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Section 50c applies to immovable depreciable assets
ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t
Certificate of Commencement of Business- In case of SLP
1. Requirement for obtaining commencement of business certificate A public limited company having share capital cannot commence business until it has obtained the certificate to commence business from the Registrar of Companies. Normally,
Analysis of Penalty on Late Filing of Service Tax Return
ANALYSIS OF PENALTY ON LATE FILLING OF SERVICE TAX RETURN Amendment in Section 70 (1) In Section 70 (1) of the Finance Act, 1994, for the words two thousand rupees, the words twenty thousand rupees shall be su
Failure to voluntarily apply sec 50C does not attract penalty
The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit
On Exam-eve summary of legal cases for CA Finals
Significant legal decisions Income-tax Section Case Decision 35D CIT v. Tamil Nadu Road Development C
Few points on Internal audit
1) A plan once prepared should be continuously reviewed by the internal auditor to identify any modifications required to bring the same in line with the changes, if any, in the audit environment. However, any major modification to the internal audi
Communication Skills
communication skills 1. it really matters .... Every one enters the job market to find the very right job! Most of them are well qualified and experienced. Yes, most of them possess the right skills too. Still a large population fail to fi
All About Limited Liability Partnerships
Limited Liability Partnerships A Limited Liability Partnership (LLP) is a form of business organisation where the liability held by each of the partners is limited by law. It provides the benefits of limited liability of a company, but allows its m
Service Tax on Restaurants & Hotels
In the Budget 2011, it was proposed to levy Service Tax on Hotels & restaurants. Vide Notification 29/2011 dated 25.04.2011, 1st May of 2011 has been declared as the appointed day on which these provisions will come into effect. Thus these ser
Loan against accumulations in PF Account
Loan against accumulations in PF Account PF account, in general perception, signifies a balance, available after retirement or resignation from a current organization. So at times, while in continuation of service, if someone require funds, they g
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