Penalty can’t be levied on a Bonafide Dealer for purchasing Goods from Dealer whose VAT Registration was subsequently Cancelled: Allahabad HC [Read Order]
Read more at: http://www.taxscan.in/penalty-bonafide-dealer-purchasing-goods-dealer-vat-registration-subsequently-cancelled-allahabad-hc/29172/
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Demand of Interest U/S Section 234 A illegal once due date has been extended : Income Tax Department cannot demand interest U/S Section 234 A, once due date of ITR has been extended, Kerala High Court admits writ petition.
Income Tax Dept has notified norms for applicability of concessional long-term capital gain tax. This will benefit investments made in IPOs and follow-on public offerings (FPOs). The new norms will come into effect from April 1, 2019, and will apply in relation to assessment year 2019-20 and subsequent assessment years.
Constitution of National Financial Reporting Authority :In exercise of the powers conferred under Companies Act, 2013 the Central Government hereby appoints the 1stOctober, 2018 said Act shall come into force.
Reserve Bank of India (RBI) Wednesday relaxed policy on borrowing from overseas to allow state-owned fuel retailers to raise up to USD 10 billion external debt for working capital needs.
Banks move to alert ED on exporters whose payments have been delayed: In the past few days, banks have shared with the Enforcement Directorate the names of thousands of exporters who have not received payments against shipment of goods.
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GSTN New Functionality: Taxpayers can now apply for Payment of Dues in Installments
Read more at: http://www.taxscan.in/gstn-payment-dues-installments/29255/
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Direct Tax Collections grows 16.7% to Rs 5.47 lakh crore in April-Sept
Read more at: http://www.taxscan.in/direct-tax-collection-grows-16-7-rs-5-47-lakh-crore-april-sept/29232/
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Write-Off of Donations and Fixed Assets shall be treated as Application of Funds: ITAT [Read Order]
Read more at: http://www.taxscan.in/write-off-donations-fixed-assets-treated-application-funds-itat/29253/
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Fall in GP rate, no ground for invoking 145(3) so holds DHC
PCT vs. IBILT TECHNOLOGIES LTD., ITA 995/2018 dtd 12.09.2018
9. If there is fall in the gross profit ratio, reasons and grounds given by the respondent/assessee have to be examined objectively, fairly and in a non-partisan manner._ Past results could be a good reason to conduct detailed verification, albeit would not be the only ground and reason to make addition by rejecting the books of accounts. Good and cogent reason why the financial results should be rejected has to be given. Books of accounts cannot be rejected as the respondent assessee has suffered losses, where as in the immediate earlier year profit was made. *Fall in gross profit ratio could be due to various reasons, and cannot be the sole and only ground to reject the book results in entirety and frame best judgment assessment.
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2(22)(e)--The ‘expression substantially engaged in money lending is not confined to the limits laid out by RBI.
Honb’le Delhi HC in CIT vs. Bharat Hotels Limited [ITA 271/2005]
5. In this Court‟s opinion the ITAT‟s findings cannot be faulted given that almost 19% of the investments of one lender and over 30% of the business activities of the other lending company, fell within the expression mentioned in proviso (i) to Section 2(22)(e) of the Act. The test of substantiality, in our opinion, is not confined to what the RBI declares it to be, generally.There can be NDFC and NBFC – i.e. an entity which may carry out more than one financial non-banking activity. In the present case too these companies carry on more than one non-banking financial activity – up to 3 or 4. In such event, the 50% test to benchmark whether the amounts fall within or outside the 2nd proviso to Section 2(22)(e) of the Act would fail.
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CBIC issues Guidelines on Online Registration and Online Filing of claims by eligible units under Budgetary Support Scheme {Read Circular]
Read more at: http://www.taxscan.in/cbic-issues-guidelines-online-registration-online-filing-claims-eligible-units-budgetary-support-scheme/29264/
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Cost Accountants Institute provides Advanced Certificate Course on GST
Read more at: http://www.taxscan.in/cost-accountants-certificate-course-gst/29270/
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ICSI Celebrates 50th Foundation Day
Read more at: http://www.taxscan.in/icsi-celebrates-50th-foundation-day/29273/
