"08 October 2019" Archive

Section 14A Disallowance cannot surpass quantum of exempt income

Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad)

Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad) The solitary issue involved in the present appeal is towards extent of disallowance permissible under s.14A of the Act. We find merit in the plea raised on behalf of the assessee that the disallowance under s.14A of the Act cannot surpass the quantum of exempt income in […]...

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Penalty for Failure to get accounts audited cannot be levied if books not maintained

Somnath Ghosh Vs ITO (ITAT Kolkata)

Assessee assailed the imposition of penalty under section 271B imposed by AO on account of failure to get accounts audited under section 44AB. Assessee contended that penalty was not justified as no books of account were maintained by assessee....

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Retrospective amendment cannot change tax withholding liability, with retrospective effect

DCIT Vs Amol Dicalite Ltd. (ITAT Ahmedabad)

Retrospective amendment in law does change tax liability in respect of an income, with retrospective effect, but it cannot change tax withholding liability, with retrospective effect....

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Section 153A: Completed assessment cannot be interfered in absence of discovery of incriminating material during search

ACIT Vs The M/s. Samor Properties Pvt. Ltd. (ITAT Ahmedabad)

Section 153A: Completed assessment cannot interfered absence discovery incriminating material during search ...

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FM’s Corporate Tax Sop- MSME & Common Man Dismayed

The Finance Minister announced certain bold measures to give boost to the ailing Economy of the country, a fortnight ago. New Sections 115 BAA & 115 BAB were introduced in the Income Tax Act with the aim of reducing Income Tax on the Corporate Sector to enable the Companies to boost production, bring in new […]...

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Posted Under: Income Tax |

GST system is still in a trial and error phase: Delhi High Court

The Tyre Plaza Vs Union of India & Ors. (Delhi High Court)

The Tyre Plaza Vs Union of India & Ors. (Delhi High Court) Learned counsel for the Petitioner points out that in the present case, the eligibility of the Petitioner to claim the input tax credit (ITC) has not been doubted by the Respondents. However, for no fault of the Petitioner, despite repeated attempts, it could […]...

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Company Law vis-à-vis the IBC Code

The transformation of the Indian economy from being a license-raj regime to the present business-friendly destination of foreign investment has been an arduous one. Central to this success story is the sweeping changes made in the regulatory space with the new Goods and Services Tax and the Insolvency and Bankruptcy Code, 2016 (Code) as t...

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Posted Under: Income Tax |

Frontiers of Corporate Governance – an Aid to Insolvency Framework

Multiple examples have come to light in the last two decades where mis-governance in corporations has led to significant market wide impact across jurisdictions. The remedial measures have resulted in enactment of strong corporate governance laws....

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Posted Under: Income Tax |

Safe Harbours in Insolvency Proceedings

Mr. Umiikrishnan A. * What is a ‘safe harbour’ in insolvency proceedings and what is its impact? How do we justify the existence of such carve-outs in insolvency laws, which apparently do violence to the very fabric and object of insolvency proceedings? Does India require such safe harbours? If so, to what extent? Time and [&h...

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Posted Under: Income Tax |

Institutional framework for regulation and development of Valuation Professionals

Press Release No. IBBI/PR/2019/28 (08/10/2019)

Invitation of public views / suggestions on the Institutional framework for regulation and development of Valuation Professionals The Ministry of Corporate Affairs, vide its Order dated 30th August 2019, has constituted a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation...

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