DCIT Vs Sutham Electric Ltd. (ITAT Pune) The solitary issue in the present case relates to the allowability of the expenditure incurred on development of Tools and Designs which are used in the business and manufacturing of automotive switch gears of Rs.3,75,00,000/- as revenue expenditure. This expenditure was shown as deferred revenue expenditure written off […]
CIT Vs Jannani Holdings (Madras High Court) The Madras High Court held that conversion of limestone and marble into lime and limedust constitute the activity of manufacturing or production, entitled for deduction. The assessee, M/s. Jannani Holdings is engaged in the granite business and for the Assessment Year under consideration, AY 2005-06, they filed their […]
Nathi Mal Rugan Mal Vs Commissioner of Customs (CESTAT Mumbai) The appellants claim that they have cooperated with the investigation and have deposited Rs. 70,00,000 (Rupees Seventy Lakhs only) towards the duty liability, if any, that may arise on the past imports after completion of investigation; in respect of the impugned goods also they have […]
1. Can Composition Dealer purchase Scrap/Used vehicles from Unregistered Dealers? RCM on these purchases applicable or not? 2. Any RCM exemption limit amount for purchase of Scrap and Used vehicles from unregistered dealers?
EXTENSION OF DUE DATE FOR HOLDING OF ANNUAL GENERAL MEETING (AGM 2021) Section 96 of the Companies Act, 2013 provides that every company other than a one person company shall in each year hold an Annual General Meeting of its shareholders and not more than fifteen months shall elapse between the date of one annual […]
The section 70 of the CGST Act,2017 unambiguously stipulates that summons to be issued as provided under Civil Procedure Code, 1908. The Order V CPC deals with the issue of summons whereas under rule 3 of the order V statement can be filed within 30 days from the date of summons and this date can […]
SWEAT EQUITY SHARES: Sweat equity shares are the shares given to directors/employees of the any company at a discounted price or other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions to the company. Section 54 of the Companies Act 2013 specify the provisions for […]
How to calculate the gross receipt or turnover? ‘Turnover’, ‘Gross Receipts’ and ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income […]
Being a business owner, it is important to monitor accounting trends and use them for your business. If you are not up-to-date, you could remain in the dust while your competitors improve their performance with the latest and greatest software and techniques. Here’s an overview of the leading accounting trends in 2021 so you stay […]
Sick (of) real estate projects, what about Association of Allottees taking over stalled projects from Promoter? Incomplete projects are though cynical, still a common occurrence in the ever-growing real estate industry which we all form part of. Many a times, genuine promoters find themselves in a bad industrial shape which makes it difficult for them […]
