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Re-Assessment under Wealth Tax Act without supplying reason for same is invalid

October 23, 2017 2574 Views 0 comment Print

Briefly the facts of the case as noted in the assessment order are that in this case assessment for A.Y. 2006-2007 has been reopened after recording satisfaction and obtaining approval of Addl. CIT, Range-25, New Delhi, under section 17 of the Wealth Tax Act.

Income from Leasing of Retail Space in Mall is Taxable as ‘Income from House Property’

October 23, 2017 5556 Views 0 comment Print

Select Infrastructure Pvt. Ltd Vs. Addl. CIT (ITAT Delhi) Here in this case, qua the retail space, the assessee was not carrying on any systematic or organized activity of providing service to the occupiers of the shops, albeit other service charges pertaining to the common maintenance, event and advertising, parking fees, etc., has been offered […]

Non-compliance of Sanitary and Phyto-Sanitary measures by Indian Exporters/Importers

October 23, 2017 840 Views 0 comment Print

Department of Agriculture, Co-operation and Farmers’ welfare has brought to the notice of this Directorate about various instances of non-compliance of Sanitary/ Phyto-sanitary measures by Indian Exporters while exporting goods. Importing Countries have been making complaints against Indian exporters, which amounts to disrepute to the image of the country and that can adversely impact the interest of other exporters as well as of country as a whole.

MGST: 0.05% Tax Rate on intra-State supply of taxable goods for export

October 23, 2017 2166 Views 1 comment Print

Prescribe the State Tax rate of 0.05 percent for intra-state supply of taxable goods by a registered supplier to a registered recipient for export- Notification No. 40/2017-State Tax (Rate)

Embezzlement Loss due to Fund Siphoning by Employees is Business Loss

October 21, 2017 6000 Views 0 comment Print

This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) -17, Mumbai dated 29.01.2015 for the Assessment Year 2010-11.

Merit not required to be considered in compounding application; Compounding can be rejected for repeat of offence

October 21, 2017 1977 Views 0 comment Print

Ptitioner has vehemently submitted that in present case compounding application of the petitioner has been rejected solely on the ground that it is not the first offence of petitioner.

CBEC refunded Rs. 132 Crore out of 753 Crore of IGST paid on July exports

October 20, 2017 678 Views 0 comment Print

Out of a total claim of Rs. 753 Crore of IGST paid on exports made in July 2017, the refund amount sanctioned so far has touched Rs. 132 Crore within a span of 10 days. Board is according utmost priority to early sanction of the remaining refund claims

Depreciation has to be taken into account for computing profits eligible for deduction U/s. 80-IA

October 19, 2017 3858 Views 0 comment Print

The assessees/appellants want 100% deduction, without taking into consideration depreciation which they want to utilise in the subsequent years. This would be anathema to the scheme under Section 80-IA of the Act which is linked to profits and if the contention of the assessees is accepted, it would allow them to inflate the profits linked incentives provided under Section 80-IA of the Act which cannot be permitted.

Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

October 18, 2017 2052 Views 0 comment Print

This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07.

MGST: GST reduced to 5% on Pushtaahar supplied to economically weaker section

October 18, 2017 660 Views 0 comment Print

No. MGST.1017/CR-187/Taxation-1.—In exercise of the power conferred by the sub-section (1) of section 9 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017), the Government of Maharashtra, on the recommendations of the Council

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