"October, 2021" Archive

Section 43CA applies when a registered document is executed

Spytech Buildcon Vs ACIT (ITAT Jaipur)

Spytech Buildcon Vs ACIT (ITAT Jaipur) As per sub-section (3) and (4) of section 43CA, the benefit of prior agreement is granted if the consideration is received at the time of agreement other than cash. In the case in hand, the booking is claimed to have been made prior to 01/04/2013 whereas the sale deeds […]...

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ITAT restricts addition to 10% for assessee engaged in business of manpower

Santi Ranjan Biswas Vs ITO (ITAT Delhi)

If a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then the assessee is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD....

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ADG, DRI cannot Send Notice for Customs Duty or Interest Payment

Modern Insecticides Limited Vs Commissioner of Customs (CESTAT Chandigarh)

Additional Director General (ADG), DRI is not a proper Officer within the meaning of Section 28 (4) read with Section 2 (34) of Customs Act, 1962. Further, the said decision has been followed by the Hon’ble Madras High Court in the case of Quantum Coal Energy Pvt. Ltd. (supra) and the jurisdictional Hon’ble High Court of Punjab & Hary...

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Section 54 deduction available even on amount invested in excess of share in property

ITO Vs Rachna Arora (ITAT Chandigarh)

ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the purchased property […]...

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Some Facts Related to Portability of Insurance Policies

As You are aware that insurance has became need of every citizen, particularly health insurance. We have gone through deadly COVID-19 pandemic situation and still facing the same today also. This pandemic has taught many persons lesson, who did not believe the power of insurance. Insurance is a process or acts through which we transfer [&...

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Posted Under: Income Tax |

Will Stock market bubble burst or enlarge? Are we really in Stock market bubble?

Will Stock market bubble burst or enlarge? Are we really in Stock market bubble? 1. What is Stock Market Bubble ? Unjustifiable High Prices of the shares is a bubble as a result of bullish sentiment in the market. 2. Can bubble be Measured ? Bubble can be measured by comparing traditional or historical prices […]...

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Posted Under: Income Tax |

Date of Issue of Sovereign Gold Bond for Series VII to X

Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in four tranches from October 2021 to March 2022 as per the calendar specified below: S.No. Tranche Date of Subscription [&h...

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Posted Under: Income Tax |

Ready to receive Show Cause Notice under GST

The last dates of filing of the Annual Return under Section 44 of the Central Goods and Services Tax Act, 2017 (CGST Act, 2017), for the Financial Years 2017-18, 2018-19 & 2019-20 were as under: Sr. No.  Period Last date to file Annual Return 1 2017-18 05th & 7th February, 2020 (Notification No. 06/2020-Central Tax, […]...

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Posted Under: Income Tax | ,

Join Live Courses on GST, Customs & FTP and Income Tax

Tax Guru Edu announces Live Online Professional Development Courses on GST, Customs & FTP and Income Tax – 2021 / 22. Online Course involves 2 classes a week for 2.5 hrs on weekends. Total 10 sessions (25 hrs detailed course)....

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Posted Under: Income Tax |

Buy Latest GST Ready Reckoner by CA Raman Singla

We are pleased to introduce a short, crisp and problem-solving addition of our GST Book titled 'GST Ready Reckoner'. This new version would not only facilitate the apparent needs but also addresses the inherent challenges and complexity of this law in the most simplified manner for its users....

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Posted Under: Income Tax |

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