"11 June 2017" Archive

Refunds under GST- All you want to know

Under the GST regime, there will be a standardised form for making any claim for refunds. The claim and sanctioning procedure will be completely online and time bound, which is a marked departure from the existing time consuming and cumbersome procedure....

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Input Tax Credit Mechanism under Goods and Services Tax

Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'. ...

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Under new GST law whether developers selling under constructed property are eligible for Input Tax Credit?

CGST Act 2017, (12//0/4/20)

GST laws don't permit ITC of input services to the Real Estate Developers However schedule of GST rates for services allows full ITC. There is contradiction in the law itself...

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Impact of GST on Hotels, Restaurants and Supply of Food / Drinks

NA (NA//)

In this article we have tried to put a detailed analysis of GST Rates for Hotels, Restaurants, Catering, Supply of Foods/drinks and its impact on such industries and to the ultimate consumers. Here are the highlights of new GST rates:...

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Highlights of SC Judgement on Aadhar PAN Linkage

Supreme Court of India in its Landmark Judgement has upheld Section 139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns....

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Notice U/s. 148 given for service to Post Authorities on Last Day-Valid?

Abab Offshore Ltd. Vs DCIT (Madras High Court)

When postal authorities collected notice from revenue on 31-3-2015 (last date of expiry of six years from end of relevant assessment year) as per arrangement between revenue and postal department, though such notice was served to assessee later, such notice under section 148 of Income Tax Act, 1961 was not barred by limitation....

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Remission under Deferral Sales Tax Scheme is Capital Receipt & not taxable

DCIT Vs ThyssenKrupp Electrical Steel India Pvt. Ltd. (ITAT Pune)

This amount represents difference between the amount payable as shown in the books of account under the sales tax deferral scheme of Government of Maharashtra, availed by the company and that paid under the Pre- payment scheme on the basis of Net Present value of the amount due, as pe...

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WEF 15-12-2016 High court lost jurisdiction to hear Company Law petitions

Prasanta Kumar Mitra & Ors. Vs India Steam Laundry P. Ltd. & Ors. (Calcutta High Court)

Matter related to transitional provisions under section 68 of the Companies (Amendment) Act, 1988, which bestowed jurisdiction to hear the case only on High Court, however, as in the case in point, the issue was transferred to NCLT under the 2013 Act, the NCLT would have jurisdiction, even though the amended section 68 had not been actual...

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Section 54 exemption cant be denied for delayed cheque deposit by builder

ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal recently held that if a cheque is encashed by the builder after the deadline for filing income-tax return, it will not debar the taxpayer from claiming I-T exemption under section 54 of the Income Tax Act, which is available on reinvestment of long term capital...

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Duly executed Transaction in shares cannot be treated as Bogus

Asst. CIT Vs. Bhavik Bharatbhai Padia (ITAT Ahemdabad)

When the shares were found to be credited and debited in the DEMAT account and sale of shares were found to be genuine, then what is the basis to contend that purchases of the said shares were not made by the appellant. ...

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