"16 February 2018" Archive - Page 4

Assessee takes GST credit of 16.95 Crore wrongly due to server error

CT-20/ Div- Shahdara/ R-142/ M ISC/ 108/2017-18 (16/02/2018)

The party vide its letter dated 16.10.2017 (copy enclosed), informed that their eligible ITC credit for the month of July, 2017, was Rs 16,948/ ­ each under CGST and SGST and that while taking credit, the SGST credit, due to server error, was credited in their GSTR 38 of July, 2017, as Rs 16,94,76,948/-. Further, the party has informed t...

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Cessation of liability U/s. 41(1) cannot be presumed, merely because liability remained unpaid for a period of 3 years

ITO Vs. Thadaram Khaldas Tolani (ITAT Mumbai)

Merely on the reasoning that liability in respect of some of the sundry creditors have remained outstanding for about three years the assessing officer has concluded that they have to be treated as income of the assessee in the impugned assessment year as they have ceased to exist as per section 41(1) of the Act. ...

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Sec. 54 Cost of residential house includes cost of furniture if it forms part of house Purchase

Rajat B Mehta Vs. ITO (ITAT Ahmedabad)

It could not have been open to the authorities below to treat the payment of Rs 18,00,000 on account of furniture and fixtures on standalone basis, and thus exclude it as a separate item rather than as a cost of the residential house so purchased. In our considered view, therefore, the assessee is entitled to deduction under section 54F ...

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Aerial View Of “Regulatory Compliances Expected From Public Charitable Trusts”

Large number of Trustees of Charitable Trusts who are engrossed in philanthropic work are unwary to compliances imposed by relevant statutes. Enlisted below are few such points which could enable stakeholders to understand applicable statute and ensure its compliance: ...

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Anti-Profiteering – an RTI Experience

The GST Legislation has incorporated an Anti-Profiteering clause (‘APC’) under Section 171 of Central Goods and Services Tax Act, 2017 (‘CGST Act’). The basic idea behind such clause is to keep a check on the Inflation (if any) arising out of the introduction of GST in India. ...

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MCA set to place Private Placement rules- Issues draft rules to amend Rule 14 of PAS Rules

Substitution of Section 42 is one of the key amendments proposed in Companies (Amendment) Act, 2017 (Amendment Act). While, the Amendment Act is being enforced in phases, stakeholders have been awaiting the draft rules in relation to private placement. MCA on 15.02.2018 issued draft Companies (Prospectus and Allotment of Securities) (Amen...

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CBDT releases Digital Signature Certificate (DSC) Policy 2018


As a part of the day to day functioning of the Department, officers are/will be required to issue letters, notices, orders to Income Tax assessees or other addressees within the Department or outside by using digital signature. CBDT has already mandated filing of APAR online through ITBA-HRMS system....

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