Latest & accurate updates on important issues
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Justice Pradipkumar Premshankar Bhatt, former Judge, Gujarat High Court, to the post of the President in the Income Tax Appellate Tribunal (ITAT) Read More …
Sub: Orders of Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed– reg.
Field formations send SLP & CA proposals to the Board. Many of them after examination are not approved and such decisions of High Courts & Tribunals thus attain finality. It has been decided to disseminate such information to the field formations. Attention is invited to sixty three orders of different High Courts summarized in this Circular which have been accepted by the Department. In fourteen of these orders, Hon’ble High Courts have decided various questions of law. In the rest forty nine cases the Hon’ble High Courts have delivered judgments on the basis of some settled case law or have decided points of facts or have dismissed the appeal on monetary grounds. The said orders have been complied in this Circular so that cases pending in the field can be expeditiously decided, if the questions of law or facts involved are identical Read More …
The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders Read More …
Income Tax Department steps-up actions under Prohibition of Benami Property Transactions Act : Benami properties of more than Rs. 3,500 crore in more than 900 cases attached Read More …
The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code, 2016 (Code) Read More …
RBI’s latest Master Directions on Foreign Investment in India explains the regulations of clause (b) sub-section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 issued vide Notification No. FEMA 20(R)/2017-RB dated November 7, 2017 Read More …
Unscrupulous entities have also been using this tax benefit to launder money by dealing in shell company shares. In early August, the markets regulator had suspended trading in 331 suspected shell companies identified by the ministry of corporate affairs. BSE says the LTCG leeway opens the door for tax arbitrage and manipulation Read More …
This Tax Alert summarizes the ruling of the Nagpur Bench of Bombay High Court (HC) in the case of Smt. Shantidevi Bimalchand Jain (Taxpayer) v. ITO [ITA No. 18/2017; Order dated 10 April 2017] wherein the HC upheld the denial of the long-term capital gains exemption for the sale of a listed company’s shares through a stock exchange in view of the Taxpayer’s inability to justify the genuineness of the transactions Read More …
As per GST law, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after Rs first occupation, whichever is earlier, is a supply of service and liable to GST Read More …
The government’s plan to use data obtained from the Goods and Services Tax (GST) filings to track those who are escaping income tax is one more step towards pinning down the tax evaders. For the past two years, Prime Minister Narendra Modi has been tightening the noose around tax evaders. The government’s various steps are likely to show visible results next year. 2018 may well turn out to be the year of the taxman when tax evasion will become nearly impossible Read More …