"29 October 2019" Archive

Checklist for Effective Outsourcing of Compliance Activities in an Organisation

This article attempts to provide a broad outlook of various aspects that should be considered before an organization try to outsource the burden of regulatory compliance activities requiring helps of experts and outside service providers. 1.  Do you think that the management of risk and compliance is becoming increasingly complicated?. 2...

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Posted Under: Corporate Law |

MCA extends due date for filing Annual ROC Returns

General Circular No. 13/2019 (29/10/2019)

MCA extends the due date for filing of financial statements for the financial year ended 31.03.2019 in e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019, by companies without levy of additional fee vide General Circular No. 13/2019 Dated: 29.10.2019. General Circular No. 13/2019 F.No. 01/34/2013 CL-V Gov...

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Why Should Public Face The Heat Due To Growing NPA(S)…?

Recently a big scam took place in Punjab and Maharashtra Co-operative Bank (PMC) which is not a new thing now for India as there are many other similar instances happened in past like Nirav Modi PNB Scam, Vijay Mallaya UB Group and the list is huge. The accounts of these Corporate have turned NPA due […]...

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Posted Under: Corporate Law |

Profit from Sale of Agricultural Land after conversion into non-agricultural land is taxable

Sunil Bansal Vs ACIT (Rajasthan High Court)

Where the intention of assessee for purchase of the land was for resale and within a short period of time though the sale was only to the companies of which the assessee was a director, it was apparent that assessee was acting as an interface to purchase the lands from the land owners and then converted in non-agricultural use and sold to...

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Letters in refutal of allegations contained in news items cannot be treated as admission of non-disclosure

M/s Goodyear India Ltd. Vs CIT (Supreme Court)

M/s Goodyear India Ltd. Vs CIT (Supreme Court) The High Court essentially placed reliance on two letters written by the assessee and assumed that it was in the form of admission of non-disclosure and an offer was given by the assessee to pay the tax and penalty, as the case may be. We have perused […]...

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CIT(E) cannot examine application of income while granting Registration U/s. 12AA

Mata Parvati Educational & Innovative Society Vs CIT (E) (ITAT Delhi)

Where registration of the Trust does not involve inquiry into the actual activities or application of the funds etc., particularly when there was nothing on record to make out that the object of the Trust or activities of the Trust were not genuine, therefore, CIT(E) had no ground to decline the registration under section 12AA....

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Notional rent cannot be charged on property legally not occupiable

Sharan Hospitality Private Limited Vs DCIT (Bombay High Court)

Since during the period the property was legally not occupiable and not occupied because the building in which property was situated was not given Occupancy Certificate (OC), therefore, issue for charging of tax on notional rental basis and the question of interpretation of section 23(1)(a) did not arise at all....

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Order passed U/s. 254(2) cannot be rectified or amended by invoking of section 254(2) once again

Pr. CIT Vs Alpana Bhartia (Karnataka High Court)

Tribunal in exercise of its power under sub-section (2) of section 254 had rectified the mistake apparent on record and deleted the double addition of income in respect of assessee. Thereafter, Revenue again filed an application under sub-section (2) of section 254 seeking rectification of order passed under sub-section (2) of section 254...

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After conclusion of proceedings u/s 147 AO cannot take aid of Exp. 3 to Section 147 to make any addition

M/s JDC Traders Pvt. Ltd. Vs DCIT (ITAT Delhi)

M/s JDC Traders Pvt. Ltd. Vs DCIT (ITAT Delhi) A careful reading of Section 147 clearly shows that it empowers the learned AO to assess or re-assess the income in respect of any issue which had escaped the assessment irrespective of the fact that whether such aspect was adverted to in respect of the reasons […]...

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Term “recovery” includes adjustment thereby reducing demand: Section 220/245

Volvo Group India Pvt. Ltd Vs DCIT (ITAT Bangalore)

i) The term recovery is comprehensive and includes adjustment thereby reducing the demand; (ii) It will be specious & illogical for the Revenue to contend that if an issue is decided in favour of the assessee giving rise to a refund in an earlier year, that refund can be adjusted u/s 245, on account of the demand on the same issue in a su...

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