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Archive: 08 March 2018

Posts in 08 March 2018

Repeal of KVAT Act would not affect proceedings initiated by Authorities

March 8, 2018 1416 Views 0 comment Print

Abhay Solvents Private Limited Vs Assistant Commissioner of Commercial (Karnataka High Court) In terms of Section 174(1)(f), it is clear that the repeal of the Act specified in Section 173 shall not affect any proceedings including that relating to an appeal, revision, review or reference, instituted before, on or after the appointed date, under the […]

ITAT confirms Penalty on admitted bogus purchase to Inflate work in progress

March 8, 2018 2286 Views 0 comment Print

Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) It is undisputed that the assessee has booked bogus purchases thereby inflating work-in-progress. Hence, it is clear that the assessee was owner of undisclosed income during the year. It was because of the system of accounting followed by the assessee being percentage completion method, that there was […]

Sec 254(2) Tribunal can’t Review its own order unless there is a Mistake apparent from Records

March 8, 2018 3012 Views 0 comment Print

Scope of Section 254(2) to rectify mistake apparent from record is very limited and tribunal cannot review its own decisions within limited scope of Section 254(2) unless there is a mistake apparent from records neither it is shown that tribunal order is perverse not sustainable in the eyes of law.

Sec 54F not prescribe any condition as to date of commencement of construction of new house property

March 8, 2018 12387 Views 0 comment Print

Section 54F do not prescribe any condition as to the date of commencement of construction of new house property, meaning thereby that the construction of house property may be commenced even before the date of transfer of original asset.

In absence of search Penalty u/s 271AAA cannot be levied

March 8, 2018 993 Views 0 comment Print

A perusal of the assessment order shows that the assessee has surrendered the income, explained the manner in which it was earned and has paid the taxes due thereon. Therefore, the assessee has fulfilled all the conditions laid down in Section 271AAA for non-levy of penalty under the said provisions. Even otherwise also, it is an admitted fact that no search has taken place in the premises of the assessee and, therefore, provisions of Section 271AAA are not at all applicable.

Dissemination of yoga or vedic philosophy is medical relief’ U/s. 2(15)

March 8, 2018 1083 Views 0 comment Print

Dissemination of Yoga or vedic philosophy or the practice of yoga or education with respect to yoga was well within the larger term ‘medical relief’ as covered within section 2(15).

Service Tax not leviable on Packing services incident to Manufacturing of Goods

March 8, 2018 1869 Views 0 comment Print

M/s. Narain Packaging Vs. Commissioner of Service Tax (CESTAT Delhi) Admittedly, the packaging is subsequent to manufacture of paper by M/s. J K Paper Ltd. The appellants claim that they have contributed to the incidental activity of manufacture. We note that the appellants are engaged in packing activity in the premises of clients. The cut […]

Newly introduced service cannot be made taxable prior to the date of its introduction

March 8, 2018 870 Views 0 comment Print

There is no dispute that the activities of the appellant are squarely covered within the definition of “Public Relation Services”, which was made taxable w.e.f. 01.05.2006. The stand of the respondent is that a particular service which has been newly introduced cannot be made taxable prior to the date of its introduction.

Section 40A(3) provisions not intended to restrict business activities

March 8, 2018 3384 Views 0 comment Print

The provisions of section 40A(3) are not intended to restrict the business activities but to caution that payments exceeding Rs.20,000/- are made in cheque/draft. The provisions of section 40A(3) of the Act are to be in consonance with business expediency trade practice and other genuine relevant factors

GST Advance ruling cannot given on matter not falling U/s. 97(2)

March 8, 2018 1455 Views 0 comment Print

In re M/s Kanj Products Private Limited (GST AAR Uttarakhand) Issue- Applicability of Notification dated 5.10.2017 issued by DIPP, Ministry of Commerce and Industry read with CBEC Circular No. 1060/9/2017-Cx. Dated 27th November 2017. Authority observes that the clarification requested by the applicant on the notification as well circular are not issued under the provisions […]

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