Where the intention of assessee for purchase of the land was for resale and within a short period of time though the sale was only to the companies of which the assessee was a director, it was apparent that assessee was acting as an interface to purchase the lands from the land owners and then converted in non-agricultural use and sold to these companies who were in the business of real estate. Hence, properties sold were not excluded from the meaning of capital asset, as they were not agricultural land as defined by section 2(14).
Where the exemption claimed under section 11 and 12 has been denied by the Assessing officer, what can be brought to tax is the net income in the hands of the assessee trust and not the gross receipts.
Important changes carried out in the Master Direction in accordance with the aforementioned amendments are listed hereunder: a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Section 16 of the amended MD on KYC)
The Special Judge, CBI Cases, Jodhpur (Rajasthan) has sentenced Sh. Mukesh Kumar Meena, then Inspector of Income Tax, Jodhpur to undergo four years Rigorous Imprisonment with fine of Rs. 20,000/- in a bribery case.
Goods and Services Tax Network (GSTN) has released a web-based prototype of the offline tool of new return system. These new GST Returns will replace GSTR-3B, GSTR-1. These newly proposed prototype are user-friendly and will provide all details such as invoice upload, upload of purchase register for matching with a system-created inward supplies. Frequency of […]
Commissioner of Commercial Taxes Vs Ms Aswini Homeo Pharmacy (Supreme Court) The fact that the respondent is using the Homeopathic Pharmacopoeia referred to earlier in manufacturing of the hair oil has not been traversed by the appellant. Neither has the Commissioner dealt with that contention of the respondent nor was such a plea taken before […]
The real estate and infrastructure sectors are the backbone of any successful economy. In order to provide impetus to these sectors, the government introduced the concept of REITs and InvITs in India. REITs and InvITs have been creating quite a buzz in recent times, especially because of the first ever listing of REIT in India. In this backdrop, we present our article on why we believe that the REITs and InvITs may be the next superstars in India.
CIT Vs. State Bank of India (Bombay High Court) Whether on the facts and circumstances of the case, the Tribunal was correct in law, in admitting the additional ground of appeal when the assessee had not raised this issue before the Assessment Officer or the Commissioner of Income Tax (Appeals) ? Tribunal has jurisdiction to […]
Bombay Chartered Accountants’ Society has made a Representation on ‘Suggestions for Amendments in the Income Tax Act’, on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India.
GST on goods supplied to and from Duty Free Shops is rightly conferred and the claims of any accumulated unutilized ITC are refundable to respondent.
