"05 November 2017" Archive - Page 2

52 Important Services available on GST Portal

52 Important Services available on GST Portal Includes GST REG-01, Form GST REG-29, Form GST CMP-01,Form GST CMP-02, Intimation to pay tax under composition levy, Form GST CMP-03, Intimation of details of stock on date of opting for composition levy, Form GST CMP-04, Withdrawal from composition levy, Form GST ITC-01, Form GST ITC-03, Sto...

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How to download Excel based GSTR 4 Offline utility

GSTR-4 offline utility has been put into Public Domain. Now It can be downloading from GST portal by following below link. https://www.gst.gov.in/downloads...

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Capital gain from penny stocks not bogus for violation of SEBI regulations by broker

ITO Vs. Arvind Kumar Jain HUF (ITAT Mumbai)

Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus....

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Bogus Purchase- Addition by GP rate of 8% on bogus purchases justified

Pr. CIT Vs Jagdish H Patel (Gujarat High Court)

Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously ...

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S. 254 Miscellaneous petitions filed after 6 months from ITAT order date is barred by limitation

Shamsunissa Begum Vs. Dy. CIT (ITAT Bangalore)

Question of rectification of mistake cannot be entertained until and unless the Miscellaneous Petition filed by the assessee is found to be maintainable. The miscellaneous petitions filed by the assessee are beyond the period of 6 months from 1-6-2016 and therefore the same are barred by limitation. ...

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Assessee not in-default for non deduction of TDS if recipient was not liable to tax

CIT (TDS) Vs. Sahara India Commercial Corpn. Ltd. (Allahabad High Court)

It is an important aspect to be examined whether Recipient- Assessee has directly paid tax or has no liability of tax at all. Since this aspect was not examined by Assessing Authority, therefore, in our view, Tribunal has rightly remanded matter to Assessing Authority to examine this aspect....

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Rule 8D Disallowance cannot be made by ‘Change of Opinion’

Samvardhana Motherson International Ltd Vs. Assistant Commissioner Of Income Tax & Anr. (Delhi High Court)

Rule 8D is triggered only in a case where the AO is not satisfied with the deduction made by the Assessee. The reasons to believe assume and are predicated on the belief that the AO should not have accepted the Petitioner’s deduction as explained and justified, albeit should have applied Rule 8D. Thus, the view and opinion formed by the...

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