Income Tax Raids on a real estate group in Mumbai and Navi Mumbai: No TDS on an amount of Rs. 300 Cr, Digital evidences of Tax evasion etc found
Income Tax Department conducts search operations on a real estate group ...
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The Blogs
An overview of the provision related to “Transmission of Securities”
An overview of the provision related to “Transmission of Securities”
Author
CS. Devershi Gupta
Introduction
“Transmission of Securities” means transferring the ownership of securities to legal heirs or successor or nominee or surviving joint holder, by operation of law, in case of death ...
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Redevelopment Agreement: Benefit received by Flat Owner in Society from developer on redevelopment is not taxable
Redevelopment Agreement: Benefit received by Flat Owner in Society from developer on redevelopment is not taxable
Redevelopment of the housing scheme is the latest trend with reference to old buildings and flats.
Here is an interesting case before ITAT Indore in ...
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Raids in Kolkata: Unaccounted income of Rs. 100 Cr detected
Raids in Kolkata: Unaccounted income of Rs. 100 Cr detected
The Income Tax Department initiated a search and seizure operation on a prominent Kolkata-based Group, engaged in manufacturing of TMT Bars and structural construction materials etc. on 01.12.2021. The search action ...
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Rectification application against 143(1)(a): Court directed to dispose of the petitioner’s rectification application within six weeks
Rectification application against 143(1)(a): Court directed to dispose of the petitioner’s rectification application within six weeks
There are abrupt additions that are being carried out by CPC while processing the return u/s 143(1)(A).
Even the rectfication application filed by the AO turns ...
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The purpose with which the law is enacted is more important for granting capital gain exemption u/s 54 or 54F
The purpose with which the law is enacted is more important for granting capital gain exemption u/s 54 or 54F
Here was one case before Karnataka High Court in M. George Joseph Vs DCIT
I.T.A. No. 238 of 2015 regarding the ...
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Income Tax Raid in MP: Accommodation entries Rs. 40 crore, Suppression of cash receipts Rs. 25 crore, Unaccounted cash Rs. 10 crore found
Income Tax Raid in MP: Accommodation entries Rs. 40 crore, Suppression of cash receipts Rs. 25 crore, Unaccounted cash Rs. 10 crore found
The Income Tax Department initiated search and seizure operations on two major business groups of Indore on 25.11.2021. The ...
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All about Legal Entity Identifier (LEI)
All about Legal Entity Identifier (LEI)
Legal entity identifier (LEI) is now another requirement from the borrower by the bank. It is mandatory for transactions in interest rate, forex and credit derivative market. The Reserve Bank of India (RBI) has also ...
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Income Tax Officer cannot disregard the transaction just because it results in a tax advantage to the assessee.
Income Tax Officer cannot disregard the transaction just because it results in a tax advantage to the assessee.
Mumbai ITAT in the case of Michael E Desa Vs. ITO has held that the ITO cannot regard the transactions for the reason ...
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Fraud reporting by Auditor & Penal Consequences for non-reporting on the auditor
Fraud reporting by Auditor & Penal Consequences for non-reporting on the auditor
Audit is an onerous duty on the auditor. As per Rule 13 to the Companies (Audit and Auditors) Amendment Rules, 2015, if an auditor has “reason to believe” ...
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Kerala HC also admit petitions challenging the validity of faceless assessment procedure under Income Tax
Kerala HC also admit petitions challenging the validity of faceless assessment procedure under Income Tax
There are various petition which is files against faceless assessment scheme.
The latest one is in the Kerala High Court as under:
1. The Kerala High Court ...
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Non issuance of Show Cause Notice and Draft Assessment Order is violation of Section 144B: Court set aside the order
Non issuance of Show Cause Notice and Draft Assessment Order is violation of Section 144B: Court set aside the order
Delhi High Court in the case of Floral Realcon Pvt. Ltd. Vs National Faceless Assessment Centre has remarked that Section 144B(1)(xvi)(b) ...
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Legitimate Tax Planning is not illegal
Legitimate Tax Planning is not illegal
"You must pay taxes. But there's no law that says you gotta leave a tip." Morgan Stanley.
Legitimate tax planning is the rights of the taxpayers & can result in reduction in tax liabilities. Tax saved is ...
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Related Party Transactions By CS. Devershi Gupta
Related Party Transactions By CS. Devershi Gupta
With the growing participation of investors and other stakeholders in companies, the question of transparency in arrangements with related parties often becomes a topic of debate and discussion. Section 188 of the Companies ...
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Module wise new functionalities deployed on the GST Portal for taxpayers
Module wise new functionalities deployed on the GST Portal for taxpayers
02/12/2021
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, ...
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Rights & Duties of the Taxpayers
Rights & Duties of the Taxpayers
Government has issued a “Taxpayers Charter” to take care of the rights and duties of the taxpayers and to ensure better administration and Governance by the Tax Authorities. It elaborates taxpayer’s rights and obligations ...
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GST on sale of Plots: Landmark Ruling by AAR, MP
GST on sale of Plots: Landmark Ruling by AAR, MP
The applicability of GST on the under development plot has been issue of controversy and litigation after the judgment by Gujrat AAR that sale of under-developing plot tantamount to supply ...
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DGGI Meerut Zonal Unit found entity engaged in supply of Laminates to many non-existent/dummy firms having taxable value of more than Rs. 5000 crores [ITC of Rs.900 crores (approx.)]
![DGGI Meerut Zonal Unit found entity engaged in supply of Laminates to many non-existent/dummy firms having taxable value of more than Rs. 5000 crores [ITC of Rs.900 crores (approx.)]](https://thetaxtalk.com/wp-content/uploads/2021/12/Untitled-25-1.jpg)
DGGI Meerut Zonal Unit found entity engaged in supply of Laminates to many non-existent/dummy firms having taxable value of more than Rs. 5000 crores [ITC of Rs.900 crores (approx.)]
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes ...
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