"06 June 2020" Archive

GST on Cash Basis

There is no doubt that COVID-19 will have a large impact on Indian economy and presently it looks like that due to Covid-19 crises the Indian economy is in ICU. Even after the government has announced Rs. 20 lakh crores of stimulus package we fell it isn’t enough. Recently Moody has also downgraded Government of […]...

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Tax on Resident Welfare Association /Apartment Association/Society

This article is an attempt to educate on regulatory, accounting, direct and indirect tax compliance to be done by Resident Welfare Association (RWA)/Apartment Association. In Tamilnadu as per The Tamilnadu Apartment Ownership Act, 1994, a Deed of Apartment containing description of the land on which the building is located along with deta...

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Income Tax Relief Measures by Govt. due to COVID-19 pandemic

“What’s the use of a fine house if you haven’t got a tolerable planet to put it on.” A very famous quote of poet and philosopher Henry David Thoreau which holds so true in the present crisis this world is facing. The global pandemic and proliferate increase in its outspread has led the common man to face […]...

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Share transfer without consideration under family arrangement cannot be treated as sham transaction

Glebe Trading Pvt. Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether A.O. is correct in holding that shares of listed companies received by the appellant company as gift without consideration, as part of internal family realignment amongst members of the family, could not be regarded as valid "gift", and further considering the same to be sham and colorable transact...

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MSME Benefits under Atma Nirbhar Bharat Abhiyan

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.  Objective of ATMA- NIRBHAR BHARAT ABHIYAN Interim measures such as liquidity infusion and direct cash transfers for the poor. long-term reforms in growth-critical sectors to make them globally compet...

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Stay of Demand- AO must consider prima facie case, Financial Stringency & Balance of Convenience

Smt. Saroja Vs ITO (Madras High Court)

The issue under consideration is the rejection of stay of demand by the assessing authority without offering an opportunity of heard is justified in law?...

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Non consideration of sale value approved by Charity Commissioner by Collector of Stamps in adverting value of trust property was not justified

Crystal Construction Company Vs Additional Controller of Stamps (Bombay High Court)

Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best value, and determining the market value of the trust property on the sole premise that there was a vast difference in the value de...

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Same transaction can’t be taxed in the hands of two assessees

Rajesh Gupta Vs ITO (ITAT Delhi)

ITAT state that the issue where one turnover can be taxed in the hands of two different assessee one being partnership firm M/s. Satyam Builders and another being proprietary concern of the assessee namely satyam Builders. The answer is emphatically No....

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No Section 271D Penalty for cash received from commission agent against sale of crops

Hardeep. Singh Vs JCIT (ITAT Chandigarh)

Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted....

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If Control & Management rests with individual, then tax must be levied on individual capacity

ADIT Vs Persys Punj Lloyd JV (ITAT Delhi)

The issue under consideration is whether the appellant was to be assessed in the capacity of an Association of Person (AOP) or the members of the AOP were assessable to tax separately in their individual capacity?...

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April 2021