"18 December 2019" Archive - Page 2

Listing fees paid to stock exchange cannot be treated as capital expenditure

DCIT Vs Great Eastern Energy Corporation Ltd. (ITAT Delhi)

DCIT Vs Great Eastern Energy Corporation Ltd. (ITAT Delhi) In the present case, the appellant has shifted its global depository receipt exchange from AIM London stock exchange to the main market London stock exchange without increasing any capital but to provide a bigger platform to global depository receipt holders to trade their holding...

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AO cannot Reject the Claim for being raised for First Time

Curewel (India) Ltd. Vs ITO (Delhi High Court)

Assessing Officer ought to have evaluated the claim made by the assessee for write-off of liability by Canara Bank in its favour amounting to Rs. 1,36,45,525/-, and should not have rejected the same merely on the ground of it being raised for the first time....

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Approval for Section 148 notice by mere “YES” word is invalid

Blue Chip Developers (P) Ltd. Vs ITO (ITAT Delhi)

In the present case the approving authority has given approval to the reopening of assessment in a mechanical manner without due application of mind by only mentioning in Column No. 12 'YES', in the Reasons for Initiating Proceedings u/s. 147 and For obtaining the Approval of the Addl. Commissioner of Income Tax. On this count the reasses...

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Section 147/ 151: Sanction granted by superior officer is not relevant

Pr. CIT Vs Khushbu Industries (Bombay High Court)

Court held that where the Act provides for sanction by the Joint Commissioner of Income Tax in terms of section 151, then the sanction by the Commissioner of Income Tax would not meet the requirement of the Act and the reopening notice will be without jurisdiction....

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How to find a CA Loan with fewer charges and Maximum Benefits?

Eligibility for a CA loan? CA loans are the loans that are issued to CAs for professional and personal requirements. These loans are offered to Chartered Accountants on the basis of their existing practice. They need to give a CoP (certificate of Practice) of at least four years before the date of loan application. CA […]...

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Posted Under: Income Tax |

Release confiscated conveyance on deposit of amount determined

Devrajbhai Vikrambhai Sambad Vs State of Gujarat (Gujarat High Court)

Devrajbhai Vikrambhai Sambad Vs State of Gujarat (Gujarat High Court) 1. Mr. Vijay Patel, learned advocate for the petitioner submits that the petitioner is ready and willing to pay the amount computed by the respondents towards fine in lieu of confiscation of conveyance, subject to the final order that may be passed by the respondents [&...

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Notice issued u/s 148 in the name of deceased assessee was invalid

Nanduben Ratilal Patel (Since Decd. ) Through Her legal Heir Pramod Ratilal Patel v. DCIT (Gujarat High Court)

Notice issued in the name of deceased assessee instead of upon his/her legal representatives was  invalid  as the legal representative not having waived the requirement of notice under section 148 and not having submitted to the jurisdiction of AO pursuant to the impugned notice, therefore, the provisions of section 292B would not be at...

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NAA finds Signature Builders guilty of not passing benefit of ITC

Shruti Garg Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority)

Shruti Garg Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority) The Respondent has also contended that the DGAP has calculated the profiteered amount as Rs. 1,40,41,916/- whereas he has passed on an amount of Rs. 1,29,29,849/- to the 998 home and 91 commercial shop buyers as benefit of ITC. He has also submitted letters...

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E Way Bill Generation – Complete Analysis- Part 2

In Part 1 of the Article author discussed Generation of e way bill & its salient features and in this Part Author discusses Contents of E- Way Bill. In Part 3 Author will discuss E-Way Bill generation by Transporters and in Last Part Author will discuss all Other relevant provisions related to E-Way Bill. Also […]...

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Posted Under: Income Tax |

10 Legal & Regulatory Requirements to Start a Beauty Parlour/Salon in India

Running a Beauty parlour/salon is one of the hottest trends in business today, as many women especially millennials are launching their own beauty parlour and salon. But starting a beauty parlour is not so easy at it looks. Because it requires certain legal and regulatory registrations that many don’t follow and run into troubles. 1. [&...

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Posted Under: Income Tax |

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