Updates: Income Tax, GST & Company Law (15th January 2018)

Updates: Income Tax, GST & Company Law (15 th January 2018) Income Tax 1.   ‘Cochin International Airport’ eligible for sec. 80-IA relief as it is maintaining an infrastructure facility(An airport is an infrastructure facility as contemplated in sub-section (2) of section 80-IA)- [2018] 89 142 (Kerala) HIGH COURT OF KERALA, Cochin International Airport Ltd. v. Deputy Commissioner of Income-tax, Circle-1(1) Ernakulam, ANTONY DOMINIC AND DAMA SESHADRI NAIDU, JJ., IT APPEAL NOS. 163,169 AND 176 OF 2012, AUGUST  7, 2017 ] 2. HC granted waiver of sec. 234A interest as there was bona fide dispute to tax income in assessee's hands ( Where there was bona fide dispute which directly related to assessability of assessee to tax and due to same assessee did not file its return, assessee was entitled to waiver of interest under section 234A [2018] 89 42 (Madras), HIGH COURT OF MADRAS, R. Mani v. Chief Commissioner of Income-tax, Tiruchirappalli, T.S. S

Updates: Income Tax, GST & Company Law (27th June 2017)

Updates: Income Tax, GST & Company Law (27th June 2017) 1.  No denial of sec. 54 relief just because purchase agreement specifies delivery of flat after 3 yrs ( Where substantial amount of capital gain has been invested by assessee for purpose of purchasing a new house, deduction under section 54 cannot be denied for reason that construction was not completed within three years or house was not purchased within two years) ( [2017]82taxmann.com306(Chandigarh-Trib.) 2. Disallowance of sec. 14A was to be made even if exp. related to exempt income was transferred to work-in-progress (1. Where assessee developer received interest free flat booking advances which it invested to earn exempted income, even if assessee had debited related administrative expenses to P&L account and then transferred same to work-in-progress, disallowance was to be made under section 14A 2. Interest income earned from debentures being taxable, investments could not be considered as part of 

Updates: Income tax, GST & Company Law (23 June 2017)

Updates: Income tax, GST & Company Law (23 June 2017) INCOME TAX 1. Transfer of shares by company in pursuance of family settlement isn’t exempt from capital gains (Where assessee company was under control of members of a family, who were a part of a family settlement, but was a separate legal entity being incorporated as a limited company, transaction of transfer of shares by assessee-company amounted to transfer and would be covered within meaning of section 2(47) so as to be assessable to capital gains tax) [2017] 82 397 (Bombay) 2. Leasing income from ready to move office in Gurgaon to Agilent held as business income  ( Rental income earned from letting of building along with fittings and fixtures (being complex one) would be considered as income from business)  [2017] 82 184 (Delhi - Trib.) 3.  Engineers can be considered as workmen for getting sec. 80JJAA relie f ( [2017] 82 264 (Bangalore - Trib.) 4. Depreciation under

Updates: Income Tax, GST & Company Law (22 June 2017)

Updates: Income Tax, GST & Company Law (22 June 2017) INCOME TAX 1. Additions u/s 69 was unsustainable if assessee had duly explained source of investments Section 69 addition unjustified where assessee had explained source of investment but Commissioner (Appeals) failed to consider same) [2017] 82 268 (Amritsar - Trib.) 2. HC granted stay on pre-deposit requirement as demand raised on assessee was less than his total refund due   Where on merit assessee, a state Government charitable institute, was likely to win the case and further it had refund due and pre-deposit in other cases quantifying more than amount required to be pre-deposited in instant appeal, stay on pre-deposit to be granted) [2017] 82 172 (Punjab & Haryana). 3.  Time limit to file rectification application couldn't be extended by virtue of any subsequent order: HC No appeal against original assessment on issue of 'set off of capital loss' b

Updates: Income Tax, GST & Company Law (21 June 2017)

Happy Yoga Day 21 June 2017 Yoga-sthah Kuru Karmani Sangam tyaktva dhananjaya Siddy-asiddyoh samo bhutva Samatvam yoga ucyate (Text 48, Ch2, Contents of Gita Summarized)                                    Meaning: Perform your duty equipoised,  O Arjuna, abandoning all attachment to success or failure, such equanimity is called yoga. (Bhavavad Gita) Yoga: -Yoga -is merger -is unification of Atman with Brahman -is one who has integarated himself with the Totality -is the one who has achieved the highest  purpose of life -is the one who is merged with the Lord. He is óne with the Lord -is one who has reached the highest state of consciousness, the real Self -knows everything ‘As it is’-that everything is only an extension of himself as  Brahman -is the one who has reached the Summit ( the highest level or degree attainable; the highest stage of development ) (Ashtavakra Gita) I

Updates: Income Tax, GST & Company Law (20 June 2017)

Updates: Income Tax, GST & Company Law (20 June 2017) Income Tax 1.  CBDT has revised Form No. 3CED for APA; seeks Taxpayer’s Identification Number of foreign AE ( CBDT  Notification dated 16 June 2017)  2.  Stating wrong section in reassessment notice won't nullify proceedings if assessee was actively participating in it  ( Where assessee was given due opportunity of meeting case made against him and he had actively participated in assessment proceedings, in such circumstances in view of provisions of section 292B, mere mentioning of wrong section, i.e., section 153A, instead of section 153C, would not invalidate assessment proceedings) ( [2017] 82 170 (Bengaluru – Trib.) 3. No disallowance u/s 14A if assessee had invested surplus fund to earn exempt income ( Where assessee was already having its own surplus fund against which small investment was made, there was no question of making any disallowance of expenditure in respect of interest and

Updates: Income Tax, Company Law & GST (16 June 2017)

Updates: Income Tax, Company Law & GST (16 June 2017) 1. CBDT unveils draft notification for foreign companies held as resident in India as per POEM (CBDT notifies the exceptions, modifications and adaptations for application of provisions on the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidance of tax in respect of the foreign company, said to be resident in India in any previous year on account of its PoEM) 2. 3 months would be considered as 3 calendar months and not 90 days for filing of an appeal to Commissioner   (2017) 82 130 (Gujarat) 3. No genuine hardship attributable to assessee if interest levied was very low as compared to profit margin: HC 4. No additions on basis of doc. seized during search carried out at third party premises if it contained various flaws. 5. Recovery of demand from bank account of asse