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Archive: 09 October 2017

Posts in 09 October 2017

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

May 15, 2024 7203 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.

CBEC guideline for Refund of IGST paid on export of goods

October 9, 2017 10023 Views 1 comment Print

As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall he deemed to be an application for refund of integrated tax paid on the goods exported out of India once export general manifest (EGM) and valid return in Form GSTR-3 or Form GSTR- 3B, as the case may be has been filed.

FAQs and Manual on Saved GST Registration Applications

October 9, 2017 3207 Views 0 comment Print

A. FAQs on My Saved Application Q.1 What is a saved application? Ans: Any/All applications you have initiated and are in various stages of completion but have not yet been submitted are saved applications. These application will be available for updation and submission upto 15 days on the GST Portal. Example: New registration applications, Amendment […]

Broad functionality not sufficient to find comparable entity unless similarity with controlled transaction

October 9, 2017 810 Views 0 comment Print

Avenue Asia Advisors Pvt. Limited Vs. DCIT (Delhi High Court) Broadly, it appears that the ITAT has gone on the usage of several terms such as debt syndication, debt financing, IPO advisory, corporate restructuring, mergers, acquisitions etc, appearing in the annual reports of the comparable to hold that the Assessee and the said comparables perform similar functions.

Sec. 11 deduction on fees for Providing Assistance to Banks & Financial Institutions

October 9, 2017 1014 Views 0 comment Print

Principal CIT (Exemptions) Vs. Institute for Development and Research in Banking Technology (Andhra Pradesh High Court) Held by ITAT The circumstances under which the services rendered by the appellant society to the Banks make clear that there is no profit motive in such activities because these activities were entrusted to the appellant society by the Reserve […]

S. 254(2) Limitation period reduction not applicable to appellate orders passed prior to 01.06.2016

October 9, 2017 1353 Views 0 comment Print

The undisputed fact reveals that at the time an ex-parte order was passed in assessee’s main appeal, the limitation prescribed under Section 254(2) was four years and the assessee was under an expression as the limitation is four years his application under Section 254(2) of the Income Tax Act, 1961 was within limitation.

PFMS portal not ready to issue IGST Refund on export of goods

October 9, 2017 2859 Views 1 comment Print

It is directed to use the existing system to make immediate payment of refund of IGST on Exports w.e.f. 10th October 2017 till 14th October 2017. The payment through PFMS portal would be started from 16th October 2017

Sale of Chinese goods may drop 45% this Diwali; India to Celebrate a Make in India Diwali: ASSOCHAM

October 9, 2017 1338 Views 2 comments Print

Be it decorative items like lights, gift items, lamps and wall hangings or other product, the sale of Chinese products may decline by 40-45% this Diwali as compared to last year which was about 30% as per the market report from various states, a quick survey by ASSOCHAM-Social Development Foundation (ASDF).

AO cannot disallow expense U/s. 14A without recording his dis-satisfaction

October 9, 2017 1302 Views 0 comment Print

Whether on the facts and in the circumstances of the case, the Hon. Income Tax Appellate Tribunal was justified in restricting the disallowance u/s 14A to Rs.3,50,000/­ as against Rs.1,46,78,090/­ made by the Assessing Officer u/s 14A r.w. Rule 8D without appreciating the fact that for invoking disallowance u/s 14A, it is not material that the assessee should have earned such exempt income during the financial year under consideration as per CBDT circular No.5/2014 dated 11.02.2014

Anti-dumping duty imposed on imports of Wire Rod of Alloy or Non- Alloy Steel

October 9, 2017 1338 Views 0 comment Print

Seeks to impose definitive anti-dumping duty on the imports of Wire Rod of Alloy or Non- Alloy Steel originating in or exported from China PR

Penalty cannot be levied merely for non-challenge of addition by assessee in appeal

October 9, 2017 1542 Views 0 comment Print

CIT Vs. Smt. Madhuri Satish Misal (Bombay High Court) Amount which has been subjected to levy of penalty primarily on the ground that the assessee agreed to the addition and did not challenge it in appeal. The Tribunal in paras 19 to 21 of its order considered the principles which have to be invoked and […]

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