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.
A Startup which is recognised by DIPP under para 2(iii) (a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) to section 56 of the Act for the shares already issued or proposed to be issued if the following conditions are fulfilled‑
It has been decided that the requirement of registration with the DARPAN Portal will be OPTIONAL for all NGO seeking FCRA Services. However, Associations/NGOs, which have already registered with the DARPAN Portal or those which are required to register under the DARPAN portal since they receive subsidies/grants/contribution from public funds, may still continue to quote their DARPAN.
Vide Board’s D.O. dated 16.07.2018 and various letters subsequently, the status of withdrawal of appeals from ITAT and HC in pursuance to the Circular was ascertained from each CCA region.
Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
Generally, GST is imposed on a supplier of goods and service at the time of receipt of payment. However, in some cases, an advance payment is first made by the recipient of the goods or/and service or both to the supplier. In this article, we will discuss the applicability of GST on advance payments. GST […]
IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Respected Sir, […]
ICAI Registration for Practical Training Assessment Test on February 3, 2018 The next practical training assessment test is being scheduled on February 3, 2018. The students who have completed their 1st/ 2nd year of practical training during the second, third and fourth quarter of 2018, i.e. April-June, 2018, July-September, 2018 and October-December, 2018 are eligible […]
The Goods and Service Tax (GST) is nothing but a single tax which combines all separate taxes in the central or state level. Before the advent of GST in the Indian economy, there were 17 different types of indirect taxes of central and state governments.
