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Input Tax Credit under GST- Part I

जी.एस.टी.के दौरान इनपुट क्रेडिट एक बहुत मुख्य भाग है और जी.एस.टी. की एक जो सबसे अच्छी बात है वह यह है कि अब आपको लगभग उन सभी सेवाओं और म...

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Impact of GST on Procurements

Procurements department plays a key role in any business set-up as they directly deal with the cost element. Apart from focusing on volumes and margin of sales, businesses also very keenly track the cost of procurements and efforts are always made to control the costs/ overheads. In most of the industries, the materials cost would normall...

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Sensex crosses 30,000! What’s next in store?

In the final week of April, the S&P BSE Sensex crossed the 30,000 mark - a symbolic breakthrough - to close at an all-time high of 30,133 points. Some of the best performing sectors have been consumer durables, banks, and oil and gas....

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Impact of GST on ERP System

India’s most ambitious indirect-tax reform is likely to roll out from 1 July 2017. The major objective of the Goods and Service Tax will be to eliminate cascading effect of indirect taxes. GST could be the biggest tax reform in India replacing existing Indirect taxes such as Excise, Value Added Tax (VAT), Service tax, etc., into one tax...

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Impact of GST on Import

India is one of the fastest growing global economy and in the way to becoming the new global manufacturing hub India is the 16th largest export economy in the world and the 49th most complex economy according to the Economic Complexity Index (ECI)....

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Medical Illness is reasonable cause for non-appearing on date

Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B....

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Addition justified for Voluntarily admitted tax liability retracted after 2 years

PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

The Court is not satisfied that the retraction made by the Assessee two years after the declaration was bonafide. There was no satisfactory explanation for not including the said amount in the return of income filed by the Assessee on 26th September, 2009....

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Bogus share capital: AO cannot ignore document submitted by assessee

Prabhatam Investment Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of Rs. 5.75 crores in the hands of the assessee. ...

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Reassessment in absence of fresh material indicating income escapement is invalid

A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt.Ltd. (ITAT Kolkata)

In absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. It was further held that since there was no whisper in reasons recorded, of any tangible material which came to possession of AO subsequent to issue of intimation, therefore, it was an arbitrary exercise of po...

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Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

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