"October, 2019" Archive - Page 12

D.K. Shivakumar gets bail in Money Laundering Case

D.K. Shivakumar Vs Directorate of Enforcement (Delhi High Court)

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...

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Amendment in CGST Rules & Due dates of GSTR 1 / GSTR 3B

Notification no.44-49/2019- Central Tax dated 09 October 2019 26/10/2019

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 201...

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CBI Arrests a Superintendent of CGST in a Bribery Case

CBI has arrested a Superintendent of CGST & Central Excise Division Range-II, Lucknow (Uttar Pradesh) for demanding and accepting a bribe of Rs.25,000/- from the complainant....

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Posted Under: Income Tax |

Satellite transmission services provided by USA based company in India cannot be taxed as Royalty

Intelsat Corporation Vs DCIT (ITAT Delhi)

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....

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Depreciation allowable on non-compete fee (intangible asset)

Piramal Glass Ltd. Vs DCIT (ITAT Mumbai)

Depreciation on non-compete fee was allowable @ 25% by treating it as an intangible asset under Section 32 of Income Tax Act, 1961....

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Addition justified for Receipt of share application money if Genuineness and creditworthiness not proved

M/s. Moira Steel Ltd Vs DCIT (ITAT Indore)

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....

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Deduction U/s. 10AA cannot be scale down merely because assessee makes extraordinary profit

SJR Commodities & Consultancies (P) Ltd. Vs ITO (ITAT Mumbai)

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 ...

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Section 12AA Trust Registration Cancellation justified for Receipt of unaccounted capitation fee by educational trust

M/s. Prathyusha Educational Trust Vs ACIT (ITAT Chennai)

Receipt of capitation fee by educational institution and non-recording thereof by assessee, educational trust, in regular books of account was in total violation of section 13(1)(c) and, therefore, cancellation of registration under section 12AA was justified....

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Provision for mark to market loss on trading in derivative market allowable

DCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai)

Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting for Equity Index & Equity Stock Futures an...

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SEBI Master Circular for Depositories

Master Circular No. SEBI/HO/MRD/DP/CIR/P/118 25/10/2019

SEBI Master Circular for Depositories is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue. References in the circular to the Statutes/Regulations which now stand repealed, have been suitably updated....

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