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January 2021
Accountancy and Audit
From Published Accounts
FROM PUBLISHED ACCOUNTS
Article
FRAUD RISK MANAGEMENT IN INTERNAL AUDIT
IND AS/IGAAP - Interpretation & Practical Application
HOW AND FOR WHAT PURPOSE?
Corporate and Other Laws
Allied Laws
ALLIED LAWS
Securities Laws
INTERIM ORDERS POWERS OF SEBI RESTRICTED BY SAT
Laws And Business
ANCESTRAL OR SELF-ACQUIRED? THE FIRE CONTINUES TO RAGE
Article
PFUTP REGULATIONS BACKGROUND, SCOPE AND IMPLICATIONS OF 2020 AMENDMENT
OFFENCE OF MONEY-LAUNDERING: FAR-REACHING IMPLICATIONS OF RECENT AMENDMENT
Corporate Law Corner
CORPORATE LAW CORNER
FEMA Focus
FEMA FOCUS
Direct Taxes
Controversies
TAX EXEMPTION FOR A REWARD
In the High Courts: Part A - Reported Decisions
Business expenditure Service charges paid to employees in terms of agreement entered into under Industrial Disputes Act Evidence of payment furnished Amount deductible
Capital gains Computation of capital gains Cost of acquisition Section 115AC Conversion of foreign currency convertible bonds into equity shares Subsequent sale of such shares Cost of acquisition of shares to be calculated in terms of Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993
Capital gains Sections 45 and 50C Computation Law applicable Amendment of section 50C w.e.f. 1st April, 2017 Amendment retrospective
Deduction of tax at source Section 190 Liability to deduct tax at source only if there is income Reimbursement of expenses No income arises Tax not deductible at source
Depreciation Section 32 Rate of depreciation Assessee running a hotel Additional floor space index granted Not an intangible right Consideration for additional floor space index payable in instalments One instalment paid and entire amount debited in accounts Assessee entitled to depreciation on entire amount at rate applicable to buildings
Dividend Deemed dividend Section 2(22)(e) Sum shown as unsecured loan obtained by assessee firm from company in which one partner shareholder Nature of transaction Deferred liability Assessee not shareholder of lender company Loan not assessable as deemed dividend in hands of assessee
Export Exemption u/s 10A Effect of section 10A and Notification No. S.O. 890(e) of CBDT Assessee carrying on back-office work and preparation of applications for patent in USA Assessee entitled to exemption u/s 10A
Non-resident Income deemed to accrue or arise in India Section 9(1)(vii) Fees for technical services Effect of Explanation 2 to section 9(1)(vii) Agreement for export of garments Non-resident company inspecting garments, ensuring quality and export within stipulated time No technical services performed by non-resident Income received by non-resident not taxable in India
Scientific research Special deduction u/s 80-IB(8A) Jurisdiction to examine nature of research Prescribed authority under Act alone has power to examine nature of scientific research and determine whether assessee is entitled to special deduction u/s 80-IB(8A) A.O. has no power to determine questions
Glimpses Of Supreme Court Rulings
GLIMPSES OF SUPREME COURT RULINGS
Tribunal News : PART A - Reported Decision
Section 56(2)(vii)(c) The provisions of section 56(2)(vii)(c) get attracted only when a higher than proportionate allotment of fresh shares issued by a company is received by a shareholder
Section 56(2)(vii)(b)(ii) Even if there is no separate agreement between the parties in writing, but the agreement which is registered itself shows that the terms and conditions as contained in the said agreement were agreed between the parties at the time of booking of the flat
Section 56(2)(viia), Rule 11UA Valuation report prepared under DCF method should be scrutinised by the A.O. and if necessary he can carry out a fresh valuation either by himself or by calling for a determination from an independent valuer to confront the assessee However, he cannot change the method of valuation but has to follow the DCF method only
Section 56(2)(vii)(b)(ii) The provisions of section 56(2)(vii)(b)(ii) will apply if they were on the statute as on the date of entering into the agreement
Section 56(2)(viia) Where share in profits of a firm during its subsistence and share in assets after its dissolution were consideration for capital contribution, such 'consideration' was 'indeterminate' The provisions of section 56(2)(viia) could not be applicable to determine inadequacy or otherwise of such consideration and also to capital contribution of a partner made in the firm
Non-furnishing of Form 15G/15H before CIT by the deductor is merely procedural defect and cannot lead to disallowance u/s 40(a)(ia)
Proceedings under the Income-tax Act cannot be continued during the moratorium period declared under the Insolvency and Bankruptcy Code, 2016
Tribunal News : PART B - Unreported Decisions
Section 80JJAA Assessee cannot be denied deduction u/s 80JJAA, provided that such employees fulfil the condition of being employed for 300 days for the year under consideration, even though such employees do not fulfil the condition of being employed for 300 days in the immediately preceding assessment year
Section 244A Refund is to be adjusted against the correct amount of interest payable thereof to be computed as per the directions of the CIT(A) and only the balance amount is to be adjusted against tax paid. Accordingly, unpaid amount is the tax component and therefore the assessee would be entitled for claiming interest on the tax component remaining unpaid. This would not amount to granting interest on interest
Section 50 Expenditure incurred on account of stamp duty, registration charges and society transfer fees, as per the contractual terms, is an allowable expenditure u/s 50(1)(i)
In The High Courts: Part B -Unreported Decisions
[Income Tax Appellate Tribunal, Chennai 'A' Bench; dated 24th July, 2006, passed in I.T.A. Nos. 490/MDS/2000, 352/MDS/2000 and 353/MDS/2002 for A.Ys. 1996-1997, 1997-1998 and 1998-1999] Business expenditure Provision made for site restoration Contingent liability Commercial expediency Allowable expenditure u/s 37
Editorial
Editorial
TOP-NOTCH HABIT
From The President
From The President
FROM THE PRESIDENT
Indirect Taxes
Recent Decisions: Part A: Service Tax
Service Tax
Decoding GST
TRANSITIONAL CREDIT TUSSLE
Recent Decision Part C:
GOODS AND SERVICES TAX (GST)
RECENT DEVELOPMENTS IN GST
RECENT DEVELOPMENTS IN GST
International Taxation
International Taxation
OVERVIEW OF BENEFICIAL OWNERSHIP REGULATIONS (INCLUDING RECENT UAE REGULATIONS)
Tribunal News : PART C -
Articles 11 and 7, India-Germany DTAA Once entire interest was taxed on gross basis under Article 11, no taxation survived in respect of subsidiary and incident commitment fees and agency fees under article 7 as PE income even assuming the foreign bank had office which supported earning of such interest income Once tax liability is discharged in respect of interest income under Article 11, the taxpayer is relieved of obligation to file ROI in terms of Article 11 read with section 115A(5)
Section 9(1)(vii) Scope of FTS service includes professional service Independent Personal Service (IPS) Article of DTAA Professional services are taxable in resident state if service provider is person specified in IPS Article of DTAA and satisfies exemption conditions Services are taxable in source state if service provider is not person specified in IPS Article Benefit of non-taxation in absence of PE under Article 7 is not available
Article
TAXING THE DIGITAL ECONOMY THE WAY FORWARD
THE CONUNDRUM OF MAY BE TAXED IN A DTAA
Namaskaar
Namaskaar
PROCRASTINATION THE IMMEDIATE GRATIFICATION MONKEY
News and Views
Society News
SOCIETY NEWS
Miscellanea
MISCELLANEA
Statistically Speaking
STATISTICALLY SPEAKING
Ethics and You
ETHICS AND U
Tech Mantra
OFFICE ON YOUR PHONE!
Regulatory Referencer
REGULATORY REFERENCER
Blast From The Past
IF TOMORROW COMES
Practice Management
Article
EFFECTIVE USE OF QUORA FOR A PROFESSIONAL
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