"10 March 2020" Archive

Brief Analysis of Section 111A, 112 and 112A of Income Tax

Analysis of Section 111A, 112 and 112A of The Income Tax Act, 1961 In this Article we shall discuss only about Shares, Debentures, Units of MFs, Units of Business Trust only. Let us now analyse each section one by one: Section 111A (CG on transfer of Short Term Capital Assets) Applicable to: All Assesses CG: […]...

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Posted Under: Income Tax |

Mere amendment or substitution of a section not affects validity of notifications issued therein

Technimont Pvt Ltd Vs ACIT (ITAT Mumbai)

Technimont Pvt Ltd Vs ACIT (ITAT Mumbai) It is only elementary that merely because a section is amended or even substituted, whether by repeal of the legislation itself or by amendment in the legislation, the notifications, circulars and instructions issued therein do not cease to hold good. Section 297(2)(k) of the Income Tax Act, 1961,...

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Company qualifies for Section 80­IA deduction on Conversion from Partnership

CIT Vs Chetak Enterprises Pvt. Ltd. (Supreme Court)

CIT Vs Chetak Enterprises Pvt. Ltd. (Supreme Court) It is manifest that all properties, movable and immovable (including actionable claims) belonging to or vested in a company at the date of its registration would vest in the company as incorporated under the Act. In other words, the property acquired by a promoter can be claimed [&hellip...

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Two enterprises can be treated as associated enterprises when criterion specified in Section 92A(2) is satisfied

Kaybee Pvt Ltd Vs ITO (ITAT Mumbai)

Kaybee Pvt Ltd Vs ITO (ITAT Mumbai) Section 92A(2) governs the operation of Section 92A(1) by controlling the definition of participation in management or capital or control by one of the enterprise in the other enterprise. If a form of participation in management, capital or control is not recognized by Section 92A(2), even if it [&helli...

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Proper Officer under GST Law

The ‘proper officer’ has been empowered under GST law to execute and administer compliance of various Sections and Rules under GST law to protect the Government revenue and facilitates to the taxpayers to carry out day-to-day statutory compliances to run their business. The words ‘proper officer’ used in various parts of t...

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Posted Under: Income Tax |

GST New Returns, GST New Forms, Sahaj, Sugam, Normal, ANX-1

Article explains about Types of NEW GST Return Forms which will be applicable from 01.04.2020 which includes GST RET-1- NORMAL RETURN (Monthly, Quarterly), GST RET-2- SAHAJ RETURN (Quarterly), GST RET-3 SUGAM RETURN (Quarterly), GST RET-1A- Amendment to Form GST RET-1, GST RET-2A -Amendment to Form GST RET-2 and GST RET-3A -Amendment to F...

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Posted Under: Income Tax |

Capital Gain cannot be taxed to GPA holder, who is not the owner

Upma Shukla Proprietor Troubleshooters Vs ITO (ITAT Delhi)

This appeal by the assessee has been directed against the order of Ld. CIT(Appeals) challenging the additions on account of long term capital gains arising from transfer of land and also an addition on account of short term capital gains arising from transfer of building....

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Section 12AA registration cannot be denied merely for lack of activities by trust before application: SC

Ananda Social and Educational Trust Vs CIT & Anr. (Supreme Court)

In the given case, the object of the provision in question is to ensure that the activities undertaken by the Trust are not contrary to its objects and that a Commissioner is entitled to refuse registration if the activities are found contrary to the objects of the Trust...

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Section 153C Requirement should be fulfilled by AO before initiating proceedings

Super Malls Private Limited Vs PCIT (Supreme Court)

In the given case, the issue under consideration is whether there is a compliance of the provisions of Section 153C of the Act by the Assessing Officer and all the conditions which are required to be fulfilled before initiating the proceedings under Section 153C of the Act have been satisfied or not?...

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HC denies Anticipatory Bail for evading GST by not Raising Tax Invoices

Smt. Jecintha Pillaivs Vs State of Telangana (Telangana High Court)

It is apparent that the petitioners are not cooperating with the investigation. The petitioners preferred the present petition on assumptions and presumptions with a view to avoid the statutory proceedings. The nature of financial frauds is complex in nature and requires examining several evidences to conclude the investigation and if the...

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May 2022