"18 April 2021" Archive - Page 2

Section 56(2)(viib) not applies to share issue at face value to Shareholders under Amalgamation Scheme

DCIT Vs Ozone India Ltd. (ITAT Ahmedabad)

DCIT Vs Ozone India Ltd. (ITAT Ahmedabad) In the instant case, pursuant to amalgamation, all assets, liabilities, undertaking of the amalgamating company (KEPL) are agreed to be vested in the amalgamated company( the Assessee) as a going concern. The amalgamated company has issued 300 equity shares of its company at face value for each sh...

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Sales Tax on Lease rental against goods supplied in the course of Import by NBFC

Russell Credit Ltd. Vs Commercial Tax Officer (Madras High Court)

Russell Credit Ltd. Vs. Commercial Tax Officer (Madras High Court) The respondent bank entered into an agreement with Hindustan Power Plant Limited, Hosur, for importing and leasing of machinery on rental basis. The master lease agreement was entered into on April 17, 1998. There afterwards, the respondent bank ordered for machinery as pe...

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10 Things to Consider before Filing March 2021 GST Return

Below are the 10 things a businessman should consider before filling GST Return for the month of March 2021: 1. File GSTR-3B i.e., GST Return before 20 April or 22nd April as the case may be. To avoid late fees and penalties. 2. ITC reflected in GSTR-2A should be reconciled with books before filling GSTR-3b. If there is a difference betwe...

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Posted Under: Finance |

GST registration cancellation for issue of invoice without supply of goods is valid

Om Trading Company Vs Deputy Commissioner of State Tax and others (Madhya Pradesh High Court)

Om Trading Company Vs Deputy Commissioner of State Tax and others (Madhya Pradesh High Court) Learned Single Judge came to the conclusion that a detailed enquiry was conducted by the Commercial Department Range Agra and that the fact regarding issuance of invoices/e-way bills without any transportation of physical goods came into picture,...

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Second FIR against Officers for an offence or different offences committed in course of same transaction was quashed

Vikas Chaudhary Vs CBI (Delhi High Court)

The Delhi High Court Ruled That The Second FIR In Respect Of An Offence Or Different Offences Committed In The Course Of The Same Transaction Is Not Only Impermissible But It Violates Article 21 Of The Constitution....

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CRUX of Section 80JJAA of Income Tax Act 1961

Applicability of of Section 80JJAA of Income Tax Act 1961: -Assessee who are covered under Section 44AB. -Profit & Gains derived from business. Amount of Deduction under Section 80JJAA of Income Tax Act 1961: 30% of additional employee cost. Three Assessment years including assessment year relevant to the previous year in which such e...

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Posted Under: Finance |

Draft Format of MOA of Section 8 Company

There are so many Rules for drafting the Memorandum of Association of Section 8 Company which are required to be complied with , below is the draft Memorandum of Association for Section 8 company. MEMORANDUM OF ASSOCIATION OF (Name of Company to be written here without Brackets) (Limited by share not for profit under section […]...

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Posted Under: Finance |

Section 193 & Section 194A : An insight into some Issues

There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]...

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Posted Under: Finance |

Government of Maharashtra notifies SOPs for long distance trains

Notification No: DML1/2020/CR. 92/DisM-1 18/04/2021

All passengers to compulsorily wear masks in a proper fashion throughout the journey and at the railway stations. All passengers to maintain proper social distancing while boarding/ alighting from the trains or when getting tested/ checked at the stations when needed. Thermal scanners to be made available at entry/ exit points at all s...

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Analysis of guidelines of attachment of property | Section 83 | CGST Act

Analysis of procedure of provisional attachment of property under section 83 GST Act under section 83 read with Rule 159 of Central Goods and Services Tax Rules, 2017 (CGST Rules) talks about the provisional attachment of property of taxable person to protect the interest of revenue in case of pendency of any proceeding under following [&...

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Posted Under: Finance |

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