Income Tax : Question - What is Krishi Kalyan Cess? Answer - An enabling provision is being made to levy Krishi Kalyan Cess on all taxable serv...
Goods and Services Tax : ♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax me...
Goods and Services Tax : This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies...
Corporate Law : a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure sys...
Goods and Services Tax : This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SG...
Income Tax : Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula pr...
Income Tax : ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in th...
Income Tax : It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the...
Income Tax : Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescr...
Income Tax : ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transf...
ITAT Ahmedabad held In the case of Lubrizol Advanced Materials India Pvt. Ltd. vs. DCIT that after the retrospective amendment to the second proviso to section 92C (2) by the Finance Act, 2012, there remains no ambiguity that the benefit of tolerance margin is available only when the variation
Calcutta High Court held In the case of CIT vs. Shri Shyamal Sarkar that there is a presumption in law that all official and judicial acts were regularly performed. In this case, this presumption is supported by the fact that the assessee had paid the fees of the auditor.
CA Deepak Aggarwal Report of the Joint Committee on Business Processes for GST Registration Processes in GST Regime ♣ All existing registered persons, whether with the Centre or State under any of the tax statues being subsumed in GST, would be allotted a GST registration number called Goods and Services Tax Identification Number (GSTIN) on […]
Calcutta High Court held In the case of CESC Ltd. vs. CIT that Section 43B of the Income Tax Act is attracted to a case where payment is to be made to the State Government in the capacity of the State as a sovereign and not to a case where payment is to be made to the State Government in its capacity
Calcutta High Court held In the case of Hutchison Telecom East Ltd. vs. CIT that the discount allowed to the distributors in respect of starter packs and recharge coupons for its prepaid services will be covered under commission or brokerage, liable to TDS u/s 194H.
ITAT Hyderabad held In the case of M/s. KNR Constructions Ltd. vs. DCIT that no such adverse inference however was drawn by the A.O. in the case of the concerned two sub-contractors and in the assessments completed under section 143(3) in their cases
Calcutta High Court held In the case of Duncan International Ltd. vs. CIT that Section 36 (2) (iii) allowed the assessee to claim the deduction on account of bad debts in subsequent years even if bad debts have written off in earlier years and which were not allowed.
Calcutta High Court held In the case of CIT vs. Mahesh Chandra Mantri that It is apparent from the language of the Section 2(22) (e) that before any payment can take the character of dividend within the meaning of the aforesaid provision it has to be shown that there were accumulated profits lying
ITAT Ahmedabad held In the case of The ACIT vs. Garden Silk Mills Ltd. that rejection of books of accounts should not be in a mechanical manner. The AO has to come to a definite conclusion that the accounts are not correct or not complete; consequently, it has distorted the true picture of profit.
ITAT Ahmedabad held In the case of ACIT vs. The Mehsana Urban Co-op. Bank Ltd. that intention of assessee at the time of purchase of securities is relevant factore to decide whether it is held for trading or investment .
