"16 January 2020" Archive

Eligibility Criteria And Tax Exemption For Startups In India

Article explains Eligibility For Startups In India, Tax exemptions allowable to eligible startups  which includes 3 year tax holiday in a block of seven years,  Exemption from tax on Long-term capital gains, Tax exemption on investments above the fair market value, Tax exemption to Individual/HUF on investment of long-term capital gain ...

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Posted Under: Income Tax |

Procedure for Import Export Code (IEC) Registration

An IEC is necessary for Import or Export of goods. The first requirement before you start an Import or Export business in India is to obtain an IEC. IEC Code is unique 10 Digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India. The PAN based IEC Registration Certificate […]...

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Posted Under: Income Tax |

Mandatory requirements to get FSSAI License in India

Food standards have been always the main concern of the Indian government. To maintain all these standards for the security and safety of the health of the public they have established FSSAI registration for every type of food business operators in India. In this article, we will discuss all the important aspects of FSSAI license [&hellip...

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Posted Under: Income Tax |

Pass percentage & Toppers of CA Final November 2019

Result of Chartered Accountants Final (Old & New scheme) Examination Held in November – 2019 and declared on 16th January 2020. RESULT OF CHARTERED ACCOUNTANTS FINAL (NEW SCHEME) EXAMINATION HELD IN NOVEMBER – 2019 The result of the Chartered Accountants Final (New Scheme) Examination was declared recently. The details of ...

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Posted Under: Income Tax | ,

HC directs release of goods as appellant already paid tax & penalty

Siddhabali Stone Gallery Vs State of Gujarat (Gujarat High Court)

Siddhabali Stone Gallery Vs State of Gujarat (Gujarat High Court) Considering the documents placed on record which reveal that the petitioner had paid the integrated goods and services tax on the goods in question at the time of import thereof as well as the fact that after the conveyance came to be intercepted, the petitioner […]...

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Additional depreciation on Plants & machinery installed in Captive Power Plant

PCIT Vs Kadodara Power Pvt Ltd (Gujarat High Court)

PCIT Vs Kadodara Power Pvt Ltd (Gujarat High Court) It is now a settled position as held by the Hon’ble Supreme Court and the various Co­ordinate Benches of the Tribunal that the process of generation of electricity is akin to manufacture of an article or thing, the assessee in the instant case satisfy the requirement […]...

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Interest expense having direct nexus with interest income is allowable

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai)

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai) It is quite evident that the business of the assessee was already set-up since the assessee had already reflected income from real estate business during AY 2008-09. The perusal of assessee’s financial statements for year under consideration would show that the assessee has obta...

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Depreciation allowable on non-compete fees: HC

PCIT Vs Ferromatic Milacron India Pvt Ltd (Gujarat High Court)

Where non-resident agents appointed by assessee for procuring export orders did not have permanent establishment in India and their activities as commission agents are being carried out outside India, merely because a portion of the sale to the overseas purchasers took place in India, would not make assessee liable to deduct tax at source...

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Posted Under: Income Tax |

Addition cannot be made merely based on AIR Information

Nozaki Finance & Investment (P) Ltd. Vs DCIT (ITAT Mumbai)

Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer...

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Karnataka HC explains disqualification of directors | Section 164(2)

Yashodhara Shroff Vs. Union of India (Karnataka High Court)

Yashodhara Shroff Vs. Union of India (Karnataka High Court) (a) It is held that Section 164(2)(a) of the Act is not ultra vires Article 14 of the Constitution. The said provision is not manifestly arbitrary and also does not fall within the scope of the doctrine of proportionality. Neither does the said provision violate Article […...

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March 2021