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Share User Experience on GST- ACES: CBEC Chairman

January 13, 2018 864 Views 0 comment Print

Member (IT) had issued a letter dated 19th December 2017 on User Experience on GST- ACES and I had referred to the same in my weekly correspondence with you on 22nd December 2017. Your feedback on the user experience is very valuable.

Debarring Promoters from Bidding for their own Company under Bankruptcy Law

January 13, 2018 3810 Views 1 comment Print

While the Insolvency and the Bankruptcy Code, 2016 (Code) has been in existence for a year, which has been surfaced with certain controversies, nuances and issues and the same were fixed by the NCLT and the Court.

Text of Letter From 4 Senior SC Judges to to Chief Justice of India

January 13, 2018 2361 Views 0 comment Print

It is with great anguish and concern that we have thought it proper to address this letter to you so as to highlight certain judicial orders passed by thin Court which has adversely affected the overall functioning of the justice delivery system and the independence of the High Courts besides impacting the administrative functioning of the Office of the Honorable the Chief Justice of India.

Guidelines For Appointment of Trustees Under PFRDA (National Pension System Trust) Regulations, 2015

January 12, 2018 753 Views 0 comment Print

Guidelines For Appointment of Trustees Under PFRDA (National Pension System Trust) Regulations, 2015 issued to clarify Regulation 5, 7, and 10, pertaining to appointment and tenure of trustees and shall be in force and effect, until modified or superseded by any other guidelines issued by the Authority.

Sharp increase in prosecutions of tax evaders by Income Tax Department

January 12, 2018 1956 Views 0 comment Print

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders.

Imposition of penalty U/s. 271(1)(c) on defective show cause notice without specifying charge against assessee cannot be sustained

January 12, 2018 3798 Views 0 comment Print

These are appeals by the Assessee against three orders all dated 13.06.2016 of C.I.T.(A)-I, Kolkata relating to A.Y. 2006-07 to 2008-09.

No penalty for disclosure of agricultural income from Ancestral Property in HUF

January 12, 2018 3261 Views 1 comment Print

Indore bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed by the Assessing Officer (AO) by considering the fact that the assessee conceded the transaction of Sale of Agricultural Land in the hands of his Hindu Undivided Family (HUF).

Central Excise Duty paid in Cash Eligible for Deduction

January 12, 2018 1368 Views 0 comment Print

We are unable to approve the findings of Ld. CIT(A). Whether the payment is in cash or by way of cheque, the Central Excise amount paid would be eligible for deduction, out of the receipts of the business concern.

Income from Sub-Letting of Property is not Assessable as House Property Income

January 12, 2018 4869 Views 0 comment Print

ITO. Vs. M/s Batram Properties Pvt. Ltd. (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is […]

IRDA (Insurance Brokers) Regulations, 2018

January 12, 2018 32919 Views 1 comment Print

(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018. (2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2013 with effect from such date.

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