CBIC notifies Central Goods and Services Tax (Second Amendment) Rules, 2019 vide Notification No. 16/2019—Central Tax dated 29th March, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 16/2019—Central Tax New Delhi, the 29th March, 2019 G.S.R.294(E). – In exercise of the powers conferred by […]
rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring Ist April, 2019 and ending on 30th June, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19.
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.
