Extension of last date for filing IT returns Government has recently changed Form 16 and Form 24 Q to bring more disclosures. In order to enable pre-filling of return of income of salaried taxpayers, the Government has amended Form No. 16 (certificate for tax deduction) and Form No. 24Q (quarterly statement of tax deducted) vide […]
Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 201, Bill to be introduced in ensuing session of Parliament The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The banning of Unregulated Deposit […]
–Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 is a Dispute Resolution cum Amnesty Scheme for legacy cases of Central Excise, Service Tax and Cess. –GST has just completed two years. An area that concerns me is that we have huge pending litigations from pre-GST regime. More than Rs. 3.75 lakh crore is blocked in litigations […]
Assessee was in the business of development of real estate projects and letting of property was not the exclusive business of assessee, therefore, the rental income earned by assessee was rightly treated as income under the head ‘House Property’ instead of ‘business income’.
Expenses on medical camps organized with tea and snacks, ball pens, purchased for distribution to Doctors and Hospitals, with logo of the assessee company, organizing cardiac camps, Doctors meetings for various products for awareness of their product were only on account of business promotion expenses which were allowable under the provisions of section 37 the I.T. Act.
Assessee’s claim for exemption under section 10(38) on long-term capital gain on sale of shares could not be held as bogus on the ground of information from Investigation Wing in case assessee had filed evidences like transaction statement of stock broker, contract notes transactions statement of Demat acount, statement of account from brokers, and bank statement, etc., to prove genuineness of transactions of purchase and sale of shares.
Amount paid to foreign lawyer by assessee for representing its case before foreign court was not taxable as fees for technical services (FTS) in India as legal services could not be treated as FTS as it was a professional services which was outside the scope of Section 9(1)(vii).
The modestly ‘Educated Youth’ are mainly struggling with ‘Unemployment Problem’. Thus, there is an immense & immediate need to explore the hidden & disguised opportunities for creating new avenues having scope for engaging the educated youth, without any burden on Government Exchequer. Similar to that of the professions like the “Income Tax Practitioner” under Income […]
Where there was an option under Rule 11UA(2) to determine the FMV by either the ‘DCF Method’ or the ‘NAV Method’, AO had no jurisdiction to discard the valuation report of the CA mainly on the ground that valuation of equity shares carried out by assessee was based on projection of revenue which did not match with the actual revenues of the subsequent years. Moreover, top and independent investors had invested in assessee’s start-up proved that the FMV as determined by assessee was proper.
While on search nothing adverse was found so as to prove that documents filed during original assessment proceedings were false or untrue, AO on same set of material could not take a different view than already taken at the time of original assessment merely because a search had taken place.
