{"id":5327,"date":"2018-09-29T00:08:52","date_gmt":"2018-09-28T18:38:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5327"},"modified":"2022-01-07T12:29:23","modified_gmt":"2022-01-07T06:59:23","slug":"corporate-and-professional-updates-29th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/","title":{"rendered":"Corporate and professional updates 29th sep 2018"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d7ef01cfff1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d7ef01cfff1\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_29TH_SEP_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 29TH SEP 2018\">CORPORATE AND PROFESSIONAL UPDATES 29TH SEP 2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Income_Tax\" title=\"Income Tax:\">Income Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Calculation_of_Turnover_for_Tax_Audit_us_44_AB_of_Income_Tax_Act_1961\" title=\"Calculation of Turnover for Tax Audit\u00a0\u00a0u\/s 44 AB of Income Tax Act, 1961:\u00a0\">Calculation of Turnover for Tax Audit\u00a0\u00a0u\/s 44 AB of Income Tax Act, 1961:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Tax_Audit_Applicability_under_section_44AB\" title=\"Tax Audit Applicability under section 44AB:\">Tax Audit Applicability under section 44AB:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Turnover_or_gross_receipts_in_respect_of_transactions_in_shares_securities_and_derivatives_may_be_determined_in_the_following_manner\" title=\"Turnover or gross receipts in respect of transactions in shares, securities, and derivatives may be determined in the following manner:\">Turnover or gross receipts in respect of transactions in shares, securities, and derivatives may be determined in the following manner:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#FAQ_on_GST_Audit\" title=\"FAQ on GST Audit:\">FAQ on GST Audit:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#What_are_the_interim_dividend_and_final_dividend\" title=\"What are the interim dividend and final dividend?\">What are the interim dividend and final dividend?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#What_is_the_Process_to_get_back_shares_from_IEPF\" title=\"What is the Process to get back shares from IEPF\">What is the Process to get back shares from IEPF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#CLOSURE_OF_SUBSIDIARY_COMPANY\" title=\"CLOSURE OF SUBSIDIARY COMPANY\">CLOSURE OF SUBSIDIARY COMPANY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Compliance_for_Foreign_Subsidiary_Companies_in_India\" title=\"Compliance for Foreign Subsidiary Companies in India\">Compliance for Foreign Subsidiary Companies in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-sep-2018\/#Key_Highlights_of_RACP_Bill_2020_and_Companies_Amendment_Bill2020\" title=\"Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20823\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/09\/corp-1.jpg\" alt=\"\" width=\"578\" height=\"373\" \/><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_29TH_SEP_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 29TH SEP 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\"><em>DIRECT TAX<\/em><\/span><\/strong><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>:\u00a0\u00a0Disallowance of artificial loss made on account of fictitious transactions &#8211; CIT(A) has deleted the addition merely by observing that the books of accounts of the assessee were audited and have not been rejected by the AO. &#8211; Matter restored before the CIT(A)\u00a0\u00a0&#8211; ITAT Mumbai in case of [ACIT 12 (2) (2), Mumbai Vs. M\/S. Highland Industries Ltd.]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Income Tax: TDS Credit &#8211; Wherever the payer-deductor had made the payment to the company but by error deposited the tax in the account of the firm, the petitioner company must get the benefit of such tax deducted at source\u00a0\u00a0&#8211; Gujarat High Court in case of [Anish Infracon India Pvt. Ltd. Vs. DCIT]<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Income_Tax\"><\/span>Income Tax:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The claim of credit of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> deducted on salary &#8211; Employer failed to deposit the TDS amount with the Government &#8211; Department cannot deny the benefit of tax deducted at source by the employer of the petitioner during the relevant financial years.<\/li>\n<li>The credit of such tax would be given to the petitioner for the respective years\u00a0\u00a0&#8211; Gujarat High Court in case of [Devarsh Pravinbhai Patel Vs. ACIT Circle5 (1) (1)]<\/li>\n<li>Income Tax: Addition u\/s 41 &#8211; remission or cessation of liability &#8211; when the software library was capitalized, it cannot be said that any benefit or remission or cessation of liability occurred\u00a0\u00a0&#8211; Madras High Court in case of [The CIT Vs. Smt. R. Radhika]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The credit of TDS deducted from salary &#8211; Revenue directed to give the credit even if the employer failed to deposit TDS amount with the Government \u2013 <strong>Devarsh Pravinbhai Patel Vs ACIT (2018 (9) TMI 1635 &#8211; Gujarat High Court)<\/strong><strong>.<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Calculation_of_Turnover_for_Tax_Audit_us_44_AB_of_Income_Tax_Act_1961\"><\/span><strong>Calculation of Turnover for <a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a>\u00a0\u00a0u\/s 44 AB of Income Tax Act, 1961:\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For Assessee in share trading business to give them a clear understanding of whether they are liable to get their accounts audited for tax audit u\/s 44AB of the Income Tax Audit. So, let&#8217;s check what law dictates about it.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tax_Audit_Applicability_under_section_44AB\"><\/span><strong><a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a> Applicability under section 44AB<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>\u00a0An individual who is engaged in business and the annual turnover of his\/her business is Rs 1 crore and above.<\/li>\n<li>Determination of turnover u\/s 44ab of the income tax act,1961, in case of trading of shares either on speculation or nonspeculation basis<\/li>\n<li>\u201cAs per Section 43(5) of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act, 1961<\/a>, INTRA-DAY TRADING shall be considered as SPECULATIVE BUSINESS TRANSACTIONS and the income therefrom would be either speculation gains or speculation losses. Income from speculation gains is taxed at the normal rates.\u201d<\/li>\n<li>However, Income from trading F&amp;O (both intraday and overnight) on all the exchanges is considered as NON-SPECULATIVE BUSINESS TRANSACTIONS as it has been specifically defined this way.<\/li>\n<li>Income from shorter-term equity delivery-based trades (held for between 1 day to 1 year) are also best to be considered as non-speculative business income if the frequency of such trades executed by you is high or if investing\/trading in the markets is your main source of income.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Turnover_or_gross_receipts_in_respect_of_transactions_in_shares_securities_and_derivatives_may_be_determined_in_the_following_manner\"><\/span>Turnover or gross receipts in respect of transactions in shares, securities, and derivatives may be determined in the following manner:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>As per\u00a0 Para 5 of \u201cGuidance Note on Tax Audit under Section 44AB of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act,1961<\/a>\u2033 issued by The Institute of Chartered Accountants of India (ICAI):<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">(a) For Speculative Transactions:<\/p>\n<p style=\"text-align: justify;\">\u201cThe Turnover is net of all positive and negative income from the various transactions and not total of all Sales transaction. So if your Net Income &gt; 1 Crores rs., you are liable to tax audit.\u201d<\/p>\n<p style=\"text-align: justify;\">(b) Derivatives, Futures, And Options (Non- Speculative Transactions)<\/p>\n<p>\u201cThe turnover in such types of transactions is to be determined as follows:<br \/>\n(i) The total of favorable and unfavorable differences shall be taken as turnover. (i.e suppose in 1st transaction you have incurred a loss of Rs 65 Lacs and after that, you entered in profit transaction in which you have earned Rs 36 lacs, Then as per this guidance note you are liable to tax audit because the total of Profit and Loss a\/c exceed Rs 1 Crore)<\/p>\n<p style=\"text-align: justify;\">(ii) Premium received on sale of options is also to be included in turnover. (Call or Put Premium paid\/received)<\/p>\n<p style=\"text-align: justify;\">(iii) In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.\u201d<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><em><span style=\"text-decoration: underline;\">INDIRECT TAX<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MoF issues circular clarifying applicability of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> on Residential programs or camps meant for advancement of religion, spirituality, or yoga by religious and charitable trusts \u2013 Circular No. 66\/2018, dt.26.09.2018.<\/li>\n<li>Marg Sudharan Shulk &#8211; charged and collected by the applicant for the maintenance of forest road, from non-government, private, and commercial vehicles engaged in mining work in lieu of the use of forest road &#8211; Levy of GST confirmed \u2013 AAR, the UK in Divisional Forest Officer, Dehradun (2018 (9) TMI 1647)<strong>.<\/strong><\/li>\n<li>CBEC has issued a circular regarding<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> on Residential programmers or camps meant for the advancement of religion, spirituality, or yoga by religious and charitable trusts. Vide circular no 66\/40\/2018-GST, dated 26th September 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GST:\u00a0Post GST regime, the pending refund claim of CENVAT credit under Central Excise, if sanctioned, will necessarily have to be paid in cash \u2013<strong>Toshiba Machine (Chennai) Pvt. Ltd. Vs CCE (2018 (9) TMI 1576 &#8211; CESTAT Chennai)<\/strong><strong>.<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><span style=\"color: #000000;\"><strong><em><span style=\"text-decoration: underline;\">FAQ on<a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/carajput.com\/gst\/gst-audit.php\"> GST Audit<\/a>:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query: <\/span>What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Section 63 of the CGST\/SGST Act provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from the due date for furnishing the annual return<em>\u00a0<\/em>for the financial year to which non-payment of tax relates.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has issued notification regarding the Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs). Vide notification no RBI\/2018-19\/52, dated 27th September 2018.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">OTHER UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ICAI Elections 2018: Nominations for 32 Central Council (CC) Seats and 64 Regional Council (RC) Seatshave been completed y\u2019day. The Region-wise list of valid candidates is expected soon.<\/li>\n<li>ICAI has launched a unique and exclusive Job Portal for Chartered Accountants https:\/\/cajobs.icai.org where no. of companies and vacancies increasing every day. Members can find the best job on this portal that matches their interests.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em>KEY DUE DATES\u00a0<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (SEP 2018)-OCT 20th, 2018<\/li>\n<li>GSTR-5 (SEP 2018)-OCT 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)-\u00a0OCT 30TH, 2018<\/li>\n<li>GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li>GSTR-5A (SEP 2018)-OCT 20th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT\u00a031ST, 2018.<\/li>\n<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(AUG\u00a02018)-OCT 31ST 2018<\/li>\n<li>Popular blog:-<br \/>\n<h4><span class=\"ez-toc-section\" id=\"What_are_the_interim_dividend_and_final_dividend\"><\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\">What are the interim dividend and final dividend?<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_Process_to_get_back_shares_from_IEPF\"><\/span><a href=\"https:\/\/carajput.com\/blog\/what-is-process-to-get-back-shares-from-iepf\/\">What is the Process to get back shares from IEPF<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"CLOSURE_OF_SUBSIDIARY_COMPANY\"><\/span><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Compliance_for_Foreign_Subsidiary_Companies_in_India\"><\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Key_Highlights_of_RACP_Bill_2020_and_Companies_Amendment_Bill2020\"><\/span><a href=\"https:\/\/carajput.com\/blog\/key-highlights-of-racp-bill-2020-and-companies-amendment-bill2020\/\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 29TH SEP 2018 DIRECT TAX Income Tax:\u00a0\u00a0Disallowance of artificial loss made on account of fictitious transactions &#8211; CIT(A) has deleted the addition merely by observing that the books of accounts of the assessee were audited and have not been rejected by the AO. &#8211; Matter restored before the CIT(A)\u00a0\u00a0&#8211; ITAT Mumbai &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[5824,5827,5823,1296,5822,558,5825,5826,5821,5820],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5327"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=5327"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5327\/revisions"}],"predecessor-version":[{"id":20829,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5327\/revisions\/20829"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}