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Archive: 25 February 2018

Posts in 25 February 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1548 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Rate the Budget on Your Own (Income Tax)

February 25, 2018 10026 Views 0 comment Print

This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to taxation.

Assessment U/s. 153C in absence of incriminating material is bad in law

February 25, 2018 4299 Views 0 comment Print

Where books of account and other documents belonging to other person, i.e., the assessee as recovered from searched party did not indicate receipt of unaccounted money by the assessee, such books and documents could not be considered as incriminating material for initiation of proceedings under section 153C against the assessee.

Payment for Acquiring Mining Rights is Capital Expenditure

February 25, 2018 5826 Views 0 comment Print

ACIT Vs. Shri K.R. Kaviraj (ITAT Bangalore) In the light of the judgment of the Honorable Supreme Court in the case of Aditya Minerals Pvt. Ltd. (239 ITR 817) the impugned payment made for acquiring mining rights is capital expenditure and cannot be allowed as revenue expenditure. The reliance placed by the ld.CIT(A) on the […]

Registration U/s. 12A/ 12AA can be denied to Trust not applying its income for Charity

February 25, 2018 2667 Views 0 comment Print

Norka Roots Vs. CIT (Kerala High Court) As per Section 12AA of the Income Tax Act, the Commissioner is empowered to call for documents or information from the assessee, which are necessary to satisfy the authority about the genuineness of the activities of the institution. The Division Bench of this Court had also directed that […]

Payment of Royalty, license fee etc. as a condition of import of goods forms part of Assessable Value

February 25, 2018 10032 Views 0 comment Print

Rule 10(1)(e) of the Valuation Rules stipulates that all other payments actually made are to be made as a condition of sale of the imported goods by the buyer to the seller or by the buyer to the third party to satisfy and obligation of the seller to the extent that such payments are not included in the price actually paid or payable, shall be added to the price actually paid or payable for the imported goods.

No Service tax on construction of Era business school & hostel for NIT Calicut

February 25, 2018 1404 Views 0 comment Print

Ld. Counsel for the appellant submits that the projects in question are not commercial in nature as Era Business School is an educational institution recognized by AICTE and awarding degrees/diploma recognized by law. It is his further submission that National Automative Testing Center is for testing the vehicles for homologation which is a statutory requirement as per motor vehicle rules for compliance by the manufacturer of automobiles.

Royalty for use of Dabur brand by Overseas Subsidiary is an international transaction and TP Adjustment can be applied

February 25, 2018 2118 Views 0 comment Print

A two-Judge Bench of the Delhi High Court in Dabur India Ltd. vs. Pr. Commissioner of Income Tax held that Transfer Pricing adjustment is applicable to overseas subsidiary despite of receiving any royalty.

VAT Scrutiny in Kerala- Guidelines for planning collection of Data

February 25, 2018 1077 Views 0 comment Print

The Government has given instructions to complete the back log VAT works and ensure improved revenue performance. The Department has developed the SCRUTINY MODULE to do the scrutiny and assessments efficiently as per the law, without any errors.

GSTN enables online filing of letter of Undertaking

February 25, 2018 66201 Views 66 comments Print

GSTN enables online filing of letter of Undertaking  : Instructions for filing LUT online on GST Portal:- Access the GST Website. The GST Home page is displayed. Login to the GST Portal with valid credentials. Go to User Services and Select the Tab “Furnishing Letter of Undertaking” Form GST RFD-11 is displayed. Select the financial year for which […]

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