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Archive: 16 March 2020

Posts in 16 March 2020

IT Support Services to Indian Entities by Foreign company cannot be taxed in India

March 16, 2020 684 Views 0 comment Print

The issue raised by the assessee challenging the action of AO in holding the income from providing IT support services as taxable for fees for technical services.

Step By Step Guidance For Incorporating Company In New Regime i.e. Spice+

March 16, 2020 2814 Views 2 comments Print

The Ministry of Corporate Affairs (MCA) under the directions of Ms. Nirmala Sitharaman, the Finance Minister has emerged with another step towards EASE OF DOING BUSINESS (EODB) and launched a new Form i.e SPICE+ for incorporating a New Company. Spice+ and the allied Forms have been introduced by Ministry of Corporate Affairs (MCA) as on […]

No Section 54 Exemption denial for Purchase of new property in the name of son

March 16, 2020 36873 Views 0 comment Print

The issue under consideration is whether the exemption u/s 54 can be denied only with the reason that the new property has been purchased in the name of son and not in the name of that assessee.

No Authority under Law to Levy Section 234E Penalty prior to 01.06.2015

March 16, 2020 7284 Views 0 comment Print

Therefore, according to the Finance Act, 2015, prior to 01.06.2015, your good self had no authority to levy fee, if any, under Section 234E of the Act and thus levy of fee under Section 234E of the Act while processing the statement is beyond the scope of Section 200A of the Act.

Section 11(2) exemption cannot be denied for mere non submission of Form 10 electronically

March 16, 2020 7353 Views 0 comment Print

Parle Hindu Devalaya Mandal Vs DCIT (ITAT Mumbai) The dispute in the present appeal is confined to denial of assessee’s claim of exemption under section 11(2) of the Income Tax Act, 1961. The assessee is a charitable trust and has been granted registration under section 12AA of the Act. For the assessment year under dispute, […]

No section 69 addition in absence of evidence to prove that payment made beyond sale agreement

March 16, 2020 2523 Views 0 comment Print

Since there was no material available before AO that assessee had paid anything more than what was mentioned in the sale deed, therefore, no addition was warranted in the instant case by invoking the provisions of section 69. 

Section 41 addition cannot be made on basis of unsigned balance sheets

March 16, 2020 1140 Views 0 comment Print

Addition by AO under section 41(1) as liability of ‘Trade Payables’ written off was not justified as the balance-sheets filed by assessee were neither signed by the Auditor nor by the Director and, therefore, the same were not reliable and assessee had failed to produce any confirmation to the effect that the assessee received payment from M/s. O as interest free unsecured loan.

Decisions Taken In 39th GST Council Meeting

March 16, 2020 2028 Views 0 comment Print

Article summarises Decisions Taken In 39th Meeting of GST Council on 14th March 2020. ANNUAL RETURN Relaxation of MSMEs from furnishing of Reconciliation Statement in FORM GSTR 9C for the F.Y. 2018-2019, for  taxpayers having aggregate turnover > Rs.5 crores. Due date for filling Annual Return and the Reconciliation Statement for the F.Y. 2018-2019 to […]

Direct Tax Vivad se Vishwas Scheme 2020- Detailed Analysis

March 16, 2020 77829 Views 5 comments Print

Disputed tax in relation to an assessment year or financial year, as the case may be, means the income-tax, including surcharge and cess (hereafter in this clause referred to as the amount of tax) payable by the appellant under the provisions of the Income-tax Act, 1961, as computed under different circumstances

KGST- Assessment cannot be reopened after 14 years unless fresh receipt of materials for tax evasion

March 16, 2020 1308 Views 0 comment Print

Hence, the High Court of Kerala quashed the reassessment proceedings under section 17D of the Kerala General Sales Tax Act (KGST), 1961 since the provision does not prescribe any time limit and no additional material to undertake the fast track assessment was presented by the department.

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