India and the UK sign Comprehensive Economic and Trade Agreement (CETA), eliminating 99% tariffs on Indian exports and easing professional mobility for stronger bilateral trade.
Delhi High Court held that fine imposed for non-furnishing of financial documents on directors of the company is justifiable, however, compounding fine amount reduced from Rs. 1.50 Lakhs to Rs. 1 Lakhs due to severe financial difficulty faced by the directors.
Assessee-trust registered under Sections 12A and 80G had filed its return of income for Assessment Year (AY) 2017-18 declaring nil income. The return was processed under Section 143(1), and the case was selected for scrutiny under CASS.
Depreciation claim under Section 32 was allowable on actual cost of assets which the assessee paid to the erstwhile partners for taking over from a dissolved firm. It did not matter if the partners were from the same family, as the Act did not make any such distinction.
Assessee claimed deduction under section 54F on the basis that the long-term capital gain earned from the transfer of tenancy/possessory rights was invested for the purchase of a residential flat.
Madras High Court directed petitioner to deposit 15% of the disputed tax amount and granted time to furnish reply to the GST show cause notice. Accordingly, writ petition disposed of.
Delhi High Court held that in absence of transfer of title or sale of property, no incidence of tax can be invoked. Accordingly, addition u/s. 68 on account of sale not justifiable in absence of any transfer. Hence, appeal of revenue dismissed.
CBIC appoints Principal Commissioner of Customs, ICD Tughlakabad, as common adjudicating authority for multiple customs show cause notices against Angus Dundee India Pvt. Ltd.
Madras High Court held that Input Tax Credit which is barred by limitation in terms of section 16(4) of the Central Goods and Services Tax Act, 2017 is available in case the same is within period prescribed in terms of section 16(5) of the Act.
Respondent/Assessee is a limited company. Original assessment order was passed on 31.08.2006. The assessment was reopened and was completed u/s. 143(3) r.w.s 147 of the Act on 30.12.2009 qua computation of capital gains regarding assessee’s sale of its land and building.
