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Accountancy and Audit
From Published Accounts
FROM PUBLISHED ACCOUNTS
ASSESSMENT OF BUSINESS MODEL FOR NON-BANKING FINANCIAL COMPANIES (NBFCs)
KEY AUDIT MATTERS IN THE AUDITORS REPORT
IND AS/IGAAP - Interpretation & Practical Application
DETERMINING THE LEASE TERM FOR CANCELLABLE LEASES
Corporate and Other Laws
PENALTY PROVISIONS UNDER SECURITIES LAWS - SUPREME COURT DECIDES
Right To Information
RIGHT TO INFORMATION (r2i)
Laws And Business
STAMP DUTY ON CHAIN OF DOCUMENTS
BAN ON UNREGULATED DEPOSIT SCHEMES
Corporate Law Corner
CORPORATE LAW CORNER
FDI IN E-COMMERCE
REOPENING CASES OF INTIMATION u/s. 143(1)
In the High Courts: Part A - Reported Decisions
Section 260A Appeal to High Court Power of High Court to condone delay in filing appeal Delay in filing appeal by Revenue General principles No reasonable explanation for delay Delay cannot be condoned
Bank Valuation of closing stock Securities held to maturity Constitute stock-in-trade Valuation at lower of cost or market value Proper Classification in accordance with Reserve Bank of India guidelines Not relevant for purposes of income chargeable to tax
Section 68 Cash credits Capital gain or business income Profits from sale of shares Genuineness of purchase accepted by Department Profits from sale cannot be treated as unexplained cash credits Profit from sale of shares to be taxed as short/long term capital gains
Sections 12AA, 147 and 148 Charitable Trust Cancellation of registration Section 12AA amended in 2004 enabling cancellation of registration is not retrospective Cancellation cannot be made with retrospective effect Reassessment Notice u/s. 148 consequent to cancellation of registration No allegation of fraud Notice not valid
Sections 69 and 147 Reassessment Where Assessing Officer issued a reopening notice on ground that assessee had made transactions of huge amount in national/multi commodity exchange but he had not filed his return of income and assessee filed an objection that he had earned no income out of trading in commodity exchange and he had actually suffered loss and, therefore, he had not filed return of income. Since, Assessing Officer had not looked into objections raised by assessee and proceeded ahead, impugned reassessment notice was unjustified
Section 40A(2)(b) and 92BA Specified domestic transactions Determination of arms length price Meaning of specified domestic transactions Section 92BA applies to transactions between assessee and a person referred to in section 40A(2)(b) Assessee having substantial interest in company with whom it has transactions Beneficial ownership of shares does not include indirect shareholding Amount paid to acquire asset Not an expenditure covered by section 40A(2)(b)
Glimpses Of Supreme Court Rulings
GLIMPSES OF SUPREME COURT RULINGS
Tribunal News : PART A - Reported Decision
Section 68 Bank account of an assessee cannot be held to be books of the assessee maintained for any previous year, and therefore, no addition u/s. 68 can be made in respect of a deposit in the bank account.
Section 22, 24(4) and 56 Income earned by assessee from letting out space on terrace for installation of mobile tower/antenna was taxable as 'income from house property' and, therefore, deduction u/s. 24(a) was available in respect of it.
Section 54F Deposit of the amount of capital gains in a separate savings bank account and utilisation thereof for the purposes specified u/s. 54F is said to be substantial compliance with the requirements of section 54F.
Section 154 What is permissible is merely rectification of an obvious and patent mistake apparent from record and not wholesale review of an earlier order.
Tribunal News : PART B - Unreported Decisions
Section 54 Purchase of residential property is said to have been substantially effected on the date of possession. Accordingly, where assessee had received possession of a residential house one year before the date of transfer of residential house, though the agreement to purchase was entered into much prior thereto, the assessee was held to be eligible to claim deduction u/s. 54.
Section 54F Claim u/s. 54 is admissible in respect of flats allotted by the builder to the assessee under the terms of the Development Agreement as the same constitute consideration retained by the Developer and utilised for construction of flats on behalf of the assessee.
Section 271(1)(c), 271AAA In a case where penalty is leviable u/s. 271AAA, penalty initiated and levied u/s. 271(1)(c) is unsustainable in law.
In The High Courts: Part B -Unreported Decisions
Section 68 Cash credits Share application money Identity, genuineness of transaction and creditworthiness of persons from whom assessee received funds Allegation by AO about evasion of tax without any supporting evidence, is not justified.
Section 45 Capital gains Non-compete clause Transfer of business Amount is liable to be bifurcated and apportioned Attributed to the non- compete clause is revenue receipts and remaining was to be treated as the capital receipt taxable as capital gains.
Rectification of mistake Debatable issue Adjusting the business loss against capital gain in terms of provisions of section 71(1) of the Act View once allowed by the AO could not be rectified by him if the issues is debatable. [Section 154]
Electoral Bonds: Bonding Money and Power?
From The President
From The President
FROM THE PRESIDENT
TWO SETS OF STARS LIGHT UP THE 50TH BIRTHDAY CELEBRATIONS OF BCAJ PART 1
TWO SETS OF STARS LIGHT UP THE 50TH BIRTHDAY CELEBRATIONS OF BCAJ PART 2
DUPLICATE PART OF C FORM, WHETHER VALID
Recent Decisions: Part A: Service Tax
Recent Decisions: Part B: VAT
RETURNS UNDER GST A NEW LOOK !!
Recent Decision Part C:
GOODS AND SERVICES TAX (GST)
THE FUGITIVE ECONOMIC OFFENDERS ACT, 2018 AN OVERVIEW PART 1
Tribunal News : PART C -
Article 12 and Article 14 of DTAA Consultants providing technical consultancy services in the capacity of an advisor and who also bears the risk in relation to such services, would be treated as an independent person services rendered by them would qualify as Independent Personal Services.
Section 5(2), read with section 9, of the Act Agency commission received by non resident outside India, for services rendered outside India, is not taxable in India.
Article 13(4)(c), Article 7 of India-UK DTAA the development and supply of a technical plan or a technical design does not amount to making available technical knowledge, experience, skill, knowhow or process to the service recipient; amount paid for such services does not qualify as FTS.
Article 7 of India-Singapore DTAA No further profit attribution to an Indian agency PE where the commission is paid at arms length.
News and Views
SOCIETY NEWS Part 1
SOCIETY NEWS Part 2
Ethics and You
ETHICS AND U
IMPORTANCE OF VOLUNTEERING IN STUDENT LIFE
TOP BOOKS ON PROFESSIONAL SERVICES MANAGEMENT: THE QUINTESSENTIAL McKINSEY WAY