IT JudgementPetition on the basis of newspaper report – HC dismissed22 Aug 20180The petitioner has filed petition to pay the GST @ 18% on complimentary tickets given for the four IPL matches…
Income TaxDue date for filing GSTR-3B for the month of July 2018 extended21 Aug 20180Due date for filing GSTR-3B for the month of July 2018 has been extended to 24th August 2018.
IT JudgementOnce the (Assessing Officer) AO has called for necessary enquiries whether the (Principal Commissioner of Income Tax)PCIT can assume jurisdiction under section 263 of the Income Tax Act1961on the ground that the AO has not conducted required enquiries and alsonot applied in mind?21 Aug 20180Once the (Assessing Officer) AO has called for necessary enquiries and applied his mind to a particular provision and choose…
IT JudgementImportant Judgement on Slump Sale20 Aug 20180Where on sale of the property, the business of the assessee is closed down and the assets of the assessee…
IT Judgement‘Indian Olympic Association’ won’t lose charitable status just because it received sponsorship from a private co.20 Aug 20180‘Indian Olympic Association’ won’t lose charitable status just because it received sponsorship from a private co. Facts: a) The assessee…
IT JudgementClause (viib) of section 56(2) is triggered at stage of computation of income itself20 Aug 20180Clause (viib) of section 56(2) is triggered at stage of computation of income itself when share application money received, from…
ArticleTwo persons with same income can have different tax liabilties20 Aug 20180Two persons with same income can have different tax liabilties For Income-Tax, Income is required to be categorized in any…
Income TaxImmunity from audit u/s 44AD is not available in the first year of Business even if income is below the basic exemption limit!18 Aug 20180Immunity from audit u/s 44AD is not available in the first year of Business even if income is below the…
Income TaxDeduction in respect of interest on deposits in savings account.18 Aug 20180Deduction in respect of interest on deposits in savings account. Section 80TTA of Income Tax Act 1961 is introduced to…
IT JudgementImplication expense on Higher Education of Director’s son in closely held company18 Aug 20180What will be implication of expenditure incurred for education of Director’s son of closely held company? Whether it will be…
Income TaxIncome Tax Penalties: Low Penalty for major issue!High Penalty for minor issue !18 Aug 20180Income Tax Penalties: Low Penalty for major issue!High Penalty for minor issue ! Penalty under section 271B of Income Tax…
Income TaxTaxability in the hands of Company & Shareholder in case of conversion of debentures into shares of company18 Aug 20180Taxability in the hands of Company & Shareholder in case of conversion of debentures into shares of company As per…
IT JudgementDate to be consider for computation of holding period for long term capital gain17 Aug 20180What date will be considered for the computation of period of holding of 36 months for calculation of long term…
Income TaxSimultaneous tax benefit on HRA & Home loan!17 Aug 20180Simultaneous tax benefit on HRA & Home loan! Deduction for Interest Paid on Housing Loan under section 24(b) of Income…
Income TaxFORM 3CD CHANGES DEFERRED TILL 31.03.1917 Aug 20180FORM 3CD CHANGES CLAUSE 30C & CLAUSE 44 DEFERRED TILL 31.03.19 Changes were made in the Tax Audit Report Form…
Income TaxDeduction in Income Tax for Rent paid17 Aug 20180Deduction in Income Tax for Rent paid Section 80GG of Income Tax Act 1961 allows the Individuals to a deduction in respect…
IT JudgementTransfer of immovable property is effective only on registration of conveyance deed, It is not applicable for computing the holding period: Mumbai ITAT17 Aug 20180Sanjaykumar Footermal Jain vs. ITO (ITAT Mumbai) S. 2(42A)/45: The law laid down in Suraj Lamps & Industries 340 ITR…
IT JudgementReasons cannot be the basis for reopening assessment in case of assessee before us. Merely because addition has been made in hands of co-owner, no presumption could be drawn that income has escaped assessment in the hands of assessee, without there being independent ‘reasons to believe’, based upon cogent materials: DELHI TRIBUNAL16 Aug 20180Reasons cannot be the basis for reopening assessment in case of assessee before us. Merely because addition has been made…