Articles by FCS Deepak Pratap Singh

Case analysis of FEMA violation by Rajasthan Royals

FCS Deepak Pratap Singh 28 January 2022 at 09:03

M/s. Jaipur IPL Private Limited (JIPL) an Indian private limited company, incorporated under provisions of the Companies Act, 1956 in March,2008. The JIPL is fully owned by EM Sporting Holdings.

Whether registration of leasehold property on one family member considered as Benami property?

FCS Deepak Pratap Singh 26 January 2022 at 08:46

SEVERAL MEMBERS OF FAMILY PROVIDING CONSIDERATION TO CONVERT LEASE PROPERTY INTO FREE-OLD BUT REGISTRATION OF PROPERTY HELD ON THE NAME OF ONE PERSON'S NAME-WHETHER CONSIDERED AS BENAMI PROPERTY?

Effect of the expression "Age Admitted" under insurance policy

FCS Deepak Pratap Singh 25 January 2022 at 09:49

Age is one of the most important facts to be declared by the customer at the time of onboarding, because the rate of premium, the risk attached to his age, his medical conditions, etc., will be determined on the age.

Whether filing of return is an admission that notice is valid?

FCS Deepak Pratap Singh 25 January 2022 at 08:40

The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.

Agreed bank clause in insurance policies

FCS Deepak Pratap Singh 24 January 2022 at 08:56

This "Agreed Bank Clause" generally called Special Clause or Special Terms and Conditions under Insurance Policy.

Investment of property outside India by resident and taxation under Black Money Act, 2015

FCS Deepak Pratap Singh 20 January 2022 at 09:32

Some facts on investment in property outside India and computation of tax under "Black money (undisclosed foreign income and assets) and imposition of tax act, 2015"

Voluntary surrender of income does not mean immunity from penalty

FCS Deepak Pratap Singh 19 January 2022 at 08:34

Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?

Some facts related to section 54F of IT act, 1961

FCS Deepak Pratap Singh 17 January 2022 at 08:27

The assessee purchased land from the sale proceeds of property held by him and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961.

Valuation of free of cost supplies under GST

FCS Deepak Pratap Singh 16 January 2022 at 11:20

We know that the value of a taxable supply is the taxable base on which the rate is applied. It is important to understand and calculate the value of supply for ascertaining GST liability. GST will be applicable in the value of the goods and services supplied.

Courts cannot relax terms and conditions of insurance policy

FCS Deepak Pratap Singh 16 January 2022 at 08:01

Of the case are that complainant, M/s.Dharmanandan Dismonds Pvt. Ltd. has given diamonds to one commission agent Mr. Arjanbhai Mangukia to show the diamonds to the prospective buyers by issuing "Janghad slip" on 10.06.2002.