M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Now, coming to the primary contention of the learned Authorised Representative that all the transactions relating to purchase of flats should be taken as a single transaction for the purpose of filing the IDS statement and computing fee under section 234E of the Act, […]
Section 80JJAA – Deduction in respect of employment of new employees is allowed under Chapter VI-A of the IT Act. In case of an assessee opting to provision to sec 115BAA or Sec. 115BAB, all other deduction under Chapter VI-A will be not be allowed except to Sec. 80JJAA deduction on employment. This means, this […]
Supreme Court S3 Electricals and Electronics Private Limited Vs. Brian Lau & Anr. [Civil Appeal No. 103/2018 with Civil Appeal No. 835/2018] On the matter getting settled between the parties, the NCLAT closed the proceedings and directed that AA shall fix the fee of IRP for the period he has worked and that shall be […]
ICAI has constituted a High Level Independent Committee on 26th September 2019 to look into the Examination processes and the CA Regulations relating to CA Examinations
D. K. Shivakumar Vs Directorate of Enforcement (Delhi High Court) While dealing with the bail application, it is not in dispute that three factors have to be seen viz. i) flight risk, ii) tampering evidence iii) influencing witnesses. Regarding the flight risk, neither argued by learned Additional Solicitor General nor placed any material on record, […]
CBIC issues Notifications relating to filing of returns under GST Central Board of Indirect Taxes and Customs has issued Notifications 44–48/2019 Central Tax dated 9 October 2019 relating to filing of returns under Goods and Services Tax (GST). The key changes are as follows: Notification no. 44/2019-Central Tax dated 09 October 2019 CBIC vide said […]
ITAT held that Satellite transmission services provided by USA based company in India could not be brought to tax by treating the same as royalty income and amendment to the Income Tax Act, 1961 with a retrospective or prospective effect, cannot be read in a manner so as to extend the operation to the terms of international treaty.
Depreciation on non-compete fee was allowable @ 25% by treating it as an intangible asset under Section 32 of Income Tax Act, 1961.
A perusal of financial statement, bank statements and income tax returns of share applicants companies clearly revealed that they had no regular means to invest in the share capital of the assessee company and, therefore, AO was justified in making addition under section 68 on the ground of lack of creditworthiness and genuineness.
Merely because an assessee makes an extraordinary profit, it would not lead to the conclusion that same was organized/arranged for that the onus remains undischarged by AO, except for presence of suspicious circumstances, as such adjustments made by the AO scaling down the deduction under section 10AA, was, therefore, without sanction of law.
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