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Archive: 17 May 2023

Posts in 17 May 2023

Capital Gain Tax Exemption – Sale of Inherited Property

May 17, 2023 45315 Views 12 comments Print

In this article, let us focus on specific issues involved in Capital Gain tax exemption on the sale of inherited property. An attempt has been made to simplify the relevant provisions & legal decisions with the help of Illustrations.

Understanding section 56(2)(viib) of the Income Tax Act 1961

May 17, 2023 56715 Views 1 comment Print

Unlock the complexities of Income Tax Acts Section 56(2)(viib). Dive into the tax implications for closely-held companies issuing shares above fair market value. Explore applicability, covered transactions, tax incidence, fair valuation methods, and the legislation’s rationale. Stay compliant, understand the rules, and ensure transparent transactions.

AAR Locus Standi: Victory for Applicants or Pandora’s Box for Litigation?

May 17, 2023 1920 Views 0 comment Print

Explore the legal implications of the recent AAR Locus Standi dispute – Anmol Industries Ltd’s victory in the Calcutta High Court sets a precedent for applicants, emphasizing the need for a thorough understanding of GST laws. Uncover the case details, arguments, and the potential rise in litigation following this significant ruling.

Section 271B Penalty Sustained even where Books of Accounts Not Maintained at all

May 17, 2023 6825 Views 1 comment Print

Explore the ITAT Ranchi ruling on penalty imposition for non-audit of books, analyzing the distinction between maintenance and audit requirements under Sections 44AA and 44AB of the Income Tax Act.

How to deal with Special drive against fake GST registration?

May 17, 2023 25914 Views 1 comment Print

Learn how to navigate the Special Drive against fake GST registration from May 16 to July 15, 2023. Discover actions tax authorities may take, including suspension and cancellation of GST registration, blocking input tax credit, and more. Gain insights on precautions to safeguard your business, such as displaying GST registration certificates, maintaining proper documentation, and conducting due diligence before engaging in transactions. Stay informed and compliant with these guidelines.

Strengthening the GST System: Special Drive against Fake Registrations

May 17, 2023 1809 Views 0 comment Print

Goods and Services Tax (GST) system plays a pivotal role in streamlining indirect taxation in India, ensuring transparency and accountability. To further fortify the integrity of the GST framework, the GST Department has recently announced a Special All-India Drive against Fake Registrations.

Addition of sales reversal entry as unexplained expenditure is unjustified

May 17, 2023 1113 Views 0 comment Print

ITAT Kolkata held that addition of sales reversal entry alleging the same as unexplained expenditure is unjustified and unsustainable in law.

Penalty u/s 271(1)(c) not sustained as concealment or furnishing inaccurate particulars not proved

May 17, 2023 2202 Views 0 comment Print

ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.

2023 – International Year of Millets

May 17, 2023 1209 Views 0 comment Print

Explore the key takeaways from the Accelerating Growth of Integrated Agriculture Value Chains in Maharashtra event, focusing on Millets and Edible Oil Seeds. Understand the significance of millets, declared the International Year of Millets by the UN, and discover insights shared by agricultural experts.

FIR filed against Secretary of Red Cross not quashed as irregularities observed in order awarded to firm owned by his daughter

May 17, 2023 708 Views 0 comment Print

Punjab & Haryana High Court refused to quash the FIR filed against the Secretary of Red Cross as several irregularities committed in the process of awarding an order to the firm owned by the daughter of the Secretary.

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