"06 September 2019" Archive

Capital Gain tax liable on property sold by bank to recover loan given to group concerns

T.S. Hajee Moosa & Co Vs. ACIT (ITAT Chennai)

The issue under consideration is whether Capital Gains will be applicable in case where Bank sold the property of group concern as it failed to repay the loan?...

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No addition for gifts if Assessee proves Identity, capacity & genuineness of donor

Dr. Vempala Bala Manohar Vs ITO (ITAT Visakhapatnam)

Gifts are normally made by relatives out of natural love and affection and do not necessarily require any particular occasion. Assessee had discharged his burden by furnishing necessary details before AO. In the absence of anything to show that the transactions were by way of money laundering, ...

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Homebuyers cannot be Made to wait Indefinitely for Possession: NCDRC

Alok Kumar Vs M/s. Golden Peacock Residency Private Limited & Anr. (National Consumer Disputes Redressal Commission Delhi)

Alok Kumar Vs M/s. Golden Peacock Residency Private Limited & Anr. (National Consumer Disputes Redressal Commission, Delhi) In the instant case the Complainants cannot be made to wait indefinitely for possession of the unit, as the construction is yet to be completed even after a period of more than 6 years has lapsed from the [&helli...

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Demand of Service Tax on Ocean Freight under RCM notification is Ultra Vires

Sal Steel Ltd. Vs Union of India (Gujarat High Court)

A perusal of Section 94 shows that there is no power conferred upon the Central Government to make any Rules or Notifications for extraterritorial events; or in other words, for services rendered and consumed beyond the “taxable territory” i.e. beyond India. Obviously, the Act itself is not applicable to the territories other than Ind...

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Appeal filing limit not applies to cases of Bogus LTCG/STCG

Circular No. 23/2019-Income Tax 06/09/2019

Circular No. 23 of 2019-Income Tax F. No. 279/Misc./M-93/2018-ITJ(Pt.) Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes Judicial Section New Delhi, 6th September 2019 Subject: -Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act,...

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Reorganisation of Regional Authorities of DGFT

Trade Notice No. 31/2019-2020-DGFT 06/09/2019

With a view to improve and equip the bigger regional authorities of DGFT with sufficient human resources and better infrastructure to cater to the exporter community, instructions have been issued reorganising the regional authorities of DGFT by merging the smaller Regional Authorities with the relatively bigger RA's (...

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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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Posted Under: Income Tax | ,

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: Income Tax |

Catalyst consumed in final product cannot be extended exemption available to goods for setting up, running, repair or maintenance of plant

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad)

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad) CESTAT Ahmedabad has had held that the catalyst ‘Petromax- MD’, consumed in the final product and not required for setting up of the plant or required for running, repair and maintenance of the plant, was not eligible for the benefit of exemption which provided that the good...

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