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Archive: 13 April 2018

Posts in 13 April 2018

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1128 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7677 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.

Penalty by State for e-way bill without any Authority to issue e-way bill not sustainable

April 13, 2018 2025 Views 0 comment Print

Satyendra Goods Transport Corp. Vs State of U.P. & ors. (Allahabad High Court) It has been held that on the relevant date i.e. 4 Dec. 2017 when the vehicle in question was intercepted, the ‘Government’ referred in Rule 138 of the C.G.S.T. Rules 2017, which was the Central Government, had not developed and approved any […]

Queries regarding processing of refund applications for UIN agencies

April 13, 2018 1635 Views 1 comment Print

The procedure for filing a refund application has been outlined under rule 95 of the Central Goods and Services Tax Rules,2017 (hereinafter referred to as ‘the CGST Rules’) which provides for filing of refund on a quarterly basis in FORM RFD-10 along with a statement of inward invoices in FORM GSTR-11.

GST: Recovery of arrears under existing law and reversal of inadmissible input tax credit

April 13, 2018 19266 Views 1 comment Print

Legal provisions relating to the recovery of arrears of central excise duty and service tax and CENVAT credit thereof arising out of proceedings under the existing law (Central Excise Act, 1944 and Chapter V of the Finance Act, 1994)

GST: Procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation

April 13, 2018 38832 Views 2 comments Print

Clarifying the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances.

No penalty for Making of claim not sustainable in law unless mens rea established

April 13, 2018 2106 Views 0 comment Print

Mere making of claim, which was not sustainable in law, by itself, did not amount to furnishing of inaccurate particulars, unless mens rea was established, therefore, levy of penalty under section 271(1)(c) was not justified.

No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief

April 13, 2018 1188 Views 0 comment Print

Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified.

No tax on TDR and transfer fees received by housing society from Members

April 13, 2018 4224 Views 0 comment Print

This is an appeal filed by the Revenue against the order of Commissioner (Appeals) for the assessment year 2007-08. 2. The grievance of Revenue relates to deleting addition of Rs. 7,64,271 made by assessing officer on account of transfer fees and addition made on account of premium received by assessee from its members on utilization of Transfer of Development Rights. 3. The rival contentions have been heard and records perused.

Addition U/s. 69A not sustainable if based on mere loose sheet found in third person premises

April 13, 2018 5775 Views 0 comment Print

These are appeals filed by the assessee directed against the order of Commissioner (Appeals)-13, Mumbai and order of the Commissioner (Appeals)-14, Mumbai dated 28-1-2016 for the assessment year 2006-07. Since facts are identical and issues are common, these appeals were heard together and are disposed of by this common order, for the sake of convenience.

No service tax leviable on security services provided by police to Banks or for Cricket Matches

April 13, 2018 2658 Views 0 comment Print

Fees collected by the police department is in the nature of fee prescribed for performing statutory function, which has been deposited into the Govt. treasury. In the light of the C.B.E. & C. ‘s circular also, there can be no levy of service tax on such activities carried out by the police department.

Sovereign Gold Bond Scheme 2018 -19-Series-I- Issue Price, Features

April 13, 2018 3216 Views 3 comments Print

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bond, 2018-19-Series-I. Applications for the bond will be accepted from April 16-20, 2018.

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