Quippo Telecom Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi) Ground number five of the appeal of treating the interest income from fixed deposit receipts of Rs. 2982000/- as income from other sources, we also do not find any infirmity in the order of the lower authorities as assessee has merely placed fixed deposits with the […]
Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government. Applicability Any person applying for 1. An authorisation to import/export on restricted items 2. Any other benefits or concession under Foreign Trade Policy (FTP) Application of RCMC An exporter made […]
Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020.
Explore the permissibility of applying assets seized during Income Tax searches against self-assessment tax liabilities. Uncover insights from Section 132B of the Income Tax Act’1961, amendments, judicial precedents, and the fine line between advance tax and self-assessment tax. Gain clarity on adjusting seized assets for a fair tax settlement. Insights by CA Mohit Gupta, a seasoned expert in Income Tax Search and Seizure matters.
Where AO did not record any satisfaction with regard to genuineness of the claim of the assessee before invoking the powers under section 14A read with rule 8D, disallowance was invalid because recording of satisfaction by AO is sine qua non for invocation of power under section 14A read with rule 8D
Devroop Guha Vs Signature Global (India) Pvt. Ltd. (NAA) Perusal of the record reveals that the Respondent had got Affordable Housing ‘The Millenia 37D’ project approved under the Haryana Affordable Housing Policy and allotted flats to the successful buyers on 27.10.2017 through draw of lots He invited applications for allotment of houses via advertisement in […]
Ravi Charaya Vs Hardcastle Restaurants Pvt. Ltd. (NAA) Respondent is liable to pass on the benefit of GST rate reduction from 18% to 5% with denial of benefit of ITC, as was notified by the Central and the State Governments vide Notification No. 41/2017-Central tax (Rate) dated 14.11.2017 w.e.f. 15.11.2017. It is also established that […]
In order to make available a standard Personal Accident product with common coverage and policy wordings across the industry, an exposure draft on Guidelines on Standard Personal Accident product along with Standard terms and conditions (Annexure -1), Customer Information Sheet (Annexure- 2) and Use and File format (Annexure-3) is issued and attached herewith.
The coronavirus pandemic has wreaked havoc on the economy of almost every country in the world and by extension, on the personal finances of almost every person, irrespective of their economic status. If you are reading this, you may most probably be a salaried or self-employed person from a middle-class or upper-middle class background. There […]
Usekiwi Infolabs Private Limited Vs ITO (ITAT Delhi) The facts clearly shows that assessee has got an investment from Kstart LLC, Mauritius as a contribution towards issue of 20,000 compulsorily convertible preference shares having face value of ₹ 10 each at a premium of ₹ 827.50 per share. For this proposition the bank account of […]
