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Archive: 28 November 2017

Posts in 28 November 2017

Govt appoints Shri B.N. Sharma as Chairman of NAA under GST

November 28, 2017 1248 Views 0 comment Print

In an immediate follow up action of last week’s Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this apex Authority in the rank of Secretary to Government of India.

Revision petition U/s. 264 cannot be refused for pendency of similar petition for another year

November 28, 2017 1695 Views 0 comment Print

Commissioner cannot refuse to entertain a revision petition filed by the assessee under Section 264 of the Act if it is maintainable on the ground that a similar issue has arisen for consideration in another year and is pending adjudication in appeal or another forum.

ALP adjustment for excess credit period to AEs without charging any interest

November 28, 2017 1206 Views 0 comment Print

ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP adjustment.

Allahabad High Court also rules that sec 40(a)(ia) is applicable on “Payable”

November 28, 2017 2712 Views 0 comment Print

Allahabad HC in case of Ashok Auto Sales Ltd v/s CIT held that Vector shipping is not correct preposition of law as held by Honb’le SC in case of M/s Palam Gas Service vs. CIT.

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