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Archive: 13 May 2023

Posts in 13 May 2023

How to Buy and Sell Litecoin: A Comprehensive Guide

May 13, 2023 492 Views 0 comment Print

Litecoin is a peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. It is an open-source, decentralized cryptocurrency that is secure and operates without a central authority.

अखिल भारतीय जीएसटी सर्वेक्षण के संबंध में बरती जाने वाली सावधानियो पर चर्चा

May 13, 2023 5433 Views 0 comment Print

जैसा कि आप सभी को विदित है। कि जीएसटी विभाग द्वारा 24 अप्रैल 2023 के द्वारा एक राष्ट्रीय समन्वय समिति का गठन कर फर्जी/ संदिग्ध पंजीयन करदाता का एक सर्वेक्षण किया जाना प्रस्तावित है । जीएसटी विभाग इस सर्वेक्षण के द्वारा ऐसे करदाताओं का पता लगाएगा जो वास्तव में मौजूद ही नहीं है। और संदिग्ध […]

Higher interest rate on unsecured loan taken for commercial expediency is admissible

May 13, 2023 1107 Views 0 comment Print

ITAT Ahmedabad held that unsecured loan taken at higher rate for commercial expediency is admissible under section 57(iii) of the Income Tax Act.

Revisional jurisdiction u/s 263 duly invoked as AO failed to examine issue of purchase of land

May 13, 2023 405 Views 0 comment Print

ITAT Ahmedabad held that revisional power under section 263 of the Income Tax Act correctly invoked as AO failed to examine the issue of purchase of land in the light of provisions of section 56(2)(vii)(b) of the Income Tax Act.

Assessment order passed u/s 143(3) beyond time limit prescribed u/s 153 is time barred

May 13, 2023 3504 Views 0 comment Print

ITAT Mumbai held that assessment order passed u/s 143(3) beyond time limit prescribed under section 153 of the Income Tax Act is time barred and bad in law.

WBVAT: Order against Resigned Director – HC directs Magistrate to pass speaking order

May 13, 2023 369 Views 0 comment Print

Sushil Kumar Gupta & Ors. Vs State of West Bengal & Anr. (Calcutta High Court) Learned advocate for the petitioners submits before this Court that the present petitioner No.-3 has resigned from the company as a Director in the year 1994 and the other petitioners have no connection in the alleged occurrence of offence, however […]

Forfeited share capital is Capital Receipt & not taxable under section 56(2)(ix)

May 13, 2023 3774 Views 0 comment Print

Mangal Credit and Fincorp Ltd. Vs DCIT (ITAT Mumbai) In the instant case, the assessee has received money on issuing share capital in the form of exercise of rights in share warrants. The share capital so collected by the assessee is not in the course of negotiations for transfer of capital asset. The shares so […]

Belated Section 139(3) Return – No prohibition to adjust brought forward losses 

May 13, 2023 552 Views 0 comment Print

assessee has filed the return of income belatedly for the year under consideration but there is no prohibition to adjust the brought forward losses against the income declared belatedly in the return of income under the provision of section 139(3) of the Act.

Service tax cannot be demanded by Kolkata unit if Visakhapatnam unit already initiated action 

May 13, 2023 186 Views 0 comment Print

Visakhapatnam Service Tax Commissionerate has initiated separate action against the Respondent at their Visakhapatnam unit for non payment of appropriate service tax there.

CESTAT allows Abatement in Construction Contract based on CA Certificate

May 13, 2023 312 Views 0 comment Print

Certificates issued by the Chartered Accountant and Chartered Engineer, go on to establish the fact of use of material in the work executed by the appellants. Therefore, we are of the considered opinion that the contract was not simplicitior but was a composite contract. Therefore, we find that the appellants are entitled for the abatement of 67% of the value as claimed by them. 

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