"06 September 2019" Archive

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

Circular No. 23 of 2019-Income Tax (06/09/2019)

Circular No. 23 of 2019 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, 1961-reg R...

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Reorganisation of Regional Authorities of DGFT

Trade Notice No. 31/2019-2020 (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 |

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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Amendment/ Correction in Appendix 3B, Table 2 of MEIS

Notification No. 31/2015-2020 (06/09/2019)

A correction has been made in the Appendix 3B, Table 2 to align/harmonize it with the ITC HS 2017/ Customs Tariff Schedule and the item entry is removed from the list of items, for which description matching is required to be done by RAs while processing the MEIS applications, as explained in Public Notice 68 […]...

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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: Income Tax |