"03 July 2020" Archive

Turnover in respect of speculative transactions & section 271B Penalty

Santosh Kumar Vs ITO (ITAT Jaipur)

Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a […]...

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Educational Loan cannot be rejected for Unsatisfactory Credit Scores of parents

Pranav S.R. Vs Branch Manager, State Bank of India (Kerala High Court)

In the present case, the education loan application had been declined on the ground that the CIBIL report of the petitioner's father showed that there was a default in a commercial vehicle loan availed by him....

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HC dismisses plea seeking GST search in presence of advocate of petitioner

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court)

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court) Submission of counsel for petitioner is that the search should be carried out in the presence of the Advocate, but counsel for petitioner has failed to point out any statutory provision or any such legal right in favour [&hell...

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ITAT Remand Case to AO to Decide Treatment of Interest from FDR made for Contract Business

Manjit Singh Malhi Vs ACIT (ITAT Kolkata)

The issue under consideration is whether CIT(A) is correct in treating the interest from Fixed deposits made in connection with Contract business as income from ‘Other sources’ in place of income from ‘Business’?...

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Due date of filing of MSME-I in the year 2020-21 and Test of immunity from prosecution for delay filing

You are well aware that the companies are required to make certain disclosures pertaining to the vendors registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. However, we would like to marmorise flashback of changes made in the MSMED Act and requirement of Form MSME-I. In exercise of powers conferred by S...

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Posted Under: Income Tax |

Online Correction Facility for 26QB Statements

As we all aware that Form 26QB has to be file to comply with TDS section 194-IA. Various instances are seen were some or other attribute of Form 26QB is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake […]...

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Posted Under: Income Tax |

Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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Posted Under: Income Tax | ,

Valuation of Equity Share

Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies e...

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Posted Under: Income Tax |

How to avail Maximum benefit under Section 80IB(10)

Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

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Posted Under: Income Tax |

Meetings of Board Of Directors – Overview of Corporate Governance Provisions & Judicial Decisions

Section 173 of Companies Act 2013 corresponds to Sections 285 and 286 of the Companies Act, 1956. Section 173(1) provides that after incorporation, Board of Directors should conduct first meeting within thirty days, and subsequently a minimum of four meetings a year....

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Posted Under: Income Tax |

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