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Standard Operating Procedure (SOP) for handling MahaRERA complaints

July 17, 2018 8472 Views 0 comment Print

MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY No. MahaRERA/Secy./File No.27/692 /2018 Date: 17th July, 2018 MahaRERA Circular No: 18/2018 Subject: Standard Operating Procedure (SOP) for handling complaints Whereas Maharashtra Real Estate Regulatory Authority (MahaRERA) had issued Circular No: 09/2017 dated 24th July 2017, laying down SOP for handling complaints against registered projects and for Source Information of […]

Mutual Agreement between India & Qatar via exchange of letters notified

July 17, 2018 3177 Views 0 comment Print

S.O. 3468(E).— Whereas, the Agreement between the Government of the Republic of India and the Government of the State of Qatar for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as the “DTAA” )was signed on the 7th April, 1999; Whereas, clause (ii) of para 3 of Article 11 of DTTA provides for the mutual agreement for granting exemption from tax on interest derived and beneficially owned by governmental financial institutions/agencies;

ICAI’s 121 Suggestions on GST Law submitted to Government

July 17, 2018 11037 Views 3 comments Print

ICAI has submitted 121 suggestions on various topics under GST to  Union Minister of Finance, Shri Shri Piyush Goyal which includes suggestions on General Issues, Definitions,  Classification And Exemption, Scope Of Supply, Composite And Mixed Supply, Composition Levy, Time & Value Of Supply, Input Tax Credit, Registration, Tax Invoice, Accounts & Records, Returns, Payments, Refunds, […]

SEBI extends time limit for RTAs to send letters seeking PAN & bank details

July 16, 2018 1686 Views 0 comment Print

SEBI, vide circular No. SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20,2018, inter-alia, mandated RTAs to send a letter under Registered / Speed post seeking PAN and bank details within 90 days of the said circular and two reminders thereof after the gap of 30 days.

Withdraw appeals consequent to CBDT Circular No. 3/2018

July 16, 2018 22785 Views 0 comment Print

CBDT has issued Circular No. 3/2018 dated 11.07.2018 enhancing the monetary limits for filing SLPs/appeals before Supreme Court, High Courts and ITAT. Consequently, SLPs/appeals pending before these fora which are covered by the said Circular are required to be withdrawn/not pressed on priority so that the Department can focus on high value litigations.

No addition for jewellery found within CBDT circular prescribed limit

July 16, 2018 3495 Views 0 comment Print

Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in the first instance, […]

Penalty U/s. 271(1)(c) invalid if Not specifically mentioned in assessment order as to which limb penalty was imposed

July 16, 2018 7206 Views 1 comment Print

As neither the assessment order nor the show cause notice stated the specific charge of alleged concealment and/or furnishing of inaccurate particulars of income vis-a-vis addition made by AO, entire penalty proceedings under Section 271(1)(c) were vitiated.

Water-logged land adjacent to agricultural land will be treated as agricultural land

July 16, 2018 1029 Views 0 comment Print

CIT Vs Shri. Shaji thomas (Kerala High Court) Assessing Officer had accepted the fact that 97.60 Ares of land sold by the assessee is agricultural land. In fact, the said finding was also on proof of specific agricultural operations having been undertaken in the said The adjacent land which is lying as Kayal land and […]

AO cannot determine fair rent on the basis of extraneous consideration

July 16, 2018 2463 Views 0 comment Print

Vidya Education Vs ITO (ITAT Delhi) The operative words in Section 23(1)(a) are the sum, for which, the property might reasonably be expected to let from year to year. These words provide a specific direction to the Revenue for determining the fair rent. The A.O. having regard to the aforesaid provisions is expected to make […]

Addition for Bogus long-term gains from penny stocks cannot be made merely on suspicion

July 16, 2018 2316 Views 0 comment Print

Pramod Kumar Lodha Vs ITO (ITAT Jaipur) Decision of the AO holding the transaction as bogus and denying the claim of long term capital gain under section 10(38) of the Act is based on suspicion without any material evidence to controvert or disprove the evidence produced by the assessee. The enquiry conducted by the ITO […]

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