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Archive: 22 July 2020

Posts in 22 July 2020

Addition on directly related ground valid in case of Limited Scrutiny

July 22, 2020 531 Views 0 comment Print

Addition made by AO on account of profit allegedly earned by assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny. Since same being fall-out of the verification made by AO on issue, on which case of assessee was selected for limited scrutiny, there was no merit in contention raised by assessee that addition made by AO was beyond scope of limited scrutiny.

Deficiency in GST refund application cannot be raised at belated stage

July 22, 2020 3210 Views 0 comment Print

Jain International Vs Commissioner of Delhi Goods (Delhi High Court) Admittedly, till date the petitioner‟s refund application dated 4th November, 2019 has not been processed. As neither any acknowledgment in FORM GST RFD-02 has been issued nor any deficiency memo has been issued in RFD-03 within time line of fifteen days, the refund application would […]

Section 11- Income from property held for charitable or religious purposes

July 22, 2020 27090 Views 2 comments Print

Section 11 – Made Easy – Never Before Ever After Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of […]

E-Campaign On Voluntary Compliance-Issues For Consideration

July 22, 2020 2388 Views 0 comment Print

Learn about the CBDTs e-campaign on voluntary compliance for Income Tax. Understand its benefits for taxpayers and the aim to increase transparency and accountability.

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI

July 22, 2020 41913 Views 2 comments Print

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI All CAs celebrate 1st July as CA Day but it is also celebrated by all doctors and Agriculturists. India is a leading agri-oriented country wherein agricultural sectors continue to remain the biggest employer since ancient times. Given the cyclical nature of agriculture, […]

AMP expenditure incurred by assessee not falls within purview of international transaction

July 22, 2020 1320 Views 0 comment Print

As per the prevailing legal position, the AMP expenditure incurred by the assessee in India cannot come within the purview of international transaction. That being the case, the adjustment made by the Transfer Pricing Officer cannot survive. Therefore, we do not find any necessity to restore the issue to the Assessing Officer.

Startup India – The Engine To Innovation

July 22, 2020 2157 Views 1 comment Print

WHAT IS A STARTUP ? Startup refers to the new business ideas that intend to grow large beyond the solo founder. Startups are becoming very popular in India. Startups are being highly encouraged by the Government of India. On January 16, 2016 the Government of India launched the Startup India Initiative.  Startups has Innovative Business model with […]

Maharashtra PT Registration to integrate with Company incorporation

July 22, 2020 2283 Views 1 comment Print

Under the initiative of Ease of Doing Business, the Government of India has directed to the Ministry of Corporate Affairs and State Government, to integrate the registration process under the Profession Tax Act with the incorporation and registration of a company under the provisions of the Companies Act, 2013 (18 of 2013), so that such a company should automatically be allotted the enrollment certificate and registration certificate under the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah. XVI of 1975).

Section 50C cannot be invoked in respect of TDR Rights

July 22, 2020 3165 Views 0 comment Print

whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rights as the same would not come within the meaning of “immovable property”?

NCLT relaxes timeline of implemented resolution plan

July 22, 2020 2793 Views 0 comment Print

M/s Fincast Founders and Engineers Pvt. Ltd. Vs Shri Rajat Mukherjee (NCLAT Ahemdabad) 1) The instant application is filed under section 60 (5) of the IB Code r.w. Rule 11 of the NCLT Rules, 2016 seeking appropriate direction in Resolution Plan dated 25.05.2019, with following prayer: a. to enable the applicant to comply with the […]

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