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Archive: 23 December 2017

Posts in 23 December 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6453 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Understand the basics of GST in less than 20 Pages

December 23, 2017 6114 Views 0 comment Print

This document consists the basics of GST and helps people who want to understand GST in simple language and with pictorial representations/

CIT can revise assessment order u/s 263 if AO did not make any proper inquiry

December 23, 2017 2673 Views 0 comment Print

Bogus share capital: Law laid down in Subhlakshmi Vanijya Pvt. Ltd vs. CIT 155 ITD 171 (Kol), Rajmandir Estates 386 ITR 162 (Cal) etc that the CIT is entitled to revise the assessment order u/s 263 on the ground that the AO did not make any proper inquiry while accepting the explanation of the assessee insofar as receipt of share application money is concerned cannot be interfered with

CBDT Circular specifying Tax effects for appeal filing applies even to pending matters

December 23, 2017 3528 Views 0 comment Print

A two-judge bench of the Supreme Court, on Wednesday categorically held that the circular issued by the Central Board of Direct Taxes (CBDT) prescribing monetary limit for filing appeals is applicable to pending appeals also.

Christmas of Taxpayers!

December 23, 2017 1785 Views 0 comment Print

Arjuna, Christmas is worldwide celebrated festival. In this festival Santa Claus gives gifts to Everyone. As Santa Claus fulfills the wishes of children by giving them toys, chocolates, etc. Similarly, there are certain wishes of the taxpayers which should be fulfill in the coming year.

HC held Compensation received by Parle for breach of contract by Coca Cola as Capital Receipt

December 23, 2017 2559 Views 0 comment Print

In the present case, the assessee was in the bottling business for Parle Group of Companies, there was a right of first refusal and the assessee was to carry on the business of bottling for the Coca Cola Company. A detailed business plan was submitted. However, the Coca Cola Company, without any specific reason, rejected the business plan.

13 FAQs on GST replied on by Official Twitter Handle of GOI on 23.12.2017

December 23, 2017 6702 Views 2 comments Print

I have commercial property on rent but my rent is less then 10 lakh per year do I need to apply for gst number Please advise? Answer: GST Number is required only if aggregate turnover is more than Rs. 20 lakhs.

SC Allows Deduction of Excise Duty Paid in Advance in PLA

December 23, 2017 2700 Views 1 comment Print

CIT Vs M/s Modipon Ltd. (Supreme Court) Purpose of introduction of Section 43B of the Central Excise Act was to plug a loophole in the statute which permitted deductions on an accrual basis without the requisite obligation to deposit the tax with the State. Resultantly, on the basis of mere book entries an assessee was […]

Export incentive shall not be included for computing eligible profits to compute deduction u/s. 80IC

December 23, 2017 6207 Views 0 comment Print

The Income Tax Appellate Tribunal Mumbai bench recently pronounced that Export incentives are not Includable while computing eligible profits for deduction under Section 80IC of the Income Tax Act, 1961.

Penalty U/s. 271D cannot be imposed in absence of payment in cash

December 23, 2017 3414 Views 0 comment Print

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of […]

PE in India not establishes merely because Assessee offered its income for tax in India

December 23, 2017 918 Views 0 comment Print

Linklaters Vs Dy. DIT (ITAT Mumbai) Though the lower authorities had rejected the claim of the assessee that it did not have any ‘PE’ during the period November, 2008 to March, 2009, and rather concluded that the assessee had a ‘PE’ in India during the year under consideration, however we find that no concrete reasoning […]

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