When you are borrowing from Bajaj Finance Limited be careful that your documents can be forged
There have been real life experiences with our clients and associates where they have borrowed funds from teh Bajaj Finance […]
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Liability to pay invoices cannot be denied when goods were received by corporate debtor
In the instant case, the operational creditor and the corporate debtor entered into a raw material supply agreement for supply […]
Amendments to classification of liabilities as current or non-current
The IASB has issued amendments to IAS 1 Presentation of Financial Statements to clarify requirements for classifying liabilities as current or non-current. […]
Extension in the Last Date for Payment of Membership /COP Fee from 30th September, 2020 to 30th November, 2020.
Extension in the Last Date for Payment of Membership /COP Fee from 30th September, 2020 to 30th November, 2020.
Extension of stay of demand allowed if delay in not disposing of appeal is not attributable to assessee
ITAT states that, the delay in not disposing of the appeal is not attributable to the assessee. There is no […]
No Deduction under Section 54F on sale of vacant land
Where assessee was denied benefit of deduction under section 54F on ground that assessee owned more than one residential houses, […]
Hydropower Project available for transfer with all clearances – 5MW
The hydro power project is available in Himachal Pradesh with all clearances and ready for construction of project with the […]
Ease of sending Postal Mails to CPC Bangalore
A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the […]
Unabsorbed depreciation can be carried forward even if Income Tax Return has not been filed within period of due date
ITAT states that, the assessee filed return beyond the due date prescribed under section 139(1) of the Act. In the […]
Section 14A disallowance cannot exceed actual expense incurred for earning exempt income
ITAT states that, the assessing officer has duly rejected the assessee’s contentions and applied Rule 8D(3) and made the disallowance […]
Deduction under section 54F allowable before intra head adjustment of losses
ITAT states that as per provisions of section 54F(1) on fulfilment of certain conditions the capital gain arose on sales […]
System computed values of GSTR-1 Statement (Monthly filers), made available in Form GSTR-3B, as PDF statement on GST Portal
System computed values of GSTR-1 Statement (Monthly filers), made available in Form GSTR-3B, as PDF statement on GST Portal 05/09/2020 […]
AOP is liable to tax at maximum marginal rate if income of its any member during relevant year exceeded basic exemption limit
ITAT states that the provision of section 167B of the Act and, thereafter, proceeded to hold that, in the case […]
Cash Withdrawl is Not Income Hence NO TDS U/s 194N
No TDS under section 194N if Cash Withdrawal is not Income: Hon’ble Madras High Court in the case of Tirunelveli […]
Six assessment years counted from date of handing over of assets/ documents to Assessing Officer for section 153C assessments – Income Tax
First proviso to section 153C provides that six assessment years in which assessment or reassessments could be made under section […]
Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal
What is Form GSTR-4 Annual Return: – With effect from 1st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual […]
New functionalities made available for TCS and Composition taxpayers – GST
01/09/2020 1.Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 Earlier, if no action was taken on […]
Income from house property – Annual value – Property which is not legally occupyable and not occupied – Could not be made liable to tax on notional rental income for that period
Assessee purchased commercial property under conveyance deed, dated 18.12.2008, but Occupancy Certificate for same was given on 24.05.2009, only. In […]
MSME promoters likely to stay in charge during resolution process
The special insolvency framework for micro, small, and medium enterprises (MSMEs) is likely to allow the insolvent debtor to retain […]
Section 56(2)(viib)/ Rule 11UA: The assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred. If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the Assessing Officer has no power or jurisdiction to change that method to another method
Karmic Labs (P) Ltd v. ITO – Date of Judgement : 28.07.2020 (ITAT Mumbai) ITA No.3955/Mum/2018 The ld. Assessing […]