Forfeited advance of Real Estate Co. is allowable business Exp : HC

The assessee is a company which is engaged in the business of real estate. The main object of the business of the company is development of real estate. It made a payment of Rs. 3.50 crores as advance to HDIL for purchase of land to construct commercial complex for the development of real estate. Since it did not make payment of the balance amount – for whatever reason, the advance given was forfeRead More…

Depreciation claimed in excess is not tax evasion : SC

  SUPREME COURT OF INDIA Rajasthan State Electricity Board v. Deputy Commissioner of Income Tax ASHOK BHUSHAN AND MOHAN M. SHANTANAGOUDAR, JJ. CIVIL APPEAL NO. 8590 OF 2010 MARCH  19, 2020 JUDGMENT Ashok Bhushan, J. – This appeal has been filed by the assessee challenging the Division Bench judgment dated 13-11-2007 of the High Court of Judicature for Rajasthan at Jaipur BencRead More…

GST on Compensation paid to parties if agreement could not materialize : AAR

AUTHORITY FOR ADVANCE RULINGS, GOA Goa Industrial Development Corporation, In re J.K. MEENA AND SMT. SARITA S. GADGIL, MEMBER ADVANCE RULING NO. GOA/GAAR/01 OF 2019-20/1875 OCTOBER  17, 2019 PROCEEDING 1. Under Section 98 of the Goa Goods and Services Tax Act, 2017) The present application has been filed under section 97 of the Goa Goods and Services Tax Act, 2017 and the CentralRead More…

Loan to director is not deemed divided if money Lending is one of object of company : HC

it is clear that as the assessee was holding more than 10% of the shares in both the companies, the provisions of section 2(22)(e) of the Act would come into play. However, the section further provides that the dividend does not include any advances or loan made to a share holder by the Company in the ordinary course of business where lending of money is a substantial part of the business of the CRead More…

Registration of Trust can not be cancelled if carrying on activities as per its objects : HC

HIGH COURT OF BOMBAY Commissioner of Income Tax (Exemptions) v. Mumbai Metropolitan Region Development Authority UJJAL BHUYAN AND MILIND N. JADHAV, JJ. IT APPEAL (IT) NO. 2010 OF 2017 JANUARY  24, 2020 Ashok Kotangle and Prabhakar Ranshur, Advs. for the Appellant. S.E. Dastur, Sr. Adv. Madhur Agarwal and A.K. Jasani for the Respondent. JUDGMENT 1. Heard Mr.Read More…

Refund IGST paid on ocean freight is allowed : HC

Assessee to file refund application for IGST levied on ‘ocean freight’ component before Competent Authority: HC HIGH COURT OF GUJARAT Gokul Agro Resources Ltd. v. Union of India J.B. PARDIWALA AND BHARGAV D. KARIA, JJ. R/SPECIAL CIVIL APPLICATION NO. 1758 OF 2020 FEBRUARY  26, 2020 Uchit N. Sheth for the Petitioner. Nirzar S. Desai for the Respondent. ORDER J.Read More…

Change in CGST rate of goods : Notification No. 03/2020-Central Tax (Rate)

Seeks to amend notification No. 1/2017-Central Tax (Rate) to prescribe change in CGST rate of goods. The rate of 5% on handmade safety matches and 18% on other than handmade has been made removed and uniform rate of 12% has been notified for all types of safety matches. Also, telephones for cellular networks or other wireless networks and its related parts shall now be taxable at rate of 18%. Read More…