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Archive: 15 February 2017

Posts in 15 February 2017

Government’s Go Digital Scheme – A master stroke for small traders and businesses

February 15, 2017 1608 Views 2 comments Print

The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash.

Export Under Model GST Law (MGL)

February 15, 2017 23370 Views 2 comments Print

GST is a destination based tax on consumption of goods or services. It is also the policy of the Government of India to export the goods and/or services not the taxes out of India. This makes the exports cheaper and thus Indian products or services will be more competitive in the international markets.

Supply under Revised Model GST Law (MGL)

February 15, 2017 7674 Views 3 comments Print

The foremost important and crucial definition under MGL is of SUPPLY. The taxable event under GST shall be the supply of goods and /or services made for consideration in the course or furtherance of business.

Order u/s 153C passed without JCIT approval u/s 153D is void

February 15, 2017 2124 Views 0 comment Print

These are the appeals filed by the assessee against the order of CIT(A), Mumbai, for the assessment years 2002-03 to 2007-08, in the matter of order passed u/s.143(3) r.w.s. 153C of I.T.Act.

Losses due to Fraud of employees allowable despite no FIR

February 15, 2017 19404 Views 0 comment Print

It is an admitted position that theft/ fraud had indeed taken place in the assessee company and the AO had nowhere doubted the fact of fraud but he disallowed the claim of the assessee for the reason that the assessee could not establish the fact of fraud like non- production of copy of FIR and not taking any legal action against the employee who was involved in this activity of fraud.

Conviction for an offense does not mean that application for compounding of offense is not maintainable

February 15, 2017 4746 Views 0 comment Print

In the instant case, the matter has been pending since 1999, and there has been no progress. The respondent/Department stated that the petitioner/Firm was an accused. Furthermore, the Principal Sessions Court, while granting permission to the respondent to consider the petitioner’s Application for compounding the offence, in its order, dated 28.04.20 15, observed that the offences are compoundable in nature, therefore, leave is granted to the competent Authority to compound the offence.

Non release of assessee’s seized jewellery / stridhan despite unsustained addition is deliberate harassment

February 15, 2017 2166 Views 0 comment Print

The writ petitioner in these proceedings under Article 226 of the Constitution is aggrieved by the refusal – by the respondents i.e. the income tax authorities -to release the jewellery – approximately 319. 98 g, seized by them in the course of search proceedings under Section 132 of the Income Tax Act, 1961 (hereafter the Act).

SC upheld addition of loan taken fraudulently by creation of accounts by way of name leading

February 15, 2017 1377 Views 0 comment Print

In the present case, in the face of clear findings that loan applications were processed by Officers of Assessee and loan transactions in question of aforesaid 37 persons were also handled really by Assessee and further in view of categorical finding that loan amounts were not reflected in returns of 37 persons in question, we do not see how High Court could have taken above view and remanded atter to Assessing Officer.

No section 40A(3) disallowance on cash refund of excess money received on sale of goods

February 15, 2017 8646 Views 0 comment Print

This is an appeal filed by the Revenue against the order of Ld. CIT(A)-II, Jaipur dated 3.12.2013 for A.Y 2009-10 wherein the Revenue has taken following grounds of appeal

Govt mandates Aadhaar for beneficiaries of certain Schemes

February 15, 2017 1614 Views 0 comment Print

Individuals (eligible beneficiaries or service enablers) desirous of availing benefits under the schemes specified in the Table above are hereby required to furnish proof of possession of Aadhaar or undergo Aadhaar authentication.

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February 2017