"26 September 2020" Archive

Govt to study award in Vodafone matter

Finance Ministry has said today that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed. The Government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government ...

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Posted Under: Income Tax |

Income Tax Department conducts search in Jharkhand & West Bengal

 The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, real estate and tea estates. The group i...

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Posted Under: Income Tax |

No requirement of scrip wise reporting for listed shares in ITR

Release ID: 1659412 (26/09/2020)

There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business income....

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Purchase credited in books cannot be added under section 68

Sanjay Sharma Vs. ACIT (ITAT Delhi)

Sanjay Sharma Vs. ACIT (ITAT Delhi) Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there […]...

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No penalty on additional income admitted though there was no evidence

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam)

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam) We find from the orders of the lower authorities that the basis for additional income was only estimation but not supported by any evidence. Even the department failed to substantiate the industry average of purification loss with authenticated documentary evidences. The assessee sub...

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ITAT allows section 80-IB deduction on Pro-rata basis

Vishal Constructions Vs. ITO (ITAT Pune)

Vishal Constructions Vs. ITO (ITAT Pune) We note that in the present appeal the assessee claimed deduction Rs.18,80,000/- u/s. 80IB(10) of the Act. The AO held that the assessee has violated the provisions of section 80IB(10) of the Act as built up area of shops and commercial establishments exceeded 5000 sq. ft. For such violation [&hell...

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India, Denmark sign MoU on Intellectual Property cooperation

The Union Cabinet in its meeting dated 15.09.2020 gave the approval for signing the MoU with Denmark in the field of IP Cooperation. The MoU aims at increasing IP co-operation between the two countries...

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Posted Under: Income Tax |

Incorporation of Producer Company in India SPICE+

Section 465 of the Companies Act, 2013: All the Sections of Companies Act, 2013 has already been notified till date , except section pertaining to producer Company. The same shall be still govern by chapter IXA of Companies Act, 1956. The Companies (Amendment) Bill, 2020 passed by Lok Sabha mentions to incorporate a new Chapter […]...

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Posted Under: Income Tax |

Incorporation of Foreign Subsidiary / Wholly owned Subsidiary (WOS) SPICE+

Process Incorporation of Foreign Subsidiary / Wholly owned Subsidiary (WOS):- To incorporate a Company in India as ‘Subsidiary” or “Wholly owned Subsidiary (WOS)” of a Company incorporated outside India. Information/ Documents required from foreign Company:-  a) Apostille / Notarized copy of resolution of foreign Company ‘menti...

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Posted Under: Income Tax |

Deduction of cess allowable as same is not covered under section 40(a)(ii)

Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Assessee by way of additional ground has claimed deduction of cess on the ground that the same is not covered under section 40(a)(ii) of the Act. The Hon’ble High Court of Bombay at Panaji bench in the case of Sesa Goa 423 ITR 426 […]...

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