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Archive: 26 July 2017

Posts in 26 July 2017

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

May 15, 2024 6138 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 19203 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!

Benefits of GST for the Transport Sector

July 26, 2017 2175 Views 0 comment Print

The transport sector stands to benefit from the recently rolled out GST in several ways. Pre- GST, the complex tax structure and paper work forced the transport industry to spend a lot of resources on tax compliance and deposit of interstate sales tax.

Cabinet approves amendment for applicability of GST in Jammu & Kashmir

July 26, 2017 609 Views 0 comment Print

Cabinet gives ex-post facto approval for amendment of the Constitution (Application to Jammu & Kashmir) Order, 1954. The approval paves the way for applicability of Goods and Services Tax regime in the State of Jammu & Kashmir.

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme

July 26, 2017 876 Views 0 comment Print

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of changes have been made in the scheme: I. Specific changes have been made in the attributes of the scheme to […]

National Anti-profiteering Authority under GST

July 26, 2017 771 Views 0 comment Print

GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST .

Sec.153B(2)(a) Mere Panchnama would not extend period of limitation

July 26, 2017 2904 Views 0 comment Print

The Court is not prepared to accept the plea of the Revenue that merely because a panchnama was drawn up on 15thMay, 2007 showing that the search was ‘finally concluded’ on that date, it postponed the period of limitation in terms of Section 153B (2) (a) of the Act.

Amount offered for tax in earlier year cannot be taxed in subsequent year

July 26, 2017 1341 Views 0 comment Print

In view of the undisputed fact that a sum of Rs. 18,63,61,346/- was offered to tax though it was originally debited to the profit and loss account during the AY 2011-12,and because of the cost reimbursement agreement between the assessee and the parent entity on 18.05.2012 pursuant to which a sum of Rs. 13,21,53,000/- and Rs. 5,44,13,490/- was credited to the profit and loss account

Addition based on mere statement of assessee which is retracted is not sustainable

July 26, 2017 1248 Views 0 comment Print

The Tribunal considered the merits and once again, at great length. The particular argument revolving around the statement of Dilip Dherai and his answer to question No. 24 was also considered in paragraph 21 of the impugned order. Then, in paragraph 22, the Tribunal refers to the additions made under Section 69C.

Interest on NPAs: RBI Directions U/s. 45Q of RBI Act prevail over sec. 145 of IT Act, 1961

July 26, 2017 2736 Views 0 comment Print

Appellant contended that section 43D of the Act itself recognises recognition of taxability of such interest and that when a specific provision in the nature of section 43D of the Act has been made, and entities like the assessee are excluded from the purview thereof, the assessee cannot indirectly claim benefit which would amount to […]

Order specifying Information to be shared by CBDT with ROC

July 26, 2017 1062 Views 0 comment Print

In exercise of powers conferred under section 138(1)(a) of Income tax Act, 1961 (‘Act’), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT(Systems)) shall be the specified authority for furnishing

CBEC notifies amendment related to AIRs of duty drawback

July 26, 2017 3348 Views 0 comment Print

G.S.R. 954(E).—In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3, 4 and 5 of the Customs

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