Acting on a complaint filed by Mahendra Moger superintendent of Central Goods and Services Tax (CGST) department and Central excise department, Economic Offences Wing of Mumbai Police booked chartered accountant Kalpesh Sharmaji Shah.
Kalpesh Sharmaji Shah, A ghatkoper president ...
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The Blogs
Auditor of Nirav Modi arrested
auditor arrested
The Central Bureau of Investigation (CBI) on Sunday, 4 March, arrested two employees and one auditor of Nirav Modi Group of Companies and one Director of Gitanjali Group of Companies in connection with the multi-crore fraud at the ...
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PNB fraud: ICAI to look at auditors’ role, sets up panel to study systemic issues
PNB fraud
Chartered accountants' apex body ICAI today said it has taken suo motu cognisance of the USD 1.77 billion fraud at Punjab National Bank and has sought information from investigation agencies besides setting up a group to study the ...
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3 Years period permissible for under construction Flat for exemption u/s 54 & 54F
Mustansir I Tehsildar vs. ITO (ITAT Mumbai)
CONCLUSIONS:
Section 54:Acquisition of new flat in an apartment under construction should be considered as a case of “Construction” and not “Purchase”. The date of commencement of construction is not relevant for purpose of ...
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CAPITAL GAIN EXEMPTION FOR INVESTMENT IN AGRICULTURAL LAND
CONDITIONS PRECEDENT FOR EXEMPTION U/S 54B
The conditions necessary for grant of exemption under section 54B are :
(i) capital gain should arise on transfer of agricultural land by the assessee;
(ii) such land should have be use for agricultural purpose by ...
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Returns treated as Invalid u/s 139(9) – What can be done?
return treated as invalid
There are lot of return where the return is treat as defective u/s 139(9). For multiple reasons like non receipt of ITR V by CPC, Non payment of challan, incomplete return details etc. Such cases are ...
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Assessment in case the return in invalidated for non receipt of ITR – V
non receipt of ITR
There are lot of return where the return is treated as defective u/s 139(9). For multiple reasons like non receipt of ITR V by CPC, Non payment of challan. Incomplete return details etc. Such cases are ...
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Capital gains–Deduction under section 54– Investment in new asset after furnishing of return under section 54
Anita Ajay Shad v. ITO
Decision: Against the assessee.
Capital gains--Deduction under section 54-- Investment in new asset after furnishing of return under section 54
Capital gains
Facts:
Assessee sold certain property and claimed deduction under section 54 in respect of proceeds. Invested in ...
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Subsidy received is not Taxable !!
CIT vs. Chaphalkar Brothers Pune (Supreme Court)
Taxability of subsidies: A subsidy granted by the Govt to achieve the objects of acceleration of industrial. Development and generation of employment is capital in nature and not revenue. The fact that the ...
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Hold the breath: Delhi HC admits plea against section 43CA
Admits Builder's challenge on vires of stamp duty value based taxation u/s. 43CA*
Delhi HC admits Ansal Housing & Construction Ltd.’s (‘assessee’) writ challenging vires of Sec. 43CA (which deems stamp duty valuation as sales consideration for land and building ...
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Article, Company Law, Controversial issues, Head Of Income, IGST, Income Tax, Interesting Income Tax, IT Judgement, Miscellaneous, NRI Corner, TDS
Taxation of F & O transactions
Taxation of F & O transactions
Query 1]
I am trading in equities; both delivery as well as non delivery based & make short term capital gain (STCG). Whether it will be treated as "Income from Business" or any other ...
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An additional compliance of submitting estimated current Income & Advance tax payment
Advance tax payment
Query 1]
We have read in the newspaper about filing of estimate of income tax return before 30th September? Ours is a private limited company and so whether it is compulsory to file any such estimate? Is it ...
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Even small size firm are to get its accounts audited if income offered for taxation is less than 8%
taxation is less than 8%
Query 1]
We have 2 small Partnership Firms, one doing trading and other doing profession. Turnover in both the firms is far less than audit limit. Whether for A.Y. 2017-18 audits of all partnerships having even ...
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