4 Major decisions taken in 35th GST Council Meeting

Capital Gain exemption on sale of Depreciable Assets

Bogus F&O Loss: Unusual & sudden spurt in client code modifications undertaken by brokers was with an intention to evade taxes.

The argument that as it is a transaction between closely related parties, there is no motive of tax evasion & s. 56 (2) does not apply is not acceptable.

CBDT clarified that set off loss is allowed till AY 201617 when addition made for sections referred in Second 115BBE

‘Assessment of Firms’-some of the important issues to be kept under consideration by the Assessing Officers : CBDT Advisory

Factual misrepresentation by the Accountants is observed in tax audit report, suitable action should be taken against them: CBDT to Assessing Officers

EMPLOYEES PROVIDENT FUND AS PER EMPLOYEES PROVIDENT ACT, 1952

Interesting Issue: Depreciation on Intangible asset – Expression “or any other business or commercial rights of similar nature” used in Explanation 3 to sub-section 32(1)(ii) is wide enough to include non-compete rights

35th GST Council Meeting Updates

Sec.69C : Unexplained Expenditure

DTAA between India and New Zealand

Finally GSTR 9 /9C Due date extended by 2 Months

CBDT issued advisory for Assessing Officer doing Assessment of firms

Purchase of semi-finished flat to be treated as purchase of property for construction for sec. 54 claim : ITAT Delhi

Sec.69B : Amount of Investments, etc., not fully disclosed in the books of accounts

Sec.69A : Unexplained Money

Sec.69 : Unexplained Investments