"11 February 2017" Archive

GST: Why the restrictions on Input Tax Credit

Model GST Law published on 25th Nov 2016 prescribes certain conditions and eligibility for taking input tax credit. As per Section 16 (1) Every registered taxable person is eligible subject to the time and manner specified in Section 44 and be entitled to take credit of input tax charged on any supply of goods or services to him which are...

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RBI Delegates additional power to its Regional Offices

RBI being the apex Bank of India regulating the Banking Sector and Non-Banking Financial Sector cannot perform all the functions at its Head office. Following were the powers delegated earlier in connection with the contravention of FEMA 1. Delay in reporting inward remittance...

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20 FAQ on Electronic Commerce under GST

In simpler terms, e-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to- business, business-to-consumer, consumer-to-consumer or consumer-to-business. ...

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Audit report filed under KVAT Act cannot be revised: HC

M/s. Modern Hospital Pharmacy Vs. Commercial Tax Officer & Anr. (High Court of Kerala at Ernakulam)

HC held that Though there is a provision to revise the returns filed under the KVAT Act, there is absolutely no provision where the auditor could file a revised report. ...

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No Section 54F exemption if construction not started within Time

Ajay Kumar Vs Income Tax Officer (Allahabad High Court)

In Ajay Kumar v. ITO, the division bench of the Allahabad High Court held that exemption under section 54F of the Income Tax Act will not be available when the assessee has not started construction in the purchased plot within the stipulated time....

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Amount adjusted as duty from Security deposit is allowable expense

Pr. Commissioner of Income Tax Vs Praveen Saxena (Delhi High Court)

High Court held that that the disallowance of Rs. 70 lakhs paid by the assessee respondent as a condition pursuant to the order of this Court dated 01.02.2007 was liable as an expense as same was appropriated by the Customs authorities and it was covered by Section 43B of the Income Tax Act, 1961....

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Rent cannot be taxed in the hand of co-owner if his name is added merely to avoid succession problems in future

Shri Isola Srinivas Vs. Addl. CIT (ITAT Hyderabad)

Though the assessee is the sole owner of the property, he has included his wife and son as co-owners in the sale deed only to avoid succession problems in future and that they were also included as co-obligants in the loan agreement on insistence by the SBI to avoid legal litigation in future. ...

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e-mail is not proper mode for applying revision under Kerala VAT

Sabith K. A Vs Commercial Tax Officer (Kerala High Court)

The petitioner's contention is that the petitioner had detected the defects noticed by the Assessing Officer when audit was conducted of the accounts of the petitioner. It was in that context that the petitioner sent an e-mail, as per Ext.P4, for revision of return, which is said to be dated 29.08.2013. Admittedly, the petitioner did not ...

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Advisory Committees under Insolvency & Bankruptcy Regulations 2016

It is well established that economic freedom and economic performance have very high positive correlation. Countries having high level of economic freedom generally out-perform the countries with not-so-high level of economic freedom....

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Limited Insolvency Examination under IBBI Regulations

The IBBI (Insolvency Professionals) Regulations, 2016 allow chartered accountants, company secretaries, cost accountants and Advocates with 10 years’of post-membership experience (practice or employment) or Graduates with 15 years’of post qualification managerial experience to be registered as IPs on passing the Limited Insolvency Exa...

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