whether sale of industrial unit as a whole as a continuing business with land, building, plant, machinery and all equipment as a going business with assets and liabilities taxable under section 50B as slump sale or not?
Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)
With the objective to enhance the security-level in data submission and further improve the data quality, the present email-based reporting system for submission of the FLA return will be replaced by the web-based system online reporting portal.
Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under section 54B […]
First of all, let us have a look at the Section 17(1)(a) of Consumer Protection Act, 1986 which read as ‘(a) to entertain – (i) complaints where the value of goods or services and compensation, if any, claimed exceeds rupees twenty lakhs but does not exceed rupees one crore; and (ii) appeals against the order […]
The unregulated real estate sector came to be regulated by The Real Estate (Regulation And Development) Act, 2016 (RERA). RERA enacted for regulation and promotion of the real estate sector. Further, to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent […]
Taxpayers could have amended their invoices, reported in Form GSTR 1, pertaining to the financial year 2017-18, till the due date of filing of Form GSTR 1 of March, 2019. Since, due date of filing of Form GSTR 1, for the month of March, 2019 has already passed, no amendments in invoices reported in Form GSTR 1 pertaining to the financial year 2017-18, could be made now.
Where assessee had duly substantiated that it had earned a profit from commodities transactions along with complete details supporting the same, AO was not justified in treating the commodity transactions a fictitious arrangement with its associate concerns and adding the income as an unexplained cash credit under Sec.68.
ACIT Vs Shri Rohit Kochar (ITAT Delhi) Disallowance under Section 36(1)(iii) of interest expenses not justified on failure to prove direct nexus between interest bearing funds and interest-free advances Conclusion: Disallowance under section 36(1)(iii) was not justified as Revenue had failed to establish any nexus between the interest bearing funds and interest free advances made […]
Enhancement of assessee’s income on account of difference between the purchase price of the shares of NDTV limited at Rs 4 per share and the market price of those shares quoted on recognized stock exchange at Rs. 140 per share was a benefit taxable u/s 56 (2)( vii) as assessee could not justify that there was no motive of tax evasion in the same.
