"26 November 2017" Archive

Compensation Cess on Coal under GST- Issues

In GST regime, Compensation Cess on Coal is levied at every point of sale while under the Central Excise corresponding clean energy cess on coal was levied only on Raw Coal, Lignite and Peat raised and dispatch from a coal mine. Issues The basis of incidence of the compensation cess in GST is same at […]...

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CIT (Appeal) cannot introduce in the Assessment a new source of income

CIT Vs. Shri. B.P. Sherafudin (Kerala High Court)

It is not open to the Appellate Commissioner to introduce in the Assessment a new source of income and the assessment must be confined to those items of income which were the subject-matter of the original assessment....

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Registration U/s. 12AA(3) cannot be made before date of introduction of Sec. 12AA(3)

U.P. Distillers Association Vs. Commissioner Of Income Tax (Delhi High Court)

U.P. Distillers Association Vs. CIT (Delhi High Court) In this case Assessee urged that, in any event, the cancellation could not have been from inception but only from the date Parliament amended Section 12AA, i.e. from 01.10.2004. HC  held that  that the cancellation of registration in this case could have related back only from the [...

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Initiation of reassessment during pendency of Sec. 143(2) proceedings is invalid

Pradeep Sharma Vs. DCIT (ITAT Delhi)

Unless return of income already filed is disposed of, notice under section 148, cannot be issued, i.e., no reassessment proceedings can be initiated so long as assessment proceedings pending on the basis of the return already filed are not terminated....

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Section 153(2): Period of 60 days to be counted from whether date of vacation of stay or date of receipt of order

Saheb Ram Om Prakash Marketing (P) Ltd. Vs. CIT & Ors. (Delhi High Court)

Where in case of reassessment proceedings stay was granted by court and thereafter stay was vacated, the reassessment order was to be passed within 60 days from the date of vacation of stay, AO was not justified in saying that the period of 60 days should be counted from the date of receipt of order in office since it was not aware of the...

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Accrual basis accounting: Income of relevant F.Y. is to be accounted in same F.Y.

ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT)

Advocate Akhilesh Kumar Sah ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT) Mercantile based accounting requires income and expenditure of a financial year has to be taken in account in the same, concerned financial year. In ACIT vs. Noida Toll Bridge Co. Ltd. & vice versa [ITA Nos. 5246, 5247, 5248, 5249 and 5286/Del/2012, […...

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Was Demonetisation Justifiable?

For last so many days, there has been only one discussion – Was demonetisation a successful step to curb black money? “99% currency comes back to banks” has ignited a new flame to this discussion. Before discussing about whether demonetisation is a success or failure, let’s talk about what all fields did demonetisation hit –...

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Kind of Assessment in GST

Assessment of GST returns have been defined in Chapter- XII under section 59 to 64 of the CGST Act, 2017. There are several types of assessment which have been categories as below:...

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