"26 December 2017" Archive

Understand GSTR 1 filing and added features in return utilities with Q & A

Question and answers in GSTR 1 filing in GST portal - how to understand it and what are the added features in return utilities on GST Portal that would bring relief for tax payers :...

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TDS not deductible on Interest paid to a company carrying on Insurance business

I.T.O., Ward-8(1) Vs. M/s. Batram Properties Pvt. Ltd. (ITAT Kolkata)

The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance. ...

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Collection under GST for the month of December 2017

Press Information Bureau Government of India Ministry of Finance Date: 26-December-2017 Total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017 Total Revenue Collection under GST: The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December...

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No Section 14A disallowance for dividend earned on Strategic Investment in Subsidiary Company

DCIT Vs M/s Development Constultant Pvt. Ltd. (ITAT Kolkata)

This appeal as well as Cross Objection (CO) by the Revenue and assessee is directed against the order of Commissioner of Income Tax (Appeals)-9, Kolkata dated 01.12.2015. Assessment was framed by DCIT, Circle-11, Kolkata u/s 143(3) of the Income Tax Act, 1961...

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Excise Dept cannot confiscate a Vehicle merely because it was used to Transport Liquor

Dr. Varunveer Vs. Financial Commissioner, Delhi And Ors (Delhi High Court)

Quashing the orders of the Financial Commissioner and the Excise Commissioner, the Delhi High Court held that the mere fact that the vehicle was used to transport liquor would not be sufficient for confiscating the same if the owner of the vehicle is able to establish that he/ she was not involved in the offence. ...

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Two websites for VAT / GST Dealers in Maharashtra wef 26.12.2017

MGSTD Portals Starting from 26/12/2017 MGSTD will have two portals, www.mahavat.gov.in for old e-Services and www.mahagst.gov.in for all New Automation / SAP e-Services. www.mahavat.gov.in 1. Prior period return filing, prior period e-CST declarations and audit VAT Audit Report (e-704) for F.Y.2016-17 and earlier periods along with CDA sh...

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TDS not deductible on estimation /provision of expenses which was not paid

Apax Partners India Advisers (P.) Ltd. Vs Dy. CIT (ITAT Mumbai)

Apax Partners India Advisers (P.) Ltd. Vs DCIT (ITAT Mumbai) Learned Counsel of the assessee submitted that the above is provision for legal expenses. He submitted that the said provision was reimbursed in the next year and the actual expenses booked and taxed were duly deducted at source. Learned Counsel submitted that assessee is not [&...

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Income on Agricultural land sale cannot be treated as business gain merely for higher volume of sale consideration

Shailesh Gangaram Ramani Vs. ITO (ITAT Rajkot)

Income Tax Appellate Tribunal (ITAT), Rajkot bench, while allowing the assessees’ appeal, held that the sale of land cannot be treated as business activity for the purpose of levying income tax even though there is a higher volume of sale consideration. ...

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Penalty proceeding invalid if Assessment order nowhere states specific charge of alleged concealment and / or furnishing of inaccurate particulars of income

M/S ABR Auto PVT. LTD. Vs ACIT (ITAT Delhi)

Nowhere in the assessment order states the specific charge of alleged concealment and / or furnishing of inaccurate particulars of income. Therefore, the entire penalty proceedings stand vitiated, because it is not in accordance with law....

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Unrecorded stock of rice noticed during survey is Business Income

Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court)

(i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock...

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