PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) Petitioner, has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the value of the […]
Assessee is a corporation of the Chhattisgarh Government and has received subsidies for opening a mine. Assessee treated the said subsidy as ‘capital receipt’, however, department contended it to be ‘revenue receipt’.
Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from the date. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, […]
It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media. It is hereby clarified that the timetable in respect of the May 2019 CA examinations has not yet been finalized.
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new members into the fraternity.
When a supply of goods and/or services falls within the purview of charging section, such supply is chargeable to GST. However, for determining the liability to pay tax, one needs to further check whether such supply of goods and/or services are exempt from tax. Exempt supply has been defined as supply of any goods or […]
7-Member Group of Ministers (GoM) constituted for boosting the Real Estate Sector under the GST regime by providing a Composition Scheme for Residential Construction Units among others In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) for boosting the Real […]
GST (goods and Service Tax) was introduced as an indirect tax chargeable on all supply of goods and services. In addition to this, GST is also made applicable to the supply of service in relation to the construction of buildings. However, the applicability of GST is not on completed constructions. In this article, we discuss […]
As assessee had duly proved source of cash deposit in her bank account to be opening cash balance and gift from her parents, no addition could be made under section 68.
Since assessee had brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares were genuine and AO had brought nothing controverting material to deny the same, therefore, the long term capital gain (LTCG) on sale of shares of M/s. KAFL claimed as exempt by assessee could not be treated as bogus simply on the basis of some reports of investigation wing.
