Where assessee utilized only a small part of eligilble FSI remaining part was sold, then assessee was not entitled deduction under section 80IB. In respect profits assessee for sale of unutilized part.
Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of […]
The department has received representations from trade, stating difficulties in obtaining e-CST declarations/certiticates for period 2016-17 due to incorrect entries filed by dealer while filing annual returns u/s 20(4)(b) of MVAT Act, 2002.The present e-CST module in MAHAGST portal is modified to address above mentioned issue
Central Government hereby notifies Indian commodity Exchange Limited as a ‘recognised association’ for the purpose section 43(5)(e)(iii) with effect from 01.11.2018 subject to fulfillment of conditions specified in Notification No. 76/2018 dated 31st of October, 2018. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st of October, […]
the Tribunal had held that absence of TRC cannot be a ground for denying the benefit of DTAA. It has only held that the assessee should furnish evidence for the claim of exemption.
Further, the remuneration paid to managing director in the previous year cannot be a criterion for invoking the provisions of section 40A(2) of the Act as the assessee’s turnover stood at ₹ 283 lakhs as compared to ₹ 99 lakhs in immediately previous year. This has resulted into rise of 185% in turnover.
Ramesh A. Radhakrishnan Vs ACIT (ITAT Mumbai) We find that the expression used is ‘held’ as against ‘acquired’ or ‘purchased’ as used in other Sections like section 54 / 54F which shows that legislatures were conscious while making use of this expression. The expressions like ‘owned’ / ‘acquired’ has not been used for the purpose […]
DCIT Vs. Salasar Dwellers Pvt. Ltd. (ITAT Mumbai) Satisfaction in the case is not recorded by the AO of the searched party, which is a pre-condition for invoking jurisdiction u/s 153C of the Act and hence, the assessment framed u/s 153C read with Section u/s 143(3) of the Act is bad in law. FULL TEXT […]
While computing capital gain on sale of shares kept under Portfolio Management Scheme (PMS), assessee could not claim deduction of PMS fee as the same neither fell under the category of transfer fee, nor under the category of cost of acquisition/improvement.
Krishna Enterprises Vs State of U.P. & Ors. (Allahabad High Court) Heard Shri Aditya Pandey, learned counsel for the petitioner and the learned Standing Counsel on behalf of the State-respondents. The goods of the petitioner under transportation along with the vehicle have been seized vide order dated 08.05.2018 passed under Section 129(1) of UP GST […]
