No entity could earn gross receipts, only profit embedded to be treated as income. ITAT upholds the order of CIT(A) as appreciating the controversy in right perspective ABCAUS Case Law Citation:ABCAUS 2672 (2018) (12) ITAT Important Case Laws Cited / relied upon:Commissioner of Income Tax Vs. President industries …

CBDT has decided to subject the registration process of charitable trusts / institutions to internal audit and has issued detailed procedure in this regard. In partial modification of its earlier Instruction No. 6 of 2017 dated 21.07.2017, CBDT has stated that the Hon’ble Public Accounts Committee( PAC ) …

Ad-hoc disallowance not within permissible arena of taxing statute which is essentially welfare in nature – ITAT  ABCAUS Case Law Citation:ABCAUS 2671 (2018) (12) ITAT Important Case Laws Cited/reliedupon:M/s Bajaj Auto Centre, Kanpur vs. Income Tax Officer M/s Bhullar Oxygen Pvt. Ltd.  vs. Income TaxOfficer The appeal was …

Undesirable company names – Ministry of Corporate Affairs has proposed amendments in the Companies (Incorporation) Rules 2014 The proposed amendment intends to bring more clarity to the rules related to name availability by: (i) inclusion of illustrations in the rules; (ii) providing a clear test to determine as …

Govt. postpones the implementation of increased customs duty on specified imports originating in USA from 17th December, 2018 to 31st January 2019 GOVERNMENT OF INDIAMINISTRY OF FINANCE(Department of Revenue) Notification No. 80/2018-Customs New Delhi, the 15th December, 2018 G.S.R. (E).- In exercise of the powers conferred by sub-section …

Transfer of vehicle registration not necessary for claiming depreciation. Transfer of ownership of vehicles is governed by the Sale of Goods Act not by Motor Vehicles Act. ABCAUS Case Law Citation:ABCAUS 2670 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT v. Nidish Transport Corporation Panna Lal v. Chand Mal …