Direct Tax : 

  • SC dismisses assessee-company’s SLP against Allahabad HC judgement upholding addition u/s 68 with respect to share capital subscription as assessee failed to establish identity and genuineness of the investors; Noting that assessee is private limited company and alleged investors were close friends and business associates of its directors and shareholders, HC had held that the burden rested squarely on the assessee to disclose true and correct details of the persons making substantial investments in assessee-company; HC e subscribed to its share capital”;[TS-386-SC-2018]
  • Mumbai ITAT Special Bench (‘SB’) confirms penalty levy u/s. u/s 271D on assessee -company for receiving cash loans from one of its directors during AY 2008-09 as assessee failed to demonstrate bonafide reasons for not accepting them by account payee cheque/bank draft; Clarifies that bonafide nature of transactions alone not sufficient to claim immunity u/s. 273B and “it is required to be established that there was some bonafide reasons for the assessee for not taking or accepting loan or deposit by account payee cheque or account payee bank draft”, cites SC ruling in Kum. A.B.Shanthi; [TS-387-ITAT-2018(Mum)
  • 269SS / 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan/ deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee bank draft- Deepak Sales & Properties Pvt. Ltd vs. ACIT (ITAT Mumbai, Special Bench)


  • It is mandatory for the petitioner to file the Part-B of the e-way bill giving all the details – levy of penalty confirmed – Gati Kintetsu Express Pvt. Ltd. Vs. CCT & Ors (2018 (7) TMI 1097 – M. P. High Court)

FAQ on GST Audit:

  • Query:

    Under what circumstances can a special audit be instituted?

  • Answer:A special audit can be instituted in limited circumstances where during scrutiny, investigation, etc. it comes to the notice that a case is complex or the revenue stake is high. This power is given in section 50 of MGL.

Read more about: What is core Business Activity GST

Read more about: All about GST Offenses, Penalties, and Appeals


  • Extends timeline for sending the initial letter by Regd. / Speed Post to physical shareholders for seeking PAN and Bank Details to 30 SEP 2018.

MCA Update:

  • MCA21 system will be intermittently unavailable from Saturday, 21st July 2018   22:00 Hrs to Sunday, 22nd July 2018  14:00 Hrs due to maintenance Stakeholders are requested to plan accordingly.


  • No directions interfering with the right of secured creditor bank can be passed by the liquidator where the secured creditor does not wish to participate in the liquidation process- Anil Goel Vs REI Agro Ltd. (NCLT, Kolkata).
  • Futures and Options:

Income from F&O is non speculative business Income.

Turnover in that case will be computed total of favorable and unfavorable differences (both taken as positive) plus premium received on Options contracts.

If Turnover as computed in Point 2 above is above INR 2 crores threshold of Tax Audit, then it is required to get accounts audited and File ITR 3 along with Form 3CB/3CD.

If Turnover as computed in Point 2 above is less than INR 2 crores, then tax audit is required only in case Income reported is less than 6% of turnover AND Assessees’ total Income is more than INR 2.50 lakhs.

  • Best Option for small F&O Traders

If you want to get saved from tax audit in case of F&O Loss (having less turnover of transactions i.e. upto INR 2 crores), *then declare 6% of the turnover as your income to get saved from tax audit inspite of loss.


  • GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018
  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018.
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Guidelines to File Schedule AL Declaration in ITR

Guidelines to File Schedule AL (Assets and Liabilities) Declaration in ITR The proliferation of black money poses significant challenges to… Read More

9 hours ago

Navigating Rental Income Taxation for Indian Landlords,

Navigating Complex Taxation of Rental Income for Indian Landlords Rental income can be a significant source of revenue for property… Read More

13 hours ago

Setting Up A Business With 100% EOUs along with FDI

Setting Up A Business With 100% Export Oriented Units (EOUs) along with FDI Foreign investors must first assess their entry… Read More

6 days ago

Taxation of Share Transaction & Disclosing F&O Income

Important Points for Taxation of Share Transaction &  Disclosing F&O Income The income from these transactions should be reported under… Read More

6 days ago

International Financial Services Centre in GIFT City

Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters… Read More

1 week ago

Mandatory ITR Filing regardless the Level of Income

Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not… Read More

2 weeks ago
Call Us Enquire Now