"10 August 2020" Archive

ITAT deletes Addition for wrong entry of cash deposit in bank

ACIT Vs. Dr. Radhey Shyam Garg (ITAT Jaipur)

ACIT Vs Dr. Radhey Shyam Garg (ITAT Jaipur) During the course of assessment proceedings, the AO noted that the assessee has deposited cash of Rs. 2,90,000/- in the Central Bank of India whereas on the said date i.e. 16.11.2015 there was a negative cash balance in the cash book of Rs. 1,01,773.84. The AO accordingly […]...

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Procedure For E-Hearing of Appeals by CESTAT

Public Notice No. 2 of 2020 10/08/2020

Representations have been received from the Bar Associations at Mumbai, Bangalore, Ahmedabad, Chandigarh and Hyderabad Benches of the Tribunal for extending the facility of e-hearing to appeals also on a request made by the counsel....

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60% depreciation eligible on UPS as Part of Computer & Peripherals

Religare Securities Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the UPS is considered as essentially part of computer system and depreciation at rate of 60% charged on it?...

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Unabsorbed depreciation can be Carried Forward even if ITR Not filed within Due date

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi)

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi) The issue under consideration is whether the Unabsorbed depreciation can be carried forward even if Income Tax Return has not been filed within period of Due date? ITAT states that, the assessee filed return beyond the due date prescribed u/s 139(1) of the Act. In […]...

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Receipt on Surrender of Tenancy/Sub-tenancy Rights Not Taxable as Capital Gains

Yogini Mohit Sahita Vs ITO (ITAT Mumbai)

Yogini Mohit Sahita Vs ITO (ITAT Mumbai) The issue under consideration is whether amount received on surrender of such tenancy/sub-tenancy rights would be taxable as capital gains? In the instant case, Smt. Saraswati Vithaldas Sahita occupied the said flat at 2nd floor of the building known as Gangasagar on license basis. This is crystal ...

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Prior period items to be included in determination of net profit or loss

Numaligarh Refinery Ltd. Vs. DCIT (ITAT Guwahati)

The issue under consideration is whether prior period items were to be included in the determination of the net profit or loss under Mercantile system of accounting...

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Assessment reopening based on Wrong Appreciation of Facts is unsustainable

RMP Holding (P) Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether the re-opening of assessment u/s 147 on the basis of wrong appreciation of facts can be sustained in law?...

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Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020

Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020 SEBI has issued a notification dated 17th July, 2020 on Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 effective from aforesaid date. We give below a summary of the major amendments, for your information: ...

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Posted Under: Income Tax |

Advance Ruling | Power to grant exemption from tax | CGST Act 2017

Advance Ruling| Section 11 | CGST Act 2017 |Entry No. 74| Power to grant exemption from tax Overview of Sec 11 : Power to gran exemption from tax  Central or the State Governments are empowered to  grant exemptions from GST. Conditions are: 1. Exemption should be in public interest 2. By way of issue of […]...

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Posted Under: Income Tax |

Managerial Personnel – A Legal Perspective (Part- 1)

MANAGING DIRECTOR/WHOLE TIME DIRECTOR/MANAGERS In today’s highly volatile and dynamic business environment the need of professional business managers or corporate runners is the key to achieve desired growth. In a country like India, where the traditional way of family business had become a culture and even the corporate form of busines...

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Posted Under: Income Tax |

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