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Archive: 16 March 2021

Posts in 16 March 2021

Allegation of intention to evade Tax payment on Govt run Institute can be nothing but absurd

March 16, 2021 1488 Views 0 comment Print

It was held that when an Institute run by a State Government and associated in implementation of various welfare schemes of the Government, the allegations of suppression of facts or wilful misstatement can be nothing but absurd.

GST on goodwill at the time of retirement of Partners; AAR withdrawn

March 16, 2021 13299 Views 0 comment Print

In re Shiv Shankara Health Care Enterprises (GST AAR Tamilnadu) Whether the goodwill paid to the partners at the time of retirement is liable to be taxed under GST Act. We have carefully considered the application, various submissions of the applicant, remarks of the jurisdictional officers and the request for withdrawal made by the applicant. […]

CBDT notifies New Form 15E and rule 29BA

March 16, 2021 30063 Views 1 comment Print

CBDT vide notification No. 18/2021-Income Tax, Dated: March 16, 2021 inserted new rule 29BA. Application for grant of certificate for determination of appropriate proportion of sum (other than Salary), payable to non-resident, chargeable in case of the recipients and also released new FORM No. 15E – Application by a person for a certificate under section […]

Reassessment justified if bogus transaction found based on subsequent information

March 16, 2021 1635 Views 0 comment Print

Where the transaction itself, on the basis of the subsequent information, was found to be bogus transaction, the mere disclosure of that transaction at the time of original assessment proceedings could not be said to be disclosure of the ‘true’ and ‘full’ facts in the case and the Income Tax Officer would have the jurisdiction to re-open the concluded assessment in such a case.

Manual for Quality Assurance Review & Audit Performance Index 2021

March 16, 2021 3288 Views 0 comment Print

Methodology for grading the Audit Commissionerates, on both, qualitative performance in the form of QAR and quantitative performance in the form of API, and a composite annual grading is provided in this Manual.

CMA – Renewal of CoP issued w.e.f. 1st February 2019

March 16, 2021 1023 Views 0 comment Print

A Cost Accountant is required to undergo mandatory capacity building training before applying for Certificate of Practice or within six months of getting the Certificate of Practice i.e. new COP holders. https://eicmai.in/MCBT/Home.aspx

Share trading loss cannot be disallowed without reasonable basis

March 16, 2021 1542 Views 0 comment Print

Loss incurred on account of error trades in respect of dealings of clients and not on own account and the loss incurred in course of carrying on share broking business was in line with accepted market practices, therefore, disallowance of Rs. 35,82,623/- on account of loss on share trading and ad-hoc disallowance of Rs.5,00,000/-, not supported by any reasonable basis had been rightly deleted by CIT(A).

Income-Tax Authorities- Amendment in Notification No. 66/2014

March 16, 2021 1290 Views 0 comment Print

Principal Chief Commissioner of Income-tax, North East Region Headquartered at Guwahati to to issue orders in writing for the exercise of the powers and performance of the functions by Commissioner of Income-tax (Appeal) (Central), North East Region, Guwahati.who are subordinate to them in respect of such territorial areas. MINISTRY OF FINANCE (Central Board of Direct […]

Judicial Intervention Under Arbitration Proceedings

March 16, 2021 36915 Views 0 comment Print

Arbitration provides an efficient and alternative mechanism for quick dispute resolution. It is one of the important aspects of Alternate Dispute Resolution Process. It is now days one of the most preferred course of dispute resolution process because it involves mediation and conciliation process and encourage parties to solve their disputes out of court and […]

Compliances & rules for Nidhi Companies under Company Law

March 16, 2021 7794 Views 0 comment Print

Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings among its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for the regulation of such class of Companies

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