Latest Supreme Court Judgement On S. 498A Dowry Harassment

In the latest judgement delivered on September 14 , 2018, the Supreme Court has modified the guidelines laid down by it in Rajesh Sharma and others v. State of U.P. and another AIR 2017 SC 3869 : 2017 (8) SCALE 313 on the arrest of the husband and his relatives on the subject of dowry harassment Read More …

Forceful Donations By Co-op Hsg Societies Prohibited | Bombay High Court Judgement

The Society is not expected to indulge into profiteering business from the members and if such amount is earned, then it is taxable under the law. There is no bar for any member to pay donation to the Society, however, it should be voluntary without any compulsion and coercion. No manner the transfer fees can be charged under the pretext of donation Read More …

Capital Gains From Penny Stocks | Rajasthan High Court Judgement

On the question whether capital gains from penny stocks can be assessed as unexplained income, there is a recent judgement of the Rajasthan High Court in CIT vs. Pooja Agarwal. The Rajasthan High Court has ruled in favour of the taxpayer and held that the capital gains from the penny stocks are genuine and the income-tax exemption has to be granted. It was held by the High Court that when the relevant documents to prove the genuineness of the penny stocks are available, the fact of transactions entered into cannot be denied simply on the ground that in his statement the appellant denied having made any transactions in shares Read More …

STT on derivative contracts | Bombay High Court Judgement | CBDT Clarification

CBDT is of the view that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares and the rates of STT as applicable to such delivery based equity transactions shall also be applicable to such derivative transaction Read More …

Supreme Court Judgement on Validity Of Second Marriage During Pendency Of Appeal Against First Marriage

The Supreme Court judgement in MR. ANURAG MITTAL vs. MRS. SHAILY MISHRA MITTAL has clarified that although the Hindu Marriage Act prescribes that it shall be lawful to marry again only after dismissal of an appeal filed by aggrieved party against the decree of divorce, the second marriage would not be void if solemnised during the pendency of appeal Read More …

CBDT issues Circular on amendment of Tax Audit Report

Press Information Bureau Government of India Ministry of Finance 18-August-2018 12:50 IST CBDT issues Circular on amendment of Tax Audit Report Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with Rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars Read More …

CBDT Circular No. 4/2018 | Computation of admissible deduction u/s 10A of the Income Tax Act, 1961

As per the provisions of sub-section (4) of section 10A of the Income Tax Act, 1961 (the ‘Act”), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking Read More …