Ashutosh Gupta & Gaurav Rana Supreme Court provided a window of two month from the order to the applicants/homebuyers to approach the NCLT after complying the first or second proviso to Sub-Section 1 to Section 7 of the IBC. The Supreme Court on Tuesday in batch matters lead by Manish Kumar Vs UOI WP(C) No. […]
In this article I wish to give some suggestions to the Finance Minister to make the taxation of capital gain more rational by removing some anomalies. Here are my suggestions. Rebate available under Section 87 A for capital gains Section 87 A allows a resident Individual a tax rebate tax upto Rs. 12,500/- if his […]
The Hon’ble AAR Tamil Nadu in the matter of M/s Thirumalai Chemicals Ltd. [Order No. 41/AAR/2020 dated December 18, 2020] has held that in case of valuation of supply between distinct persons, any of the following three methods can be adopted as per Rule 28 of the CGST Rules, 2017 (“CGST Rules”): Open Market Value […]
Process for conducting of Board Meeting through video conferencing The Companies Fresh Start Scheme. 2020 {CFSS-2020}, operationalized vide General circular no. 12/2020 dated 30.03.2020 and extended vide General Circular Number 30/2020 dated 28.09.2020 is no longer applicable on various filings under Companies Act, 2013. Now, CFSS – 2020 has been extended till 31.03.2021 but the […]
The Hon’ble Bombay High Court in AJE India Private Limited v. Union of India and Ors. [Writ Petition (ST.) No. 97165 of 2020 decided on December 22, 2020] has stayed the order wherein assessee’s bank accounts were provisionally attached for recovering alleged tax dues, and held that, merely because there is a proceeding under Section […]
In this article I am taking two inter related definitions for discussion. Central Goods and Services Tax Act, 2017 specifically defines ‘address of delivery’ and ‘address on record’ under sub-section (2) & (3), respectively, of section 2. It is worth to mention that none of the said term was defined in the Central Excise Act, 1944, Customs Act, 1962, The Finance Act, 1994 or Rules framed under the said Acts.
According to Section 37 of the Income Tax Act, 1961, any expenditure not being the expenditure allowed under Sections 30 to 36 and not of capital or personal nature and which are expended exclusively for the purposes of the business or profession are allowed while computing the income from business or profession. Conditions laid out […]
1. A taxpayer may have received an e-mail informing that his return has been processed and the refund amount will be credited to the pre-validated bank account. He must be wondering even after so many days why the amount has not been reflected in his account. 2. The Income Tax department has initiated a new […]
Deduction available towards expenditure on specified business under section 35AD of the Income Tax Act is briefly explained in the current article. Article explains Provisions of section 35AD of the Income Tax Act, Conditions for claiming deduction under section 35AD, Amount of deduction available under section 35AD and List of specified business covered under section […]
The Hon’ble Gujarat High Court, in Idrish Yusufbhai Malvasi v. State of Gujarat and Ors. [R/Criminal Misc. Application No. 18320 of 2020 decided on December 10, 2020] grants regular bail to the Managing Director of M/s. Mishkat Agro Industries Pvt. Ltd., who was arrested mainly on the allegations of wrongfully availing tax exemption by mis-applying […]
