"21 May 2021" Archive - Page 3

Tribunal cannot Transfer Case on Account of Convenience of Respondent

MSPL Limited Vs PCIT (Bombay High Court)

MSPL Limited Vs PCIT (Bombay High Court) Tribunal Cannot Transfer Case On Account of Convenience of Respondent Out of State Bench And Even Such Administrative Order Can Be Challenged In Writ Bombay High court classical and landmark decision on power of Tribunal while analysing Rule 4 of ITAT rules regarding transfer of case from bench [&h...

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Equalisation Levy under Income Tax- A Brief Analysis

Equalisation Levy under Income Tax Act of 1961 The continuous growth and expansion of Information and Technology sector has directly led to a rapid increase in procurement of digital goods and/ services, and the same is now availed in almost each and every home, and now more and more companies are involving themselves into the […]...

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Posted Under: Income Tax |

Amendment in GST Rules for Refund Application, E-way bill & Revocation of Cancellation of Registration

Notification No. 15/2021 dated 18/2021 18/05/2021

Withdraw the Refund Application (RFD-01W), or amendment in rules relating to Revocation of Cancellation of Registration and E- way bill I hope you and your loved ones are healthy and safe in this covid-19 Pandemic situation. CBIC issued notification no. 15/2021 dated 18/05/2021 through this notification CBIC has amended some rules and ins...

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Posted Under: Income Tax |

Material Subsidiary under LODR Regulations: Understanding the metrics of materiality

The term ‘subsidiary’ or ‘subsidiary company’ as defined under the Companies Act, 2013[1] (‘Act’) refer to a company in which a holding company controls the composition of the Board of directors or may exercise at least 51% of the total voting power either on  its own or together with one or more of its subsidiaries. [&hellip...

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Posted Under: Income Tax |

Deduction under section 54EC on Capital Gain

54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

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Posted Under: Income Tax |

Offsetting excess CSR spent for FY 2019-20 against mandatory CSR obligation for FY 2020-21

An appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies to contribute generously to “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and any amount over and a...

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Posted Under: Income Tax |

Misleading Advertisement Practices in India

INTRODUCTION Today, advertisement has taken over all aspects of one’s life. From biscuits in beauty products, from hospitals to health drinks, companies are investing heavily money in the marketing of their products. Ads play a very important role in the public as it sells products and educates consumers about its use. It’s no...

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Posted Under: Income Tax |

Notice of Vat Audit invalid if issued beyond limitation date of Reassessment

Yogi Petroleum Vs Commissioner of VAT (Bombay High Court)

Yogi Petroleum Vs Commissioner of VAT (Bombay High Court) Bombay high court landmark decision in Yogi Petroleum and Others Vs Commissioner of VAT quashing VAT AUDIT OF BUSINESS AFFAIRS NOTICE when issued beyond time limit from reassesssment u/s 34 of VAT regulations of 4 years and other host of issues analysed in tax matter writ […...

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Section 147 Reopening invalid if made without following mandate of Section 147,148 & 151

Reopening U/S 147 Not Valid If Certain Safeguards Not Followed By Revenue As Provided In section 147,148 And 151 of Income Tax Act, 1961 The important safeguards provided in  sections 147,148 and 151 has not to be treated lightly by the concerned Assessing Officer and CIT as held in Chuggamal Rajpal Vs. S.P.Challia & others […...

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Posted Under: Income Tax |

Finance Act-2021-Amendments in Business or Profession Taxation

Finance Act-2021-Amendments in Business or Profession related Sections of Income Tax Act, 1961 i.e.  Section 32(1)-Depreciation of buildings, machinery, plant or furniture, Section 43CA-Special Provisions For Full Value Of Consideration For Transfer of Assets Other Than Capital Assets In Certain Cases, Section 44AB- Tax Audit and Section...

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Posted Under: Income Tax |

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