Smt. Poonam Mittal Vs ITO (ITAT Amritsar) We find that the AO had invoked his powers u/s.154 of the Act for disallowing u/s.40A(3) of the Act the assessee’s claim for deduction of bonus of Rs.2,47,380/- that was stated to have been paid in cash, i.e., in excess of the prescribed limit of Rs.20,000/-. In our […]
PCIT Vs Orchid Griha Nirman Pvt. Ltd. (Calcutta High Court) Tribunal agreed with CIT(A) that after conversion of inventory into fixed asset the firm revalued the developed land including construction thereon in order to bring it in line with the current market value to justify the business assistance secured by the firm from the banks […]
Sansthan Shree Eknath Maharaj Vishwastha Mandal Vs ITO (Exemption) (ITAT Pune) There is no dispute on the fact that the assessee filed its return of income on 17.01.2017 for the year under consideration. The approval was granted by the ld. CIT(E) u/s 12AA on 16.05.2017. At this stage, it is relevant to take note of […]
ACIT Vs P & R Infraprojects Ltd. (ITAT Delhi) A perusal of the assessment order as well as the order of the CIT(A) shows that no notice u/s 143(2) was ever issued to the assessee before completing the assessment u/s 143(3)/147. It is the submission of the ld. Counsel that it is mandatory to issue […]
Ekambareswara Rao Manne Vs Mr. Gonugunta Madhusudhan Rao (NCLT Hyderabad) It may be stated that in terms of Clause 4 Schedule-I of IBBI Liquidation Process Regulations, 2016, the Liquidator is entitled to reduce the reserve price up to 25% whenever the auction fails. The record placed before us viz. minutes of the Stakeholders Consultation Committee […]
Considering the fact that cases of coal theft and carrying coals without GST, etc have become so common that unless such offences are thoroughly investigated, it will cause huge loss to the State exchequer. To unearth the fact of the case and to see the nature of involvement of the petitioner, custodial interrogation is necessary.
In this article we discussed about the ‘Declaration for commencement of business Form INC-20A’ MCA has come with New Section 10A inserted after Section 10 by Companies (Amendment) Ordinance, 2018 dated 02.11.2018 and same has been inserted in Rule 23A of the Companies (Incorporation) Rules, 2014. According to this ordinance every Company incorporated on or […]
1. Reduced Alternate Minimum Tax rate and Surcharge on Co-operatives Alternate Minimum Tax rate for the co-operative societies proposed to be reduced to 15% to bring it at par with the Minimum Alternate Tax payment by companies. Further, surcharge on co-operative societies proposed to be reduced from the present 12% to 7% 2. Rationalisation of […]
Raghunandan Enterprise Vs ACIT (Gujarat High Court) The plain reading of Section-281B of the Act would make it clear that the same provides for the provisional attachment of the property belonging to the assessee for a period of six months from the date of such attachment unless extended, but excluding the period of stay of […]
Omission of proviso (b) & (c) in sub-section (4) of Section 29: This amendment proposes that if the person registered as composite dealer fails to furnish GSTR-4 beyond 3 months from the due date, the proper officer may proceed suo-motu for cancellation of registration. This has been done to make co-ordination between law and its compliance as GSTR-4 is being filed annually, at present.
