CA Saurabh Chokhra's Posts - Page 3

6 Quick thoughts on revised Model GST Law

Simple definition of capital goods has been given in revised draft which states that capital goods means goods, value of which is capitalized in books of accounts of person claiming credit and which are used or intended to be used in course or furtherance of business....

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Section 54F exemption not allowed for unutilised amount not deposited in specified bank account

Humayun Suleman Merchant Vs CCIT (Bombay High Court)

The Honble Bombay HC in the above stated case held that when the wordings of law are quite clear then law should be applied in its letter and no space could be made for logical or beneficial or constructive interpretation....

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Rental Income from business of leasing out house properties taxable as business income

M/s Rayala Corporation Pvt. Ltd. vs. ACIT (Supreme Court)

SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property...

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Retrospective amendment in expl. 5A to Sec 271(1)(c) not applicable if original return filed before Finance Act comes into force

Nukala Ramakrishna, Eluru Vs DCIT (ITAT Visakhapatnam)

Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which rece...

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Guarantee commission allowable as Revenue expense

Haryana State Road & Bridges Development Corporation Ltd. Vs Commissioner of Income Tax (Punjab and Haryana High Court)

P&H HC held that guarantee commission by itself does not bring into existence any asset of an enduring nature. Therefore, guarantee commission is allowable as revenue expenditure....

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Section 80IA Incidental income of telecom business, eligible for deduction

Pr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi High Court)

Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business...

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No infringement of copyright on Photocopy of copyrighted study material for educational activities

The Chancellor, Masters & Scholars of The University Of Oxford & Ors. Vs. Rameshwari Photocopy Services & Anr. (Delhi High Court)

HC held that photocopying the selected or even substantial parts of purchased books by the University to be used by the students and teachers in educational activity shall not be infringement of copyright as per Sec 52(1)(i)....

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Information which is otherwise available in public domain cannot be considered as confidential

M/s. Stellar Information Technology Private Ltd Vs. Mr Rakesh Kumar & Ors (Delhi High Court)

Delhi HC in the above cited case held that an employee cannot be restrained from competing with its former employer provided he/she is not using the confidential information of employer....

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Failure of CA to investigate transactions in depth is gross negligence in performing professional duties

Delhi HC held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. Thus, non-checking of the same would be gross negligence on his part while performing professional duties.Accordingly, he is liable to face the charge of professional misconduct under cla...

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Every act of a CA cannot be termed as act in professional capacity

Council of the Institute of Chartered Accountants of India vs. Gurvinder Singh (Delhi High Court)

A CA may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act Similarly , in the instant case , the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by...

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September 2020