PAN and TAN may now also be obtained online

PAN and TAN may now also be obtained online through   Aadhaar e-Signature based application process of Digital Signatures on the portal of NSDL. PAN/TAN shall be allotted with in one day from completion of valid online application. This is available for Individual applicants. Seeding of Adhar in PAN is aimed at curbing the problem of duplicate PANs [Press Release dated 22-07-2016]

Whether e way bill is applicable for intra state movement of goods on Job Work in the state of Punjab from Ist February 2018?

  1. Section 138(14)(d) of Punjab GST Rules, states that no e-way bill is required to be generated in respect of movement of such goods and within such areas in a State and for values exceeding such amount as the Commissioner of State Tax, in consultation with the Chief Commissioner of Central Tax, may notify.
  2. As per Rule 138(1), movement can be

a) In relation to supply or

b) For reason other than supply

Continue reading “Whether e way bill is applicable for intra state movement of goods on Job Work in the state of Punjab from Ist February 2018?”

I-T department attaches actor Sharukh Khan’s farm house in Alibaug terming it as benami property

The Income-Tax department has provisionally attached actor Shah Rukh Khan’s farmhouse in Alibaug, Maharashtra terming it as a benami property. In the instant case, Mr. Khan had extended unsecured loan of Rs. 8.5 crores to Déjà vu farms. The unsecured loan was used by Déjà vu Farms for purchasing land. Later on the land was transferred to Deja Vu Farms Pvt Ltd which was controlled by the relatives of Mr. Khan. Continue reading “I-T department attaches actor Sharukh Khan’s farm house in Alibaug terming it as benami property”

Supreme Court Binoy Viswam 396 ITR 66 stays quoting of Adhaar number in respect of transactions mentioned in R. 114B on touchstone of sufferance in day to day dealings till the Constitution Bench authoritatively determines the argument of Article 21 of the Constitution.

Supreme Upholding the  validity of section 139AA  has held in Binoy Viswam held that the purpose behind the Act namely the Income Tax Act, 1961 is entirely different and the purpose being to curb black money, money laundering and tax evasion, etc. It has been further held that for achieving such objects, if the Parliament chooses to make the provision mandatory under the Act, the competence of the Parliament cannot be questioned on the ground that it is impermissible only because under the Aadhaar Act, the provision is directory in nature. The Hon’ble Supreme Court also held that it is the prerogative of the Parliament to make a particular provision directory in one Statute and mandatory/compulsory in the other and that by itself cannot be a ground to question the competence of the Legislature. Continue reading “Supreme Court Binoy Viswam 396 ITR 66 stays quoting of Adhaar number in respect of transactions mentioned in R. 114B on touchstone of sufferance in day to day dealings till the Constitution Bench authoritatively determines the argument of Article 21 of the Constitution.”

Delay of 21 days on wrong advice of CA condoned by ITAT

Appeal was handed over to the Chartered Accountant Shri Sumit Aggarwal. The said counsel advised that four months time was available for filing the appeal before the ITAT and since he was not appearing before the ITAT, he would engage some other professional for filing of the appeal. The said Chartered Accountant on his visit to a professional in Ambala for filing of the appeal, it was submitted, then learnt that the time limit for filing the appeal before the ITAT was infact 60 days from the date of the order and not 120 days as understood by him. Acting on the said information, the assessee was accordingly advised who promptly filed the appeal. The said appeal, it was submitted, was late by 21 days solely on account of the ignorance of the counsel. Relying upon; (a) Improvement Trust Ludhiana v. Ujagar Singh Civil Appeal No. 2395 of 2008 of June 9, 2010, (b) Jayvantsinh N Vaghela v. ITO [2013] 40 taxmann.com 491 (Gujarat) and (c) Paras Rice Mills Kurukshetra v. CIT ITA No. 657 of 2009 (Punj. & Har.), prayer for condoning the delay was made.

Symbiosis Pharmaceuticals (P.) Ltd. [2017] 87 taxmann.com 32 (Chandigarh – Trib.) 04-10-2017

Supreme Court in Madhur Housing and Development Co. on 05-10-2017 has held that loan/advance by closely held company to another company in which shareholder of closely held company having more than 10% voting power also had substantial interest in the borrowing company, although is taxable as deemed dividend income but the income is taxable in the hands of shareholder and not the borrowing company

Presumption underlying the deeming provision is that that the loans or advances would ultimately be made available to the shareholders of the company giving the loan or advance. The legal fiction in s. 2(22)(e) enlarges the definition of dividend but does not extend to, or broaden the concept of, a “shareholder”.

Continue reading “Supreme Court in Madhur Housing and Development Co. on 05-10-2017 has held that loan/advance by closely held company to another company in which shareholder of closely held company having more than 10% voting power also had substantial interest in the borrowing company, although is taxable as deemed dividend income but the income is taxable in the hands of shareholder and not the borrowing company”