"28 June 2022" Archive

Refund of security deposit to Broker Dealers on surrender of membership

Circular No. IFSCA/CMD-DMIIT/BD/2022-23/1 28/06/2022

On approval of application for surrender of Broker Dealer’s registration by IFSCA, the Stock Exchange shall release Security Deposit of the Broker Dealer (engaged in trading on behalf of clients) after twelve months from the date of approval of surrender application by IFSCA....

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Buyer not at fault for Non-payment of GST by Seller

It was ruled that if the petitioner had made the payment before the supplier’s GST registration got cancelled and if the decisions by the SC and HC in the cases supported by the petitioner concur, then the petitioner should rightfully be given the benefit of ITC....

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Posted Under: Finance | ,

TDS under Section 194R – Brief Analysis

From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]...

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Posted Under: Finance |

Section 80-IC deduction eligible on exchange rate fluctuation

Classic Binding Industries Vs DCIT (ITAT Chandigarh)

Classic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation. In this regard it was submitted by the ld. A/R that the difference in the foreign exchange rate is a part and parcel of income derived from eligible business and [...

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Entertainment subsidy is a capital receipt & not revenue receipt

Karandikar Enterprises Vs ACIT (ITAT Pune)

Karandikar Enterprises Vs ACIT (ITAT Pune) Brief facts of the case are that the Appellant assessee is in the business of film exhibition at Mangala Multiplex Pune, it runs the multiplex. The assessee has treated the Entertainment tax subsidy as capital receipt. The Assessing Officer in the assessment order hold it as revenue receipt. The ...

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Provisioning Requirement for Investment in Security Receipts (SRs)

Notification No. RBI/2022-23/78 DOR.STR.REC.51/21.04.048/2022-23 28/06/2022

The difference between the carrying value of such SRs and the valuation arrived at as on the next financial reporting date after the date of issuance of MD-TLE, in terms of clause 77 of the MD-TLE, may be provided over a five-year period starting with the financial year ending March 31, 2022 - i.e. from FY2021-22 till FY2025-26....

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ITAT deletes addition for interest accrued on non-performing assets

ACIT Vs. Davangere District Central Co-operative Bank Ltd (ITAT Bangalore)

ACIT Vs Davangere District Central Co-operative Bank Ltd (ITAT Bangalore) We find that in both these years, the only issue involved is regarding the addition made by the AO on account of interest accrued on non-performing assets (NPA) which was deleted by CIT(A). This addition was deleted by learned CIT(A) by following the judgment of [&h...

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Penalty imposable for Bogus Claim of Short Term Capital Loss

Texmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad)

Texmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The assessee had made bogus claim of short-term capital loss in the return of income. When, after due investigation, the same was detected by the Ld. Assessing Officer during the course of assessment proceedings, the assessee filed revised computation and requested that the short-term cap...

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In absence of fresh tangible material Reassessment proceedings liable to be quashed

Indian Overseas Bank Vs JCIT (ITAT Chennai)

Indian Overseas Bank Vs JCIT (ITAT Chennai) It is evident from the computation of income that the assessee had disclosed full details of its claim in respect of interest accrued but not due in the computation of income furnished along with the return of income. The whole basis of reopening was the aforesaid computation along […]...

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CIT(A) cannot confirm Findings of AO without Examining Documentary Evidences filed by Assessee

Smt. Rani Vs ITO (ITAT Amritsar)

Smt. Rani Vs ITO (ITAT Amritsar) It is seen that the appellant assessee vide its reply dated 02.11.2012(APB page 10) explained before the AO, during the course of assessment proceedings that he had cash funds at the disposal from the salary received in financial year 2005 – 06, 2006 – 07 and 2007 – 08 to […]...

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