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Archive: 17 January 2016

Posts in 17 January 2016

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

May 15, 2024 6396 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 19407 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!

Rule 46A – No contravention, as Arbitral Award not in nature of document/evidence, may be considered in any stage of proceedings

January 17, 2016 844 Views 0 comment Print

ITAT Chandigarh held In the case of M/s HMM Coaches Ltd. vs. ACIT that according to the Arbitration and Conciliation Act, the Arbitral Award is like a decree of the Court and is executable by the Courts. It is, therefore, like an order/judgement enforceable at law and as such, could not be construed as document or evidence.

Section 263 – Revision valid where AO has not made any enquiry about quantification of losses claimed

January 17, 2016 1451 Views 0 comment Print

ITAT Delhi held In the case of G. E. Money Financial Services Ltd. vs. DCIT that where AO has not verified either (a) the allowability of the loss in principle or (b) where the claim is factually correct as quantification of the loss has not been verified by the AO, in both cases exercise of powers u/s 263 is in accordance with law.

Being ownership vest with lessor in leased including sale & lease back assets, depreciation u/s 32 allowed

January 17, 2016 3172 Views 0 comment Print

ITAT Mumbai held In the case of ICICI Ltd. vs. ACIT that in assessee’s own case for the AY 1995-96, the ITAT referred the case of S.B.I. Home Finance Ltd. v. CIT (2006) 280 ITR 6 in which the Hon’ble Calcutta High Court has held that the leased transactions were genuine.

Reassessment not valid on mere information of investigation wing as no direct nexus establishes with income escapement

January 17, 2016 725 Views 0 comment Print

ITAT Delhi held In the case of ITO vs. M/s Shakti Securities Pvt. Ltd. that merely based on investigation wing information without surveillance of substantiation and without any statement being mentioned therein and without nature of transaction being narrated therein and without tangible material

Crackdown on VAT defaulters under Delhi VAT

January 17, 2016 3649 Views 0 comment Print

The introduction of form DS-2 was an important step taken by Delhi Govt. few months back to curb the practice adopted by some tax evaders. The level of pollution has grown manifold in last year but the collection of taxes especially VAT is 40% short of its annual target of Rs. 24000 crores.

Entry Tax in Uttarakhand on E-Commerce-A Reality

January 17, 2016 1647 Views 1 comment Print

Advocate Rajnish R. Singla State of Uttarakhand must have mistaken the figures of E-Commerce and dreaming for higher revenues. Any way, they are going to tax everything until one’s last breath and thereafter too for funerals, so not surprised in their decision. That’s the governance, to tax, tax over tax, additional tax, entry tax, cess […]

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