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Archive: 05 August 2015

Posts in 05 August 2015

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

May 15, 2024 6390 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19398 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Hierarchy : A Blessing in Disguise

August 5, 2015 778 Views 0 comment Print

We all go to work, make a living out of it. We are the working class. We work all day, earn what we have and repeat the same routine all over again. But, do we have to be crying and venting about it? I am not the boss. I don’t get to make the decisions.

Royalty Payments and Transfer Pricing Issues

August 5, 2015 25773 Views 0 comment Print

Royalty means payment of any kind received as consideration for the use of or right to use any intangible property like patent, copyright, design or model, secret formula or process, trademark, trade name or for information concerning industrial, commercial or scientific experience.

Preparation Strategy for CA Final Audit. .!!

August 5, 2015 129764 Views 9 comments Print

I would like to throw light on preparation of very simple paper of CA Final i.e. Advanced Auditing and Professional Ethics. I have heard from many students that this is most complicated subject next to ISCA. Unfortunately , This is just a Myth. “Soch Badlo Exam ka result badlo. But frankly speaking, it isn’t. Just like every other subject, even audit can be handled. And it can be handled very well if you follow the right preparation strategy.

Online filing of RTI applications

August 5, 2015 507 Views 0 comment Print

Government of India has started a RTI online web portal whereby Right to Information (RTI) applications can be filed online by Indian citizens, including those who are living abroad.   The detailed procedure in filing of on-line RTI application is as under:

Penalty u/s 78 is leviable if tax recovered not paid & information of unpaid taxes not furnished in ST returns

August 5, 2015 3904 Views 0 comment Print

The CESTAT Ahmedabad in the case of Iwi Crogenic Vaporization System India held that The non-payment of recovered tax coupled with the fact of non-furnishing of the details in respect of unpaid part in periodical returns clearly establish the intention of assesse to evade the payment of service tax recovered. Therefore, in such a case penalty levied u/s 78 is sustainable in law.

Input credit not reversible in case of remission of duty on destroyed goods

August 5, 2015 7857 Views 1 comment Print

The Hon’ble Madras High Court in the case of M/s Joy Foam P. Ltd held that the input credit of inputs need not to be reversed even in case the payment of duty has been ordered to be remitted under Rule 49 of Central Excise Rules, 2002.

Reopening of completed assessments not justified in the event of true & full disclosure by assessee

August 5, 2015 358 Views 0 comment Print

The Hon’ble Delhi High Court in the case of HCL Technologies Ltd. held that completed cannot be reopened after the expiry of four years from the end of relevant assessment year unless the income escaped from tax is attributable to assessee’s failure to disclose full & true disclosure of the facts.

Realization of export sale proceeds within a definite time frame is not a pre-condition to claim refund under Rule 5

August 5, 2015 1363 Views 0 comment Print

The CESTAT New Delhi in the case of P&P Overseas held that the realization of export sale proceeds within a definite time-frame is not a pre-condition for claiming refund of unutilized Cenvat credit under Cenvat Credit Rules , 2004 .

Addition to Income cannot be made for mere Excess quantity under Essential Commodities Act, 1955: HC

August 5, 2015 354 Views 0 comment Print

Punjab & Haryana High Court held In the case of The CIT Vs Bharat Bhushan held that no addition is sustainable where the purchases had been accounted for in the regular books of accounts maintained, duly audited and there is nothing to show that the quantity had been purchased and sold outside the books.

Provision for losses in ordinary business course on scientific basis is allowable

August 5, 2015 624 Views 0 comment Print

The ITAT Delhi in the case of Seagram Distilleries Pvt. Ltd concluded that the provision for losses in the ordinary course of business can be allowed if the provisions are made on scientific basis. Thus, the provision in respect of breakage losses is allowable as the same have been measured scientifically taking into account the past business experience.

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