"22 December 2019" Archive

Interest payable on refund of Tax which was Paid pursuant to a special order of AO

Universal Cables Ltd Vs CIT (Supreme Court)

Universal Cables Ltd Vs CIT (Supreme Court) A ‘tax refund’ is a refund of taxes when the tax liability is less than the tax paid. As per the old section an assessee was entitled for payment of interest on the amount of taxes refunded pursuant to an order passed under the Act, including the order […]...

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Neither of Section 24(b) & Section 48 excludes operation of other

Ashok Kumar Shahi Vs ACIT (ITAT Delhi)

Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other....

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Allowability of Provision for post-retirement medical benefit of employees

Rural Electrification Corporation Ltd. Vs DCIT (ITAT Delhi)

Provision for post-retirement medical benefit of employees had been created on the basis of actuarial calculation on a scientific basis and liability was not contingent but definite, accordingly, no disallowance could be made....

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ITAT allows Depreciation on car in partner name

NVR Cinema Vs ITO (ITAT Chennai)

Partnership firm can own assets only in the name of the partners. In the case of the assessee firm, the car is owned in the name of the partner of the firm. If the car is purchased from the resource of the firm or the purchase consideration is credited to the partner’s current account or capital account then it shall be construed that t...

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Addition only for difference of GP on Normal & Bogus Purchase

Hemant M Mehta HUF Vs ACIT (ITAT Mumbai)

Hemant M Mehta HUF Vs A.C.I.T. (ITAT Mumbai) In case of bogus purchases where sales are accepted, the addition is required to be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases. Respectfully following the order of the Hon’ble Jurisdictional High Court […]...

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Registration Under Employee State Insurance (ESI)

Article explains about Applicability of Employee State Insurance Scheme, Employees Covered under ESI Scheme, Benefits of ESI Registration, Contribution under ESI Scheme and Registration under ESIC Scheme. Overview of Employee State Insurance Scheme or ESI scheme Employee State Insurance or ESI is a scheme commenced by the Government of In...

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Posted Under: Income Tax |

Related Party and its Transactions

AS PER COMPANIES ACT, 2013 Who Is Related Party? As per Section 2(76) Related party with reference to a company, means— Director or his relative; Key managerial personnel or his relative; Firm – in which a director, manager or his relative is a partner; Private Company – in which a director or manager or his […]...

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Posted Under: Income Tax |

Why Actuarial Services are required by Companies for Accounting for Defined Benefit Plans?

Why Actuarial Services are required by Companies for Accounting for Defined Benefit Plans? This article is prepared to create general awareness about requirement of Actuarial Services for Accounting for Defined Benefit Plans amongst Professionals/Company Personnel involved in Finalization of Financial Statements. In Indian context, Compan...

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Posted Under: Income Tax |

E Way Bill- Complete Analysis ( Part 4)- 10 Things to Know

This article covers all other provisions and related issues of e way bill generation clarified by Government from time to time vide circulars / FAQ etc. Article explains Generation Of E Way Bill – (Part A) Directly From System, Blocking Of E Way Bill Generation, Unblocking Of E Way Bill Generation, E Way Bill For […]...

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Posted Under: Income Tax | ,

Section 56(2)(viia) not applies to a foreign company prior to 1.4.2019

Keva Industries Pvt. Ltd C/O. Vs ITO (ITAT Mumbai)

Keva Industries Pvt. Ltd Vs ITO (ITAT Mumbai) We find that there is no dispute that the assessee company had acquired the shares of a foreign company from its directors. We also find the provisions of section 56(2)(viia) of the Act refers to transaction of acquisition of any property being shares of a company not […]...

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