"16 January 2022" Archive

Some Facts Related to Section 54F of Income Tax Act, 1961

Dr. Anjanaiah v. ACIT (2019) 75 ITR 315 (Bang.)(Tribunal) BRIEF FACTS: The assessee purchased land from the sale proceeds of property held by him, and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961. The Assessing Officer restricted the ...

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Posted Under: Income Tax |

Condonation Under Companies Act, 2013

Condonation was a term used in common law as a forgiveness by the husband of his wife, or by wife of her husband, of adultery committed, with an implied condition that the injury shall not be repeated and that the other party shall be treated with conjugal kindness. The same way Companies Act governs the […]...

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Posted Under: Income Tax |

Practical Approach followed by Big Organizations for Audit of ‘Fixed Assets’

Understand the work through ( Kaise kara jata hai) properly- It means understanding the process or activities. For example: Work throuh for purchase: purchase requisition raised by department ⇒PR assignment to admin department for procurement ⇒ Quotation to different vendors by admin dept ⇒ Accepting the lowest bid vendor ⇒ Issue ...

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Posted Under: Income Tax |

Compliances Under the POSH act, 2013

Article explains What Are the Reporting Requirements Under the POSH ACT, What are the consequences of non-compliances, To whom Annual report be deposited, Due date for Annual report and Why March 31st is the due date? What Are the Reporting Requirements Under the POSH ACT? As per the Prevention of Sexual Harassment at Workplace Act,2013- ...

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Posted Under: Income Tax |

Why PPF is still the Best Investment/Saving?

There are numerous investments for savings like Bank FDRs, Post Office Deposits, PPF, Gold, Silver, Immovable Properties, NPS etc.but if we analyse the advantages of PPF, it is Numero Uno in saving schemes/investments/ Tax saving devices. GPF or General Provident Fund is a savings scheme available to government employees. EPF or Employees...

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Posted Under: Income Tax |

Saving of Rs. 2.5 Lakh by 80 Year Old Assessee cannot be doubted: ITAT

M. K. Kempasiddaiah Vs ACIT (ITAT Bangalore)

M. K. Kempasiddaiah Vs ACIT (ITAT Bangalore) Since no documentary evidence was filed, the AO treated the sum of Rs.2,50,000/- was unexplained investment which the CIT(A) confirmed. It is the plea of the assessee that the assessee is a 80 years old person and his savings to the extent of Rs.2,50,000/- cannot be doubted. After […]...

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Condonation Application not required to be filed after SC Order: NCLAT

Essjay Ericsson Private Limited Vs Frontline (NCR) Business Solutions Pvt. Ltd. (NCLAT Delhi)

Essjay Ericsson Private Limited Vs Frontline (NCR) Business Solutions Pvt. Ltd. (NCLAT Delhi) When the limitation has extended by the Hon’ble Supreme Court in the orders noted above, for a period covering extension of limitation neither application is required nor there is any discretion of Court or Tribunal to consider sufficiency of d...

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Posted Under: Income Tax | |

CAA can decide on request for exemption from customs duty on import of e-cycles from China

In re Indian Compressors Ltd. (CAAR Delhi)

Question posed for advance ruling, couched as it is for seeking classification of e-cycle, is essentially a prayer made for exemption from customs duty on import of such e-cycles from China, which is beyond the powers vested with this Authority....

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Posted Under: Income Tax | |

Valuation of ‘Free of Cost’ Supplies under GST

We Know that the value of a taxable supply is the taxable base on which the rate is applied. It is important to understand and calculate the value of supply for ascertaining GST liability. GST will be applicable in the value of the goods and services supplied. The valuation process of supply under GST is […]...

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क्या यह दशक भारत के स्टार्ट अप के नाम होगा?

आज प्रधानमंत्री जी ने 16 जनवरी को स्टार्ट अप डे घोषित करते हुए कहा कि यह दशक भारत का टेकएड युग कहलाएगा. इनोवेशन और टेक्नोलॉजी के क्ष...

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Posted Under: Income Tax |

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