Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO.
Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendment.
No necessity for Department to have launched prosecution hurriedly when the case was pending before lower authorities as the law of limitation under Section 468 Cr.P.C. for criminal prosecution had been excluded by the Economic Offences (Inapplicability of Limitation) Act, 1974.
Date of conversion of capital asset into stock-in-trade shall be determined either on the basis of entry passed in the books of account of the assessee or the intention of the assessee to exploit the capital asset into stock-in-trade for its business purpose.
Notwithstanding the last date of linking of Aadhaar number with PAN being extended to 30.09.2019 in para 1 above, it is also made clear in Circular No. 6 of 2019 that w.e.f. 01st of April, 2019, it is mandatory to quote Aadhaar number while filing the return of income as required under Section 139AA(1)(ii)
DCIT Vs PPFAS Asset Management Pvt. Ltd. (ITAT Mumbai) As SEBI approval mandatory is to commence business, assessee admissible to claim business expenses only after obtaining the necessary approval. Since commencement of business require SEBI approval, expenses claimed post approval would qualify as business expense. Facts – The assessee was incorporated on 08.08.2011 as a […]
CBIC issues 23 notifications / Orders on 29th March 2019 which related to new rate of CGST in the real estate (residential unit). Notifications relates to Rate of Tax payable on Real Estate Sector Services and Goods, Applicability of Reverse Charge Mechanism on Real Estate Goods and Services and also Applicability of Reverse Charge Mechanism […]
Once an asset was part of the block of assets and depreciation was granted on that block, it could not be denied in its subsequent year on the ground that one of the assets was not used by assessee in some of years.
Introduction The Goods and Services Tax was introduced in July 2017 across nation and since its implementation it has not been less than a roller coaster ride for the assesses, practitioners and consultants. Within a few months of its implementation, there was a flood of amendment notifications from the Government and the people across nation […]
The stakeholders may note that Ind AS 116, Leases shall be applicable with effect from 01st April, 2019 and necessary notification for the same shall be issued in due course after complying with the necessary procedure.
