Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.
The unprecedented lockdown of the Indian economy in the wake of Covid-19 has impacted livelihoods and businesses across the country. Despite several measures by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual […]
It was possible for the respondent to raise submissions that arbitration pertaining to each of the agreements be considered and dealt with separately. It was also possible for him to contend that in respect of the agreement where the venue was agreed to be at Kolkata, the arbitration proceedings be conducted accordingly.
Sama Om Reddy Vs ITO (ITAT Hyderabad) Ld.Counsel for the assessee had reiterated the submissions made by the assessee before the AO and has submitted that by virtue of the Agreement of Sale cum GPA and handing over of the possession, the assessee had transferred the property in favour of the Vendee/GPA-holder, Shri A.Manikyam. It […]
In view of disruptions on account of COVID-19 pandemic, it has been decided by RBI to extend the timelines for submission of regulatory returns which can be submitted with a delay of a maximum of 30 days from the due date.
Tokenisation refers to replacement of actual card details with an alternate code called the token, which shall be unique for a combination of card, token requestor and device (referred hereafter as identified device).
In the Press Release held on 24th of March, 2020 the Finance Minister, Nirmala Sitharaman announced many relaxations in the wake of surging outbreak of Covid-19 and considering the extended situation of lockdown in the Country.
Rahul Sharma Vs Samsonite India (NAA) The present Report dated 24.09.2019 has been received from the Applicant No. 2 i.e. the Director General of Anti-Profiteering (DGAP) after detailed investigation under Rule 129 (6) of the Central Goods & Service Tax (CGST) Rules, 2017. The brief facts of the case are that an application dated 30.07.2018 […]
Timeline for compliance with the maximum limits for investment in unlisted NCDs (as issued vide SEBI Circulars dated October 01, 2019 and March 23, 2020) as 15% and 10% of the debt portfolio of the scheme is extended to September 30, 2020 and December 31, 2020 respectively.
In our opinion, this action of the respondents is also violative of Art.14,19,265 and 300-A of the Constitution of India. The respondents cannot be permitted to take advantage of their own negligence, assuming that the Demand drafts handed over by the petitioner, were not presented and encashed by the respondents.
