ACAE in association with IDTPF, STAR and TAXGURU announces its most awaited GST CERTIFICATE COURSE. This year’s course is on litigation and is titled LITIGATION SERIES. The Course will be held online on ZOOM from Aug 6th, 2024 to Aug 17th, 2024 (except 11th Aug and 15th Aug) from 5 PM to 7 PM. The […]
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
In the present case, during the course of scrutiny of the records of M/s Shah Precicast (P) Ltd. (Respondent), it was found that they had taken Cenvat credit on the strength of the Xerox copy of the bill of entry. Therefore, the Revenue issued a show-cause notice for wrong availment of Cenvat credit on the strength of Xerox copy of bill of entry and proposing penalty for suppression of facts with an intention to evade duty.
The recent judgment of Bombay High Court in case of MCHI vs. State of Maharashtra has caused further hardship to genuine flat buyers. The Hon’ble Court has upheld the constitutional validity of the amendment made to definition of Sale. The Court has also upheld recent scheme of Maharashtra Govt. to levy VAT of 1% on agreement value of flat purchased or 5% of value of accretion made by the Developers over immovable property. The composition scheme of 1% is applicable in respect of agreement registered on or after 1st April 2010. However, set-off or deductions earlier claimed in respect of such agreements will have to be reversed.
