CA Saurabh Chokhra - Page 4

Place of Supply Rules – Draft GST law- Case Studies

Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions...

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Sales accepted in supplier books cannot be bogus purchase of buyer

ACIT vs. M/s Jaybharat Textiles & Real Estate Ltd. ( ITAT Mumbai)

ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments are made to suppliers throug...

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Direct cash deposit in suppliers bank a/c not attract disallowance u/s 40A (3)

Bolkunda Pachwai & (S) C.S. Shop vs. Income-tax Officer (ITAT Kolkata)

ITAT Kolkata held that the consequence, which were to be fall on account of non-observation of section 40A(3) must have nexus to the failure of object of introducing of the provision. Therefore, no disallowance can be made if the transactions do not defeat the object of Sec 40A(3) in as much as there genuiness is not challenged and they ...

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Income from letting out assessable as business income if such letting out is assessee’s primary business object

DCIT vs. M/s. Alexandria Knowledge Park Pvt. Ltd. (ITAT Hyderabad)

When the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to tenants still the assessee’s income will be assessable as business income....

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Assessment proceedings invalid against company which got amalgamated with other company on a date prior to search

CIT vs. Indu Surveyors & Loss Assessors P. Ltd. (Delhi High Court)

High court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even on the date of search, no notice as a result of search can ...

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Surplus/Savings arising on prepayment of deferred sales tax not taxable u/s (iv)

Grindwell Norton Ltd. vs. Addl. CIT (ITAT Mumbai)

The ITAT Mumbai in the above cited case held that the surplus/savings arising on prepayment of deferred cannot be taxed u/s 28(iv) as by making prepayment of a future liabity at present value no monetary benefit arises to assessee as the savings it made by prepayment would get set off against the interest it loses by making prepayment....

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University not wholly or substantially financed by govt not eligible for exemption u/s 10(23)(iiiab)

Visvesvaraya Technological University Vs ACIT (Supreme court of India)

Honorable ble Supreme court held that Visveswaraiah Technological University being not wholly or substantially financed by government is not entitled to claim exemption u/s 10(23)(iiiab). Further, the fees collected by the University as per prescribed govt. norms cannot be said to finance provided by govt. Therefore, assistance by govt. ...

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Cost of amenities paid under unregistered agreement forms part of cost of acquisition of flat

Smt. Rashmi M. Dhanani vs. ITO ( ITAT Mumbai)

ITAT Mumbai held that the cost of acquisition of flat shall include the cost of amenities even when the agreement requiring the flat purchaser to pay such cost is not registered and no stamp duty paid on amenities cost. ...

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Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

The DCIT Circle-2 Vs Shri Mahender Kumar Bader (ITAT Jaipur)

The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the security is stock in trade...

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High frequency & volume in share deals with short holding period is trading activity

Pine Tree Finserve Pvt. Ltd. vs. CIT (Bombay HC): IT Appeal No.- 2242 OF 2013

Bombay HC in the above cited case held that when the assessee’s volume of purchasing and selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless assessee provide a sound reasoning that why transactions should not be...

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