"10 May 2017" Archive

Income Tax Department made linking of PAN with Aadhaar easy

The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Dept has come out with a […]...

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GST- Section 16: Eligibility and conditions for taking input tax credit

1. The concept of admissibility of input tax credit is elaborated and mentioned in the provision itself (intended to be used or used in the furtherance of business) 2. Capital goods will be entitled for 100% credit immediately except for pipelines and telecommunication tower fixed to earth by foundation or structural support which is as f...

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Posted Under: Income Tax |

GST: Place of Supply of Goods or Services Part – I

The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed in...

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Posted Under: Income Tax |

Refund of taxes under GST regime

There are four types of Refunds Available in GST: 1. Unutilized Input Tax Credit 2. Balance in Electronic Cash Ledger 3. Advance Tax deposited by Casual Taxable Person or Non Resident 4. Refund of Embassy, Agency of UNO...

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Posted Under: Income Tax |

Interest on Loans taken for Setting up Industry / Unit is allowable

Commissioner of Income Tax Vs Shri. Rama Multi Tech Ltd. (Supreme Court of India)

ITATwas justified in allowing the expenditure of Rs. 3,37,84,348/- towards the interest paid on the loans taken and expenditure on other items connected connected herewith for establishment of the unit, while affirming the order of the Commissioner of Income Tax (Appeals)....

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Appeal against composite order appeal can be filed even if tax effect is less than limit in any of years

Principal Commissioner of Income Tax Vs Devendranath G. Chaturvedi (Gujarat High Court)

However, there is an explanation to the aforesaid and in case of a composite order of any High Court or any Appellate Authority, which involves more than one assessment year and common issues in more than one assessment year, Appeal shall be filed in respect of all such assessment years even if the tax effect is less than the prescribed m...

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Interest on Refund of Interest waived by Income Tax is not Interest on Interest

Preeti N Aggarwala Vs Chief Commissioner of Income Tax & Anr. (Delhi High Court)

In a recent ruling, the Delhi High Court held that interest can be allowed on Refund of interest Waived by the Department under section 220(2A) of the Income Tax Act. The bench was hearing a bunch of writ petitions wherein the petitioners raised a question that whether the expression ‘in any other case’ occurring in Section 244A (1) (...

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Petition challenging Linkage of Aadhaar for Welfare Schemes in SC

Shantha Sinha And Another Vs Union Of India And Another (Supreme Couer Of India)

A new writ petition has been filed before the Supreme Court by Ramon Magsaysay Award winner Shanta Sinha and feminist researcher Kalyani Sen Menon challenging the vires of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016....

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SC decision on Controversy surrounding Section 14A disallowances

Godrej & Boyce Manufacturing Company Limited Vs DCIT & Anr. (Supreme Court of India)

The object behind the introduction of Section 14A of the Act by the Finance Act of 2001 is clear and unambiguous. The legislature intended to check the claim of allowance of expenditure incurred towards earning exempted income in a situation where an assessee has both exempted and non-exempted income or includible or non-includible income...

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Real Estate Regulation Act: Test For The Real

Real Estate Sector has always been in the news for all the wrong reasons. There are thousands of cases where home buyers felt cheated by the Builders / Promoters. However, there was no strong mechanism to discipline the errant developers....

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Posted Under: Income Tax |

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October 2020