"08 January 2020" Archive

Interest earned by Co-op Society on Investment with Co-op Bank eligible for Deduction

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai)

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative [&hellip...

Read More

MEF panel 2019-20: UCN to get updated on 09.01.2020

The Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 has been hosted at www.meficai.org for indicating the category of the applicants of Multipurpose Empanelment Form for the year 2019-20....

Read More
Posted Under: Income Tax |

HC justifies addition of interest related to transaction with related party done with intention of deliberate tax evasion

Yenepoya Resins & Chemicals Vs DCIT (Karnataka High Court)

It has also been held that the appellant has deliberately created an artificial and colourable devise for reducing its income offered for taxation through an arrangement of letter of credit and thus, the deduction claimed by the assessee on account of interest paid to the bank and also to its creditors are not allowable....

Read More

Circular cannot override Supreme Court/High Court Judgment

Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court)

Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court) The grievance of the appellants is that, though the orders passed by the Tribunal are in their favour, the Tribunal has not considered the effect of Circular No. 133/6 of 2007 dated 09.05.2007 issued by the Central Board of Direct Taxes. In this circular, it […...

Read More

Definitive countervailing duty on imports of Continuous Cast Copper Wire Rods

Notification No. 1/2020-Customs (CVD) 08/01/2020

Notification No. 1/2020-Customs (CVD)- Seeks to impose definitive countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 8th January, 2020 Notification No. 1/2020-Customs (...

Read More

Validity of Section 16(2)(c) of the CGST Act/WBGST Act

M/s. LGW Industries Limited & ors. Vs. Union of India & ors. (Calcutta High Court)

On the second issue in the petition, it was stated that in the absence of any finding about petitioners mala fide intention, connivance or wrongful association with the suppliers, no liability can be imposed on it on the principle of vicarious liability on account of fraudulent conduct of the suppliers, who have obtained registration on t...

Read More

Agriculture land situated beyond 8 kms is not Capital Asset & Section 50C not applies

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad)

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land [...

Read More

Clarification on newly inserted section 269SU of Income Tax Act, 1961

One more step has been taken by the government towards digital and cash less economy by inserted a new provision namely section 269SU in Income Tax Act, 1961 which provides that every person having turnover, sales or gross receipts, as the case may be, in business exceeds 50 crore rupees (specified person) during immediately preceding [&h...

Read More
Posted Under: Income Tax |

Section 135 Corporate Social Responsibility (CSR)

Article explains about Applicability of Corporate Social Responsibility (CSR) provisions, Constitution of Corporate Social Responsibility Committee, Amount Spend on Corporate Social Responsibility,  Framing Corporate Social Responsibility Policy, Disclosure of Corporate Social Responsibility, How to Spend Amount on Corporate Social Respo...

Read More
Posted Under: Income Tax |

Summary of GST circulars, Notifications issued in December 2019

Objective: The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 12 Central tax notifications and 4 Circulars were issued during the month Dec’19. The same are being summarized below. 1. DIN made mandatory for all types of letters or notices, includin...

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031