Income Tax

CIT(A) erred in deleting the addition made on account of capitalization of share listing expenses and deleting the disallowance made on account of community Development (Donation) expenses u/s 37(1) of the Income Tax Act, 1961.

7 years ago

CIT(A) erred in deleting the addition made on account of capitalization of share listing expenses and deleting the disallowance made…

IT Judgement

There is no “transfer” under Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act ,if possession is delivered to a developer in his capacity as licensee for the development of property and not in his capacity as transferee.

7 years ago

There is no “transfer” under Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act ,if…

IT Judgement

Profit arising from sale of shares to assessee was to be regarded as business income where more than 200 transactions of sale and purchase of shares took place throughout year through various share brokers

7 years ago

Profit arising from sale of shares to assessee was to be regarded as business income where more than 200 transactions…

IT Judgement

Whether the CIT was justified in invoking revisionary jurisdiction u/s 263 of the Act

7 years ago

Whether the CIT was justified in invoking revisionary jurisdiction u/s 263 of the Act Direct Media Distribution … vs Pr.Cit…

IT Judgement

ITAT held that Section 24(b) and Section 48 are covered under different heads and neither of the sections exclude operation of the other

7 years ago

ITAT held that Section 24(b) and Section 48 are covered under different heads and neither of the sections exclude operation…

Income Tax

Scheme containing the terms and conditions for the Empanelment of Chartered Accountants for the office of the Official Liquidator attached to the High Court of Gujarat Effective from 3.12.2019

7 years ago

Scheme containing the terms and conditions for the Empanelment of Chartered Accountants for the office of the Official Liquidator attached…

IT Judgement

Penalty under Section 76 of the Finance Act, 1994 can be imposed for mere default/delay in payment of Service Tax in addition to the penalty under Section 78 and these penalties are mutually exclusive and even if offences are committed in the course of same transaction or arise out of same act, penalty is imposable for ingredients of both offences.”

7 years ago

Penalty under Section 76 of the Finance Act, 1994 can be imposed for mere default/delay in payment of Service Tax in addition…

Income Tax

Tariff Notification No. 90/2019-Customs (N.T.) dated 13.12.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Arecanut, Gold & Silver

7 years ago

Tariff Notification No. 90/2019-Customs (N.T.) dated 13.12.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy…

Income Tax

Furthering Digital Payments – Waiver of Charges – National Electronic Funds Transfer (NEFT) System

7 years ago

Furthering Digital Payments – Waiver of Charges – National Electronic Funds Transfer (NEFT) System Furthering Digital Payments – Waiver of…

Income Tax

Sabka Vishwas (Legal Dispute Resolution) Scheme will not be extended beyond 31.12.2019

7 years ago

Sabka Vishwas (Legal Dispute Resolution) Scheme will not be extended beyond 31.12.2019

Income Tax

Income Tax Return Statistics for the Assessment-Year-2018-19 by CBDT

7 years ago

Income Tax Return Statistics for the Assessment-Year-2018-19 by CBDT IT-Return-Statistics-Assessment-Year-2018-19

IT Judgement

CIT ‘s order is contradictory to the provisions of section 119(2)(b) of the Income-tax Act by allowing the appeal of the assessee without appreciating the legal position that, if the return was not selected for the scrutiny assessment u/s. 143 of the Income tax Act

7 years ago

CIT ‘s order is contradictory to the provisions of section 119(2)(b) of the Income-tax Act by allowing the appeal of the assessee…

IT Judgement

Section 56(2)(viia) cannot apply to a foreign company as Rule 11U(b)(ii) (prior to 01.04.2019) which defines “balance sheet‟ was not applicable to a foreign company.

7 years ago

Section 56(2)(viia) cannot apply to a foreign company as Rule 11U(b)(ii) (prior to 01.04.2019) which defines “balance sheet‟ was not applicable…

Income Tax

IT Department Time Series Data from FY-2000-01 to FY 2018-1 9 by CBDT

7 years ago

IT Department Time Series Data from FY-2000-01 to FY 2018-1 9 by CBDT IT-Department-Time-Series-Data-FY-2000-01-to-2018-19

Income Tax

The Respondent has denied the benefit of Input Tax Credit( ITC) to the buyers of the flats being constructed by him is in contravention of the provisions of Section 171 (1) of the CGST Act, 2017

7 years ago

The Respondent has denied the benefit of Input Tax Credit( ITC) to the buyers of the flats being constructed by…

IT Judgement

Interesting case: Capital gain Exemption if Payments towards purchase of plot is done prior to one year of capital gain exemption

7 years ago

Interesting case: Capital gain Exemption if Payments towards purchase of plot is done prior to one year of capital gain…

Income Tax

The tax rate applicable on the supply of construction service to land owner in lieu of transfer of development rights to the promoter’s portion is liable to tax @ 9% under CGST and 9% under KGST.

7 years ago

The tax rate applicable on the supply of construction service to land owner in lieu of transfer of development rights…

IT Judgement

Supreme Court has stayed a Gujarat HC order, which held that GSTR 3B is not a return

7 years ago

Supreme Court has stayed a Gujarat HC order, which held that GSTR 3B is not a return The Supreme Court…

Income Tax

CIT(A) erred in deleting the addition made on account of capitalization of share listing expenses and deleting the disallowance made on account of community Development (Donation) expenses u/s 37(1) of the Income Tax Act, 1961.

There is no “transfer” under Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act ,if possession is delivered to a developer in his capacity as licensee for the development of property and not in his capacity as transferee.

Profit arising from sale of shares to assessee was to be regarded as business income where more than 200 transactions of sale and purchase of shares took place throughout year through various share brokers

Whether the CIT was justified in invoking revisionary jurisdiction u/s 263 of the Act

ITAT held that Section 24(b) and Section 48 are covered under different heads and neither of the sections exclude operation of the other

Scheme containing the terms and conditions for the Empanelment of Chartered Accountants for the office of the Official Liquidator attached to the High Court of Gujarat Effective from 3.12.2019

Tariff Notification No. 90/2019-Customs (N.T.) dated 13.12.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Arecanut, Gold & Silver

Furthering Digital Payments – Waiver of Charges – National Electronic Funds Transfer (NEFT) System

Sabka Vishwas (Legal Dispute Resolution) Scheme will not be extended beyond 31.12.2019

Income Tax Return Statistics for the Assessment-Year-2018-19 by CBDT

CIT ‘s order is contradictory to the provisions of section 119(2)(b) of the Income-tax Act by allowing the appeal of the assessee without appreciating the legal position that, if the return was not selected for the scrutiny assessment u/s. 143 of the Income tax Act

Section 56(2)(viia) cannot apply to a foreign company as Rule 11U(b)(ii) (prior to 01.04.2019) which defines “balance sheet‟ was not applicable to a foreign company.

IT Department Time Series Data from FY-2000-01 to FY 2018-1 9 by CBDT

The Respondent has denied the benefit of Input Tax Credit( ITC) to the buyers of the flats being constructed by him is in contravention of the provisions of Section 171 (1) of the CGST Act, 2017

Interesting case: Capital gain Exemption if Payments towards purchase of plot is done prior to one year of capital gain exemption

The tax rate applicable on the supply of construction service to land owner in lieu of transfer of development rights to the promoter’s portion is liable to tax @ 9% under CGST and 9% under KGST.

Supreme Court has stayed a Gujarat HC order, which held that GSTR 3B is not a return

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