Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity.
Purchase of flat below Fair Market value or stamp duty valuation and it’s taxation if difference is less than10%
High Court says goods cannot be detained even if E Way bill is expired if validity is extended before order of detention
Landmark Judgment : If trust registration u/s 12A is denied, what could be brought to tax is the net income in the hands of assessee-trust and not the gross receipts.
Landmark Observation : Transactions between relatives involving receipt of loan in cash may not in the nature of loans or deposits as envisaged in section 269SS – No Penalty u/s 271D
Demonetisation cases and Addition by Income Tax Authorities on the basis of theory of ‘Human Probability Test’ under the Income Tax Act – 1961
No deduction u/s 80P if credit co-operative society is doing business with Nominal Members also – Supreme Court in The Citizen Cooperative Society vs Asst. Commissioner Of Income Tax
Whether the retrospective amendments to the definition of “royalty” in s. 9(1)(vi) of the Act can have bearing on the interpretation
Allegation of the Assessing officer that the shares bought by the Assessee were sold at the price which is less than its cost
Reassessment proceedings initiated by issuance notice on the deceased assessee quashed for want of jurisdiction.
Levy of GST : Lease rent paid to Government for carrying out mining activity & Applicability of reverse charge basis
Since regular assessment for the year under consideration remained unabated as on date of search, same could not be interfered with while framing assessment u/s153A in absence of incriminating material unearthed during search
Levy & Rate of GST on supply of online educational journals and periodicals to educational institutions
Whether issuance of notice under section 143(2) is necessary for completing assessment under section 153A?
