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Archive: November, 2017

Posts in November, 2017

Can Refund be claimed if wrong payment under GST made?

November 28, 2017 70035 Views 36 comments Print

Arjuna, due to technical issues taxpayers have paid wrong amount to the government. Sometimes they pay excess amount. In that case i.e Amount is paid in excess of actually payable to the Government’s treasury, then we will get ITC for that in next tax period. But if there is no liability to set off the ITC, then that amount will be refunded to the taxpayer.

HC explains concept of initial assessment year & substantial expansion U/s. 80-IC

November 28, 2017 2265 Views 0 comment Print

The moot issue involved in these appeals, inter alia, is as to whether an undertaking or an enterprise, established after 7th January, 2003, carrying out substantial expansion within specified window period, i.e. between 7.1.2003 and 1.4.2012, would be entitled to deduction on profits @ 100%, under Section 80-IC of the Income Tax Act. Also, if so, then for what period.

Reopening not permissible on the ground of expense which was not claimed by Assessee

November 28, 2017 1263 Views 0 comment Print

Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets.

Penalty justified on additional income declared after discovery of same by AO

November 28, 2017 846 Views 0 comment Print

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particulars of income. Under […]

EPFO lays down provisions to help Pensioners in submitting Jeevan Parmaan with ease

November 28, 2017 1734 Views 0 comment Print

As per the provisions laid down, pensioners under Employees’ Pension Scheme, 1995 are required to submit Life Certificate annually in the month of November each year. From 2016 facility has been provided for submission of Jeevan Parmaan digitally as authentication for proof of identity of the individual pensioners. In order to obviate the difficulties faced […]

SC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes

November 28, 2017 3048 Views 0 comment Print

While upholding the proceedings against Advocate Rohit Tandon, a three judge bench of the Supreme Court confirmed the Delhi High Courts’ order denying bail for possession and conversion of Demonetized Currency.

Receipt of beneficial share from partnership firm cannot be treated as unexplained

November 28, 2017 2958 Views 0 comment Print

ACIT Vs. M/s. Jeannie Jamshed Madan (ITAT Mumbai) The fact that the assessee is one of the beneficiaries in the Estate of late Shri M.S. Kotwal who is partner in the partnership firm of M/s. Mira Salt Works is not in dispute. The reason for bringing to tax the amount received by the assessee is, […]

Income from licensing of running hotel is business income

November 28, 2017 3990 Views 0 comment Print

All these, provisions of agreement would, therefore, indicate that license that has been granted is that of a fully established running hotel authorizing the licensee to operate the hotel for a specified period subject to the terms and conditions incorporated therein.

About RGESS For further rebate

November 28, 2017 600 Views 0 comment Print

Took benefit of RGESS for fy 14-15,15-16,16-17 . Could I get benefit of RGESS for fy 17-18 , 18-19 ?

How and where to compliant on GST issues faced by consumers?

November 28, 2017 15297 Views 2 comments Print

As Promised, I’m back with step-by-step procedure on How to Complaint in case of GST charged over and above MRP and Illegal collections on the name of GST.

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