"12 October 2017" Archive

GST on Leasing of vehicles purchased and leased prior to 1st July, 2017

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess). In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital […]...

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Hoardings rent income of Housing Society is taxable as House Property Income

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)

Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)- ITAT held that income earned by the assessee, in consideration of having given rights to have play hoardings etc. are taxable as income from house property. Accordingly, deduction under section 24(a) was indeed admissible in the present case. Full Text of the ITAT Order is [&...

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Person who hears must decide- Order not valid if heard and decided by different officers

Manigandan Rice Mill Vs Chief CIT (Madras High Court)

The legal principle is that the person who hears must decide. Therefore, by applying the said principle to the case on hand, the only conclusion that can be arrived at is to send back the matter for fresh consideration before the first respondent, on the plea for waiver of interest under section 220(2) and rule 5 of the Second Schedule to...

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ITAT allowed to not to treat gold up to 500 Gm of Married Lady as undisclosed Income

Late Smt. Abida Mohammed Rakhangi Vs ITO (ITAT Mumbai)

Late Smt. Abida Mohammed Rakhangi Vs ITO (ITAT Mumbai)- ITAT held that we cannot also shut our eyes to reality of Indian lives wherein there is a love, pride and preference of Indian households to invest and hold gold ornaments etc for their usage as well for rainy days wherein gold can be sold to […]...

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CA can be tried under Prevention of Corruption Act for offering bribe to ITO

H. Naginchand Kincha Vs. Superintendent of Police (Karnataka High Court)

CA accused of offering a bribe to ITO for performing an official act can be tried U/s. 7 and 13 (1)(d) of Prevention of Corruption Act and section 120-B of the IPC. The fact that the CA is not a public servant is irrelevant. ...

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Penalty u/s 221(1) for default in payment of self assessment tax u/s 140A wrt Original / Revised Income Tax Return

Claris Life Sciences Limited Vs Deputy Commissioner of Income Tax (ITAT Ahemdabad)

Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income ...

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Order No. 178/2017 Regularization of promotion of JCIT

Order No. 178 of 2017 (12/10/2017)

The President is pleased to promote the following officers of Indian Revenue Service on regular basis in the grade of Joint Commissioner of Income Tax in Level - 12 in the pay matrix Rs. 78800-209200) with immediate effect and until further orders...

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Disposal of cases having tax effect more than Rs. 50 Cr.

Dt. No. 683/CIT/(A&J)/2015 (12/10/2017)

As per the Central Action Plan issued for the F.Y. 2017-18, all pending appeals having tax effect of Rs. 50 crore or more are to be dispose of up to 31st December, 2017 as mentioned at Para (i) of Action Plan of chapter-III of the Central Action Plan which is reproduced as under: -...

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Amendment to Customs Valuation Rules- Notification No. 91/2017 (NT)

Public Notice No. 132/2017-JNCH (12/10/2017)

Place of Importation” means the customs station where the goods are brought for being cleared for home consumption or for being removed for deposit in a warehouse...

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