"17 June 2020" Archive

Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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Transponder charges received by assessee are not taxable as Royalty

DCIT (International taxation) Vs Thaicom Public Co. Ltd. (ITAT Delhi)

The issue under consideration is that Whether the receipts of the assessees from transponder is royalty under the Income Tax Act, 1961, and if the answer is in the affirmative, whether it is taxable?...

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Transitional ITC | Tran-1 Credit under GST | A never ending Saga

M/s. Brand Equity Treaties Ltd & many other judgments have allowed transitional ITC inspite of non-filing/incorrect filing of FORM GST TRAN-1 on the following grounds: Disallowing ITC would lead to violation of Article 300A of the Constitution of India....

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Posted Under: Income Tax |

Telecommunication Sector in wake of Covid – 19 Pandemic

The current pandemic has painted an entire new image of growth for certain sectors, especially telecommunication sector, which has played a role of life saver for the companies and individuals during quarantine and lockdown. The lockdown and social distancing measures have led to higher dependence on digital tools, which in turn has incre...

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Posted Under: Income Tax |

Total Voting Power V/s Total Share Capital

Interpretation of Statutes plays a very important role in understanding the true meaning of law and applies it in ascertaining the correct view of what the law is saying. There are many rules describing the interpretation of statutes, say, Rule of Literal Interpretation, Rule of Logical Interpretation, Rule of Ejusdem Generis, Noscitur a ...

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Posted Under: Income Tax |

May-20 CA exams should be held or cancelled to Nov-20- Who will decide?

ICAI came with the Opt-in/Opt-out Scheme for May-20 exams, my son whose is also a student final year asked me Papa what should I do? Should I opt for the May-20 or opt out it for Nov-20 exams. I was not able to answer it as it depended on his preparation. But one thing that came to my mind immediately was that who should have taken the de...

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Posted Under: Income Tax |

Report on Measures for Strengthening Enforcement Mechanism of SEBI & Incidental Issues

HIGH LEVEL COMMITTEE UNDER THE CHAIRMANSHIP OF JUSTICE ANIL R. DAVE, RETIRED JUDGE, SUPREME COURT OF INDIA A REPORT ON THE MEASURES FOR STRENGTHENING THE ENFORCEMENT MECHANISM OF THE BOARD AND INCIDENTAL ISSUES PREFACE The Securities and Exchange Board of India was set-up with the following mandates, – (i) to protect the interest of...

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Posted Under: Income Tax |

SEBI invites comment on Report on Measures for Strengthening Enforcement Mechanism

Securities and Exchange Board of India Notice inviting comments on the recommendation made by High Level Committee under the Chairmanship of Justice A. R. Dave, Retired Judge, Supreme Court of India, on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues. Dated the 16th June, 2020 1. The High Level...

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Posted Under: Income Tax |

Jio-Facebook Deal – Impact in India: Giants Unite

THE DEAL Launched in September 2016 and owned by Mr. Mukesh Ambani, Jio has spread its wings from digital money to online retail. Jio is a subsidiary of his Reliance Industries (RIL). Meanwhile, for Facebook, India is the world largest user base. It is a huge market for social media platform’s messaging service, Whatsapp. At […]...

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Posted Under: Income Tax |

CBDT Clarification on Tax Residency – A Scope for New Interpretation

As per the OECD Convention Model, 2017 the term resident of a country means any person who, under his native country is liable to tax therein by reason of his domicile, residence or place of effective management. Due to COVID-19, if an individual is present in a jurisdiction for a considerable amount of time, it […]...

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Posted Under: Income Tax |

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