"13 August 2022" Archive

Levying building tax by treating rented residential building as commercial building is unsustainable

P.K. Shanmughan Vs District Collector (Kerala High Court)

Held that building constructed as residential building and given on rent for residential purpose cannot be treated as commercial building for levying building tax....

Summary of NCLAT Judgement on IBC 2016 for October 2021

It gives us immense pleasure to share our 8th Edition of NCLAT Judgements Compendium for the month of October’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement compendium prepared by us is for the purpose of understanding in short about the Judgements passed by the Hon’ble NCLAT. Our objective to publish [&...

Posted Under: Corporate Law |

Personal Finance Planning

Having a CA doesn’t make you financially sorted. Unless you’re a monk, learning the bare minimum of personal finance is a non-negotiable life skill in today’s India. Once a wise person said, the best way to waste your money is to show off your money. I still think and regret why I did not understand […]...

Posted Under: Corporate Law |

Guidelines for Prevention of Misleading Advertisements & Endorsements for Misleading Advertisements

Central Consumer Protection Authority has issued Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022 to provide for prevention of false or misleading advertisements and making endorsements....

Posted Under: Corporate Law |

Deemed dividend provision not invocable on recipient of loan not being shareholder in payer company

Pallava Resorts Private Limited Vs ITO (ITAT Chennai)

Held that provision of deemed dividend u/s 2(22)(e) cannot be invoked unless the recipient of loan is a shareholder of the company. If recipient of loan is not shareholder in a company from which loan is received, such loan cannot be assessed as deemed divided....

Setting aside an arbitral award due to insufficiency of evidence is untenable

Scholastic India Pvt. Ltd. & Anr. Vs Smt. Kanta Batra (Delhi High Court)

Held that insufficiency of evidence or material is not a ground for setting aside an arbitral award. Income tax return is material evidence to establish the claim....

Cost of acquisition as FMV of ESOP shares treated as perquisite unsustainable

Anil Bhansali Vs ACIT (ITAT Hyderabad)

Held that payment of federal taxes on the different between FMV and the grant price establishes that assessee is paying tax treating the value of shares as perquisite. Accordingly, provisions of section 49(2AA) are applicable. Cost of acquisition of share cannot be FMV....

Income Tax Section 44AD Assistance Excel Tool

INTRODUCTION : The Section 44AD of the Income Tax Act, 1961 is a presumptive business income section. This section is generally applicable in the cases of large number of tax payers. This section is thoroughly related with Section 44AA (liability for compulsory maintenance of books of accounts) and Section 44AB (liability for getting book...

Posted Under: Corporate Law |

Earlier year decision is not binding on assessee or department in subsequent year

S.P. Chips Potato Pvt. Ltd Vs DCIT (ITAT Ahmedabad)

Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year....

Purchase from related party is not considered as specified domestic transaction u/s 92BA

Giraffe Developers Pvt Ltd Vs Pr. CIT (ITAT Mumbai)

Held that a domestic transaction of purchase from the related party is not required to be considered as a specified domestic transaction under section 92BA....

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February 2024