"28 July 2020" Archive - Page 5

Compensation attributable to a negative/restrictive covenant is a capital receipt & Taxable u/s 28(va)

Shiv Raj Gupta Vs CIT (Supreme Court)

The issue under consideration is whether the non-compete fee could be taxed under any provision other than Section 28(ii)(a) of the Income Tax Act, 1961?...

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Transitional Credit Issue- HC decides to wait for SC judgment in Brand Equity case

U.C. Infosystems Pvt. Ltd. Vs Union of India (Delhi High Court)

U.C. Infosystems Pvt. Ltd. Vs Union of India (Delhi High Court) Learned counsel for the petitioner states that the petitioner tried to file TRAN -1 form within the time provided under Rule 117 as well as the extended time given by this Court vide judgment dated 05th May, 2020 in Brand Equity Treaties Ltd. Vs. […]...

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SC removed allegations levied on Tax Officer & set aside order for recovery of costs from personal resources

Sujata K.C. Vs Kalyani Motors (Pvt.) Ltd. & Ors. (Supreme Court)

Supreme Court states that they have find from the record that the learned Single Judge had no reasonable justification to hold that the petitioner had passed a whimsical order and that it suffered from malice in fact and in law....

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Unlisted shares sold before 11.07.2014 eligible for benefit of short holding period

Mrs. Neelu Analjit Singh Vs The Addl. Commissioner of Income tax (ITAT Delhi)

The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?...

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Crowdfunding in India

Crowdfunding refers to the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet. The objective for raising such funds could be projects such as films, music, business ventures, or public interest causes. Small financial contributio...

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Posted Under: Income Tax |

Appointment & remuneration of managing & whole-time director- Companies act 2013

Appointment and remuneration of managing director and whole-time director under companies act 2013 A Managing Director and Whole-time Director have been categorised as Key Managerial Personnel under Section 203 of Companies Act 2013. Apart from playing a key role in the overall growth and administration of the company, the Companies Act 2...

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Posted Under: Income Tax |

Beneficial Owner & SBO | Section 89 & 90 | Companies Act 2013

Concept of Beneficial Owner and Significant Owner {Section 89 & 90 of Companies Act, 2013} “Assessing beneficial ownership isn’t like looking for a needle in a haystack? Yes, it’s like looking for a needle in a pile of other needles and if you are the beneficial owner then you’ll be getting all the perks related […]...

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Posted Under: Income Tax |

जीएसटी की वार्षिक रिटर्न में देना होगा बहुत कुछ

जीएसटी में दो प्रकार के डीलर होते है एक रेगुलर और दूसरे कम्पोज़िशन ! कम्पोज़िशन डीलर को वर्ष में 5 रिटर्न्स भरनी होती है ! चार तिमाही औ...

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Posted Under: Income Tax |

Change of Registered Office of A Company from One State to Another State

ARTICLE ON CHANGE OF REGISTERED OFFICE OF A COMPANY FROM ONE STATE TO THE ANOTHER STATE I have Written This Article contains Checklist  for Change Of Registered Office of a Company From One State To Another State under Companies Act 2013. Checklist specifies Passing of Board Resolution in the Board Meeting of a Company Filing […]...

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Posted Under: Income Tax |

Assessment cannot be Reopened based on data already disclosed in scrutiny assessment

Gateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court)

Gateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) The issue under consideration is whether the re-opening of the assessment u/s 147 is justified in law? In the present case, after referring to the information received following search and seizure action carried out in the premises of Shri Naresh Jain, it was stated that information [&...

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