Income Tax

Difference between ‘storage or warehousing’ service and ‘renting of storage premises’ service explained- (AAR Gujarat)

7 years ago

Difference between ‘storage or warehousing’ service and ‘renting of storage premises’ service explained- (AAR Gujarat) Rishi Shipping. [2018] 94 taxmann.com 147 (AAR…

Income Tax

Whether sectopm 50C overrides section 45(3)- An interesting case in favour of Revenue

7 years ago

Whether sectopm 50C overrides section 45(3)- An interesting case in favour of Revenue Allahabad High Court Commissioner Of Income Tax…

Income Tax

Interesting case: Introduction of stock-in-trade as capital contribution in to firm also attracts s. 45(3)

7 years ago

DLF Universal vs. DCIT (ITAT Delhi Special Bench) The assessee was engaged in the business of real estate development. It…

Income Tax

Agricultural Income – Is it really tax free?

7 years ago

Agricultural Income – Is it really tax free? 1 Agricultural income is exempt from Income Tax [Courtesy: Section 10(1) of…

Income Tax

Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital assets among partners, there was no transfer of capital asset and, therefore, no profits or gains chargeable to tax under section 45(4) arose in hands of assessee-firm

7 years ago

Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital…

Income Tax

Interesting Judgement: Transfer of the property by the assessee towards capital of the firm amounts to transfer but on the facts and circumstances of the case, that cannot be subjected to capital tax.

7 years ago

Interesting Judgement: Transfer of the property by the assessee towards capital of the firm amounts to transfer but on the…

Income Tax

Any amount received by partner on retirement is not liable for capital gains tax: Pune ITAT

7 years ago

Any amount received by partner on retirement is not liable for capital gains tax: Pune ITAT There are numerous interesting…

Income Tax

Taxation of Capital gains on introduction as capital assets by the partner in the firm u/s 45(3)

7 years ago

Taxation of Capital gains on introduction as capital assets by the partner in the firm u/s 45(3) It is worth…

Income Tax

Interesting Income Tax: Time to forget that exemption u/s 54EC can be claimed on the basis of actual sale consideration & not notional sale consideration u/s 54EC: courtesy- Bombay HC

7 years ago

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.981 OF 2016 Jagdish C.…

GST Income Tax

No GST on interest-free security deposit received by the lessor which are refundable on completion of lease tenure

7 years ago

No GST on interest-free security deposit received by the lessor which are refundable on completion of lease tenure Authority for…

Income Tax

New Bill series is needed in GST for new financial year: GST Advisory

7 years ago

Attention of all taxpayers is invited to Rule 46(b) of the CGST Rules 2017, which specifies that the tax invoice…

Income Tax

Be careful – :Penal interest attracts GST – AAR Maharashtra

7 years ago

Be careful:Penal interest attracts GST – AAR Maharashtra M/S. BAJAJ FINANCE LIMITED Dated:- 06-08-2018 – GST-ARA-22/2018-19/B-85* Penal interest– Taxable supply…

Notification

Notification for changes in Form 16 and Form 24Q : with new ITR forms

7 years ago

Notification for changes in Form 16 and Form 24Q : new ITR forms

IT Judgement

Forget actual sale consideration, exemption u/s 54EC is available on the basis of investment as per Stamp Duty Valuation

7 years ago

Forget actual sale consideration, exemption u/s 54EC is available on the basis of investment as per Stamp Duty Valuation …

IT Judgement

The date of allotment can be considered as the date of purchase and for reckoning the assets as long term capital assets.

7 years ago

The date of allotment can be considered as the date of purchase and for reckoning the assets as long term…

IT Judgement

Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished

7 years ago

Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished…

IT Judgement

Not a fit case for invoking revisionary powers if the AO takes a particular view during assessment and also after due consideration of the Apex Court decisions

7 years ago

Shriniwas Engineering Auto Components Pvt Ltd Vs PR CIT Not a fit case for invoking revisionary powers if the AO…

IT Judgement

Reopening of assessment after the expiry of 4 years of assessment, based on information from Investigation Wing without verifying the assessment records and without application of mind by AO to form a belief is correct

7 years ago

ACIT Vs Perfect Corporate Services Ltd Reopening of assessment after the expiry of 4 years of assessment, based on information…

Income Tax

Difference between ‘storage or warehousing’ service and ‘renting of storage premises’ service explained- (AAR Gujarat)

Whether sectopm 50C overrides section 45(3)- An interesting case in favour of Revenue

Interesting case: Introduction of stock-in-trade as capital contribution in to firm also attracts s. 45(3)

Agricultural Income – Is it really tax free?

Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital assets among partners, there was no transfer of capital asset and, therefore, no profits or gains chargeable to tax under section 45(4) arose in hands of assessee-firm

Interesting Judgement: Transfer of the property by the assessee towards capital of the firm amounts to transfer but on the facts and circumstances of the case, that cannot be subjected to capital tax.

Any amount received by partner on retirement is not liable for capital gains tax: Pune ITAT

Taxation of Capital gains on introduction as capital assets by the partner in the firm u/s 45(3)

Interesting Income Tax: Time to forget that exemption u/s 54EC can be claimed on the basis of actual sale consideration & not notional sale consideration u/s 54EC: courtesy- Bombay HC

No GST on interest-free security deposit received by the lessor which are refundable on completion of lease tenure

New Bill series is needed in GST for new financial year: GST Advisory

Be careful – :Penal interest attracts GST – AAR Maharashtra

Notification for changes in Form 16 and Form 24Q : with new ITR forms

Forget actual sale consideration, exemption u/s 54EC is available on the basis of investment as per Stamp Duty Valuation

The date of allotment can be considered as the date of purchase and for reckoning the assets as long term capital assets.

Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished

Not a fit case for invoking revisionary powers if the AO takes a particular view during assessment and also after due consideration of the Apex Court decisions

Reopening of assessment after the expiry of 4 years of assessment, based on information from Investigation Wing without verifying the assessment records and without application of mind by AO to form a belief is correct

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