Penalty u/s 271D and 271 E was leviable as there was absolutely no genuinity or bonafideness in the transaction done between the promoter/ director and assessee- company.
C.I.T. Bombay Vs Tasgaon Taluka S.S.K.Ltd. (Supreme Court of India) Conclusion: AO was directed while determining sugarcane purchase price paid to the cane growers by the assessee-society to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price were decided and to determine what amount […]
M/s. Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai) Conclusion: Since assessee had set up the business by acquiring land and obtaining approval for construction of mall and residential complex although the mall had not commenced business till the end of the relevant previous year, therefore, assessee had rightly charged the general overhead expenses […]
ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata) Conclusion: Since assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by filing sufficient evidences and accordingly, the onus shifted to AO to disprove the materials placed before him and as AO failed to do so, addition of share […]
Web hosting charges are not in the nature of royalty and accordingly not covered within the scope of Explanation 2 (iva) of section 9(1)(vi)
Deduction of interest u/s 24B allowable when loan borrowed to repay previous loan taken for the construction of residential unit.
As intention of assessee to continue the business was clear, business expenditure including, depreciation as claimed by the assessee could not be disallowed due to temporary restrictions.
This paper analyses the 2018 amendment which introduces ‘beneficial ownership rules’ and introduces ‘significant’ beneficial ownership in India. However, since it is recent, there is a lot of scope to determine how it should be interpreted, in a manner that should fall within the object of the 2017 amendment, which is to curb money laundering. The paper also assesses its impact on corporate layering and tax avoidance strategies used by companies. The introduction of the amendment changes certain ‘tax planning’ strategies to ‘tax avoidance’, which the paper will also scrutinize. The paper would ultimately like to offer a more ‘universal’ approach in tax matters, as opposed to the traditional ‘single entity’ approach that is usually followed while piercing the corporate veil.
The Chairperson, Lokpal, Sh. Justice P. C. Ghose administered the oath of office to the following Members of Lokpal at a function organised here today: 1. Sh. Justice Dilip Babasaheb Bhosale 2. Sh. Justice Pradeep Kumar Mohanty 3. Smt. Justice Abhilasha Kumari 4. Sh. Justice Ajay Kumar Tripathi 5. Sh. Dinesh Kumar Jain 6. Smt. […]
Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business.
