"15 January 2022" Archive - Page 2

HC cancels summon under GST as Petitioner was co-operating

FSM Education Pvt. Ltd. Vs Union of India (Bombay High Court)

HC set aside the summons issued by the Revenue Department without any details of the inquiry, wherein the assessee was co-operating in furnishing the documents as requisitioned and to provide further details. Held that, summons is a last resort and are not to be issued in a casual manner....

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GST Rate Structure for Real Estate Sector

Real estate sector is one of the major economic sector for any country, especially India where this sector is getting the attention in the recent years. In this article we are going to discuss about GST implication in Real estate sector more predominantly real estate residential housing sector. Following are some of the activities which [...

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No Section 50C addition for variation of upto 10% of stamp duty value

Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad)

Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad) In the statement of LTCG, the assessee had not adopted the market value/SRO value as sale consideration as per section 50C of the Act. In AY 2012-13, the assessee computed LTCG by adopting market value of Rs. 9,44,98,000/- and the assessee being 1/4th share beneficiary of Rs. 2,09,62,515/-, [...

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Japanese taxation: Latest developments – 2021

Let me wish you ‘Akemashite omedetou gozaimasu. (formal): あけましておめでとうございます’ a Happy New Year in Japanese. Let us proceed with our learning of the latest developments in Japanese taxation. Due to initiation of Japanese taxation in our earlier articles in an exhaustive manner, let me narrate the step...

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Bogus ITC Case- HC grants bail to CA on furnishing bail bond of Rs. 50 Lakh

Amit Kumar Agarwal @ Amit Agarwal Vs State of Odisha (Orrisa High Court)

Amit Kumar Agarwal @ Amit Agarwal Vs State of Odisha (Orrisa High Court) As far as the allegation is concerned, the petitioner being the Chartered Accountant was involved in creating and making of fake business entities operational in order to facilitate availing bogus ITC. As per the materials on record, the petitioner allegedly obtained...

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HC quashes Order passed without sufficient opportunity subject to payment of Tax of Rs. 5 Crore

Hermes I Tickets P Ltd Vs DCIT (Madras High Court)

Hermes I Tickets P Ltd Vs DCIT (Madras High Court) In this case The petitioner has made out a case for interference as the impugned order has been passed based on the assumption that the amount urging in the petitioner’s account during the period were ‘an unexplained income’ of the petitioner. The fact remains that [&hel...

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NPS a good savings instrument with steady returns & Income Tax Benefits

National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits....

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Overview of Director’s KYC Process – DIR-3 KYC

Director identification number (DIN) refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is obtained by filing an application in eForm DIR-3. However, now with an update in MCA’s registry, it becomes mandatory for all directors having DIN [&helli...

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May 2022