the bottom line of the business....

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Posted Under: Company Law |

Expense allowable on accrual of liability for payment or expenditure

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court)

Hon’ble High Court of Kerala which held that an expenditure to be incurred in future in respect of a liability that accrued during the related accounting would be eligible for a deduction. ...

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Duty on RBD Palmolein/Palm Oil import from Malaysia increased by 5%

Notification No. 29/2019-Customs (04/09/2019)

Seeks to further amend notification no. 53/2011 dated 01.07.2011, to increase the rate of duty of customs by 5 percent, for a period of 180 days, on imports of RBD Palmolein/Palm Oil originating in Malaysia and imported under India-Malaysia Comprehensive Economic Cooperation Agreement, on recommendation of preliminary findings of Director...

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