"10 April 2021" Archive

Hypothetical question’ which has not yet materialized, outside the purview of Advance Ruling

The Hon’ble AAR Gujarat in M/s. Shree Arbuda Transport (Advance Ruling No.: GUJ/GAAR/R/82/2020 decided on September 17, 2020) has held that the provisions for seeking advance ruling is limited to the activities conducted by M/s. Shree Arbuda Transport (Applicant) and cannot be sought for the agreement or matters which have not materiali...

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Bitcoin is not a legal tender money

There are two types of money. One is currency in its physical form published by the central bank by any nation which is authorized to print it according to the specifications and denomination of the respective government. And secondly a credit money which is there in the system and with financial institutions having prerogatives to multip...

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Cash deposit in bank treated as income | Judgments | Section 148 & 144

Important Judgments in the written submissions when assessee is an agriculturist, trader, notice u/s 148 not received, cash deposit with the bank treated as income, 144 Assessment without gathering any material by A.O. and reopening u/s 147 without any tangible material. Written submissions in respect of Shri Xxxxxxxx for the A.Yr. 2011-1...

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Refund of Inverted Duty on Input Services: SC to hear on 28th April Finally

Union of India & Anr. Vs. The Quarry Owners Association & Ors. (Union of India)

Union of India & Anr. Vs. The Quarry Owners Association & Ors. (Union of India) SC held on the issue of ‘ Validity of Refund of Inverted Duty on Input Services’ held that Since a large number of petitions are pending in the various High Courts on the same issue, it is appropriate that we […]...

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Engagement of Young Professionals in MCA on contract basis

Notification No. F. No.2/1/CDMPS/R&A (Part-II) 09/04/2021

Ministry of Corporate Affairs is pleased to invite applications to engage the services of Young Professionals (YPs) on contract basis. Details of the posts and terms & conditions as well as period of engagement, eligibility, experience, etc. are as under:-...

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CBI Registers A Case against CIT & her Husband in DA Case

CBI REGISTERS A CASE AGAINST COMMISSIONER OF INCOME TAX & OTHERS INCLUDING GROUP GENERAL MANAGER, RVNL ON THE ALLEGATIONS OF POSSESSION OF DISPROPORTIONATE ASSETS, AND CONDUCTS SEARCHES The Central Bureau of Investigation has registered a case on  the allegations that a Commissioner of Income Tax (Appeals),Udaipur while working as pu...

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CBI Arrests 2 Income Tax Inspectors for Accepting Bribe of Rs.15 Lakh

The Central Bureau of Investigation has arrested two Inspectors working at Investigation Unit of Income Tax Department, Ballard Pier, Mumbai for accepting bribe of Rs.15 Lakh from the complainant. CBI has registered a case against three Inspectors, all working at Investigation Unit-1, Income Tax Department, Ballard Pier, Mumbai on the all...

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Tax Collected at Source (TCS)

1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

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Cut-off date for CA students converting from earlier to Revised Scheme

Revision in Cut-off date for converting from earlier scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 for purpose of eligibility to appear in Foundation / Intermediate / Final examinations being held in May, 2019...

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Debt Mutual Funds are not less risky anymore. Here’s Why?

Introduction: In investing terminology, the risk is often termed as getting a lower/negative return on investment. It is pertinent to note that even Bank Deposits have a risk of default by banks (i.e., in case of imposition or moratorium/closure of bank due to weak financial condition, depositors may be required to take a cut on […...

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May 2021