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Appeal cannot be dismissed merely because it was filed in Paper form

June 28, 2018 2973 Views 0 comment Print

Ld. AR has challenged the order of Ld. CIT(A) in not allowing hearing of appeal filed by the assessee merely on the basis of alleged default of not having filed electronically.

Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

June 28, 2018 3777 Views 0 comment Print

The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal

Exemption U/s. 11 cannot be denied for Mere collection of fees for water Testing

June 28, 2018 813 Views 0 comment Print

Institute of Health Systems Vs ITO (ITAT Hyderabad) Assessee’s activity comes within the purview of exceptions provided sub-section (15) of sub-clause (i) for the reason that the activity of the assessee is testing of the water quality, which monitors quality in reservoirs and slum areas, for that, assessee has charged some fee and almost the […]

Entities to report total foreign investments to RBI

June 28, 2018 2793 Views 0 comment Print

After SEBIs circular dated April 10, 2018 for monitoring foreign investment limits in listed Indian companies, RBI on June 7, 2018 issued notification in relation to reporting of foreign investment in Indian companies/ LLPs/ start up. RBI is to provide interface from June 28, 2018 to July 12, 2018.

DGFT disallows supplementary claim under Chapter 3 schemes

June 28, 2018 2094 Views 0 comment Print

Wherever any application for supplementary claim is received, within specified time limits, such application may also be considered after imposing a cut @2% on the entitlement. However, no supplementary claims for scrips under chapter 3 of the FTP 2015-20 would be admissible.

Allow Form TRAN-1 upload & ITC credit available during migration: HC

June 28, 2018 3870 Views 0 comment Print

If the petitioner applies within two weeks after receiving this judgment, the Nodal Officer will consider and take steps within a week thereafter. If the uploading of FORM GST TRAN-1 is not possible for reasons not attributable to the petitioner, the authority will also enable him to take credit of the input tax available at the time of migration.

Tax Evasion Cannot Be Presumed If Goods In Transit were Not Marketable

June 28, 2018 1668 Views 0 comment Print

Dept. t explanation for cancellation of e-suvidha declaration. Appellant replied that the goods being transported were Auto three wheelers fitted with BS III Engines and because sale thereof were prohibited by the judgment of Hon’ble Supreme Court and the goods which were being transported stood reduced to scrap and were not marketable, those were to be returned to be consigner. T

Government establishes NCLT, Jaipur Bench at Jaipur

June 28, 2018 3879 Views 0 comment Print

Central Government hereby establishes the National Company Law Tribunal, Jaipur Bench at Jaipur and for the said purpose further amends the notification of the Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st day of June, 2016, namely:—

Consultation paper on measures to enhance efficiency in polling methodology adopted for spot price determination of commodities

June 28, 2018 846 Views 0 comment Print

Consultation paper on measures to enhance efficiency in polling methodology adopted for spot price determination of commodities 1 Objective 1.1 The objective of this consultation paper is to seek comments / views from the public on measures to further enhance efficiency in the polling methodology adopted for determination of spot price for commodities. The availability […]

Corpus specific voluntary contributions received by trust not registered U/s. 12A/12AA not taxable

June 27, 2018 47454 Views 1 comment Print

ITO (Exemptions) Vs Serum Institute of India Research Foundation (ITAT Pune) Corpus donations received by the Trusts, which is not registered u/s.12A/12AA of the Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment the donations are given to the “Corpus of the Trust”. Provisions of section (24)(iia)/12(1)/11(1)(d)/35/56(2) are relevant for […]

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