"09 July 2017" Archive

GST has special significance for States: Dr Jitendra Singh

Dr Jitendra Singh has said that GST has a special significance for Jammu & Kashmir and the eight States of the North-East Region. The same also applies to States like Uttarakhand and Himachal Pradesh, he said. ...

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GST will transform Indian economy: Mukhtar Abbas Naqvi

Shri Mukhtar Abbas Naqvi addresses awareness programme on GST in Hyderabad Shri Naqvi says GST is biggest economic reform after Independence, the new tax system will transform Indian economy The Minister of State for Minority Affairs (Independent Charge) & Parliamentary Affairs Shri Mukhtar Abbas Naqvi today said here that Goods and S...

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Inadequacy of consideration is not a ground for cancelling of a contract

Trilok Nath Vs Khem Chand & ORS. (Delhi High Court)

Unfortunately undervaluing of immovable properties so as to either pay less stamp duty or for other reasons of concealment of income etc, is ripe in this country, however, the appellant/plaintiff cannot take any benefit of the same in view of the provision of Section 25 of the Indian Contract Act, 1872 and which specifies that inadequacy ...

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GST: Export under Bond or Letter of Undertaking- Procedures upto 08.07.2017

This article summarizes all the Rules / Notification / Circulars governing Export under Bond or Letter of Undertaking in the new GST Regime (Updated upto July 8 2017)...

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GST: The Way Change

GST (Goods and Services Tax) was enacted w.e.f. July 1, 2017 all over India except the state of Jammu and Kashmir. However, the J&K assembly also passed the new legislature and enacted the same w.e.f. July 8, 2017 and India became the 165th country to implement GST around the globe. This major tax reform will […]...

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Maintenance of accounts and records under CGST Rules, 2017

According to rule 56 of the Central Goods and Services Tax (Second Amendment) Rules, 2017, as per Notification No. 10/2017- Central Tax, dated 28.06.2017, the following accounts and records have to be maintained by a registered person:...

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Whether tax U/s. 221 of the IT Act takes within its ambit interest component?

CIT vs. Oryx Finance and Investment Pvt. Ltd. (Bombay High Court)

Section 221 of the Income Tax Act, 1961, prescribes penalty according to its provisions when an assessee is in default or is deemed to be in default in making a payment of tax....

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Initiate process to Fill up Vacancies in ITAT: SC to Center

Ashay Pundir Vs Union Of India (Supreme Court of India)

The Supreme Court directed the central government to initiate process to fill up vacancies in the income Tax Appellate Tribunals within three weeks....

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Reassessment cannot be initiated merely on report of Valuation Officer

Smt. Kamala Ojha Vs Income Tax Officer (Chhatisgarh High Court)

Thus, it appears that only on the basis of the valuation report received from the said officer – Assistant Valuation Officer, the assessing authority sought to reopen the proceeding under Section 147 of the Act, 1961 which is clearly not an information for reopening the assessment proceeding...

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