"14 April 2021" Archive

Number of issues in Corporate Bond Market increased by 10% in FY 2020-21

Fund raising for Public Issues and Rights Issues registered an increase of 115% and 15% respectively in FY 2020-21. Number of issues in Corporate Bond Market increased by 10% in FY 2020-21.  Number of unique investors across Mutual Fund schemes also increased by 10% in FY 2020-21...

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Posted Under: Finance |

Virtual CFO Service – A Smart Choice for The MSMEs

CA Preeti Gupta MSMEs (Micro Small and Medium Enterprises) are considered to be the backbone of the Indian economy considering their valuable contribution to the socio-economic development of the country. An MSME is relatively a small scale organisation where timely availability of funds and its proper management are extremely importan...

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Posted Under: Finance |

Section 263 Jurisdiction not invocable when Re-Assessment was Illegal

SBS Realtors Private Limited Vs ITO (ITAT Delhi)

SBS Realtors Private Limited Vs ITO (ITAT Delhi) Learned Counsel for the Assessee submitted that since the re-assessment order is illegal and bad in Law and is covered by the Order of the Tribunal Dated 01.04.2019 in the case of assessee on the same issue, therefore, the Learned Pr. CIT cannot exercise jurisdiction under section […...

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Mere recession not sufficient cause for non-payment of TDS

Income Tax Department Vs Parsvnath Developers Ltd. (Central Tis Hazari Courts, Delhi)

Income Tax Department Vs Parsvnath Developers Ltd. (Delhi House Court) The tax deducted as source cannot be equated with the payment of other liabilities like service tax or sales tax whose payment may be dependent upon the actual realization of money. TDS is deducted in advance by the assessed before making any payment for the […]...

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Retention bonus amount paid before due date of filing return of income allowable

Ocwen Financial Solutions (P) Ltd. vs. DCIT (ITAT Bangalore)

As per the proviso to section 43B, the amount paid before the due date for filing return of income out of the provision created is allowable as deduction. Admittedly, assessee had paid a sum out of the provision so created, before the due date for filing return of income....

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Reasons recorded cannot be substituted at a later point in time by subsequent evidences

Red Hat India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Red Hat India Pvt. Ltd. Vs DCIT (ITAT Mumbai) From the bare reading of the proviso to section 147 of the Act, it is mandatory on the part of the ld AO to duly mention in the reasons recorded itself as to whether there is any failure on the part of the assessee in disclosing […]...

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Refund of Service Tax wrongly paid only if no unjust enrichment proved by Appellant

Rakesh Canteen Contractor Vs Commissioner, Central Excise, Customs & ServiceTax (CESTAT Delhi)

Rakesh Canteen Contractor Vs Commissioner, Central Excise, Customs & ServiceTax (CESTAT Delhi) The brief facts are that the appellant has been awarded canteen services contract from M/s Caparo Engineering India Limited, by way of running and managing their canteen located in their factory premises. The only issue involved in this appe...

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For Indexation of cost, Effective date is date of allotment of property

L. Vivekananda M/s. Vivek Hotels Vs ACIT (ITAT Bangalore)

For computing indexed cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee, and not from the date on which possession certificate was issued to the assessee....

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CSR-1 – Registration of Entities for undertaking CSR Activities

As per the notification issued by the Ministry of Corporate Affairs dated 22nd January 2021 it is mandatory for all NGO’s who want to raise CSR Funding to enroll with MCA w.e.f 01/04/2021 to get CSR funding. Eligibility It may be noted that the following entities are eligible to file e-form CSR-1 on MCA Portal […]...

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Posted Under: Finance |

HC explains Tax Rate on electricity purchased from Open Access Source

Southern Ferro Ltd. Vs State of Karnataka (Karnataka High Court)

Southern Ferro Ltd. Vs State of Karnataka (Karnataka High Court) In respect of electricity supplied to the consumers by a non-licensee through a licensee, the electricity tax payable is on the units of the electricity supplied. Obviously, the unit of electricity supplied is the indicator of the quantum of electricity consumed and since th...

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