Central Board of Direct Taxes had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of section 56(2)(viia) of the Income-tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specified company or firm as result of fresh issuance of shares including by way of bonus shares, rights shares and preference shares or transactions of similar nature by the specified company.
In order to give fillip to digital funds movement , RBI vide its circular on’ National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems- Waiver of charges ‘ dated 11.06.2019, has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by RBI for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system would be waived by the Reserve Bank of India .
Fake Insurance Policies The Insurance Regulatory and Development Authority of India (IRDAI) has informed that as per the information provided by various insurers, the year-wise break-up of fake motor policies is as under: Fraud Monitoring Analysis – Data pertaining to fake Motor Policies Financial Year No. Amt. (Rs. in lakhs) FY 2016-17 498 3374.41 FY 2017-18 […]
Steps taken to expedite and enable resolution of NPAs and recovery from NPA accounts, include, inter-alia, the following: (1) The Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted, which has provided for taking over the management of the affairs of the corporate debtor at the outset of the corporate insolvency resolution process.
Luthra & Luthra Law Offices Vs ACIT (ITAT Delhi) Hon’ble Delhi High Court in the case of Vaish Associates held that the partners were entitled to annual salary equivalent with percentage of profit multiplied by the allocable profit calculated as per the provisions of section 40(b)(v) of the Act. In the instant case also remuneration […]
M/s. United Investments Vs ACIT (ITAT Kolkata) In this case the assessee had incurred loss on sale of shares after paying STT & these shares were held on investment a/c for period more than 12 months. The assessee claimed that the loss incurred was to be assessed under the head ‘capital gains’ and its set […]
The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction.
Pyaribai K Jain Vs Addl. CIT (ITAT Mumbai) Leasehold right allotted against right of agricultural land cannot be considered as agricultural land and, therefore, profit on transfer of such leasehold right was taxable under the head ‘capital gains’, however, Assessing Officer was not correct in not allowing cost of acquisition to assessee while computing long-term […]
Shri. Arun Jaitley Today, the Goods and Services Tax regime enters its third year. The monumental restructuring of one of the world’s clumsiest indirect tax system was not an easy task. The challenges to implement the GST were compounded by some outlandish and exaggerated comments of the not so well-informed. It would, therefore, be only […]
The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & Audit) Rules, 2014. However, due to certain technical issues, the new Taxonomy and the Validation Tool are yet to be made ready and as a result the MCA is yet to notify the changes that are required especially in connection with changes due to implementation of GST.
