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Archive: 31 July 2015

Posts in 31 July 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

ICAI President's Message – August 2015

July 31, 2015 994 Views 0 comment Print

Dear Friends, Despite diversity, the way educational system has developed and strengthened in India, we have to appreciate our ancestors for their vision and contribution. History confirms that India has been a destination for learning for centuries. Benjamin Franklin said: …only thing more expensive than education is ignorance. If you think education is expensive-try ignorance. […]

Revised return with same info is furnishing of inaccurate particulars

July 31, 2015 836 Views 0 comment Print

The ITAT Chennai in the case of DCIT vs. M/s. Rattha Citadines held that relying on the same information as available on the date of filing original return of income in filling revised return but making a different claim , in the absence of assessee’s bonafide expenditure would be deemed as furnishing of inaccurate particulars of income making assessee liable to face penalty u/s 271(1)(c).

VAT not applicable on transfer of right to use of goods if effective possession and control of goods not transferred

July 31, 2015 4094 Views 0 comment Print

Whether the Agreement of giving on hire two Deluxe buses for being run on the routes as per requirement of the person to whom they are hired, constitutes ‘transfer of right to use of goods’ so as to be liable to VAT under Section 2(1)(zc)(vi) of Delhi Value Added Tax Act, 2004?

WIP Valuation on receipt basis forbidden in mercantile accounting

July 31, 2015 1237 Views 0 comment Print

ITAT Pune held in the case The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors that It is clear that the bill raised by the assessee has been accepted by the department and for whatever reason some amount was not paid during F.Y. 2001-02 but the fact remains that there is no such dispute as claimed by the assessee.

Various Types of Writs Under Constitution of India

July 31, 2015 9827 Views 0 comment Print

Our constitution has given us various rights and obligations as a citizen of India. The Fundamental Rights to the citizen of India can be enforce through High Courts or Supreme Court of India according to the provisions of Article 32 of the Constitution. The High Courts or Supreme Court of India has power to issue various types of directors or orders or writs for enforcement of fundamental rights of citizen according to Article 32.

Directions issued by Central PF Commissioner to be complied by Sept 2015

July 31, 2015 3210 Views 0 comment Print

Employer of the establishment covered under the Act is directed to a. Declaration in Form No. 11: Get the declaration in Form No. 11(New) from all the employees joining the establishment in a month and eligible to become member of the Fund and upload the same in Universal Account Number (UAN) Portal within 25 days […]

Reimbursement from agents abroad for global telecommunication facility is not fees for technical service

July 31, 2015 390 Views 0 comment Print

Due to the absence of any profit element in the amount paid by the agents it was held that it was purely in the nature of reimbursement of cost of MaerskNet. Further, MaerskNet was part of the shipping business and therefore subject to DTAA.

What is Goods & Service Tax” As Per Supreme Court of Canada

July 31, 2015 973 Views 0 comment Print

Advocate Anandaday Misshra What is GST ? The Supreme Court of Canada in a case of  Reference re Goods and Services Tax had explained as to what is Goods & Service Tax . The important excerpts are reproduced herein below for better understanding of GST since the Indian GST is a version of Canada GST with a pinch […]

Allowing credit period to the AE has to be considered along with main international transaction of sale of goods

July 31, 2015 924 Views 0 comment Print

The transaction of allowing credit period to the AE on realization of sale proceeds is not an independent transaction and has to be considered along with the main international transaction of sale of goods.

CBDT releases Manual on Exchange of Information

July 31, 2015 5583 Views 0 comment Print

The CBDT had, in 2013, brought out a Manual to provide guidance to field officers on the scope and manner of exchange of tax-related information under the various tax treaties and agreements that India has entered into. Since then, there has been an increasing global consensus on the necessity of cooperation amongst countries to tackle the problem of offshore tax evasion and avoidance.

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