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Archive: 15 April 2018

Posts in 15 April 2018

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

May 15, 2024 7050 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.

Provision for doubtful advances not allowable as Bad debts U/s. 36(1)(vii)

April 15, 2018 39981 Views 0 comment Print

As we are dealing with admissibility of expenditure u/s 37 and not u/s 36(i)(vii) according to which, there must be an expenditure at the first instance which has crystallized during the impugned AY as against deduction u/s 36(i)(vii) which is allowable to the assessee the moment bad debt is written off in the books of accounts, notwithstanding the fact that whether the same has actually become bad or not.

Notice U/s. 143(2) by AO not having jurisdiction over assessee is irrelevant

April 15, 2018 6540 Views 0 comment Print

The contention of the Ld. D.R. has no merit that ITO, Ward-1(1), Faridabad was empowered to issue notice as per PAN or it was issued as per Computerized System of the Department because it is against the provisions of Law. As such the issue would be in violation of the principles of law and as such the internal procedure provided by the department would not justify the illegality committed by the ITO, Ward-1(1), Faridabad.

Sec 10A / 10B: Bar in section 92CA(4) not applies to suo motu TP adjustments

April 15, 2018 1596 Views 0 comment Print

Learn about ITAT Pune’s decision on deduction under section 10B/10A in relation to TP adjustment by Approva Systems Pvt. Ltd vs. DCIT.

TDS U/s. 194J not deductible on interconnect usage charges

April 15, 2018 11445 Views 0 comment Print

Payment for IUC Charges is not chargeable to tax in India in the hands of the non-resident recipients and hence TDS was not deductible as per provisions of section 195 of the Act.

Service tax liability cannot be determined based on mere P&L A/c

April 15, 2018 15252 Views 0 comment Print

The Writ Petitioner prays for a Writ of Certiorari calling for the records of Order-in-Original dated 21.04.2017 passed by the respondent and quashing of the same as arbitrary and illegal.

Limitation period for revision petition U/s. 264 starts from the day assessee receives intimation U/s. 143(1)

April 15, 2018 3384 Views 0 comment Print

The challenge in this writ petition is to an order dated 21stDecember, 2016 passed by the Principal Commissioner of I ncome Tax (PCIT) rejecting the Petitioners application under Section 264 of the Income Tax Act, 1961 (Act) on the ground of limitation.

Mere admission of estimated income made during survey has no evidentiary value

April 15, 2018 2241 Views 0 comment Print

Shri Amod Shivlal Shah Vs ACIT (ITAT Mumbai) Assessments ought not to be based merely on the confession obtained at the time of search and seizure and survey operations, but should be based on the evidences/material gathered during the course of search/survey operations or thereafter, while framing the relevant assessments.

Guwahati CIT Bribe Case: Accused are not Chartered Accountants- ICAI

April 15, 2018 19503 Views 11 comments Print

ICAI has come across a Press Release issued by Central Bureau of Investigation (CBI), Guwahati wherein it has been mentioned that two of the accused involved in a criminal ease i.e Ramesh Goenka and Amit Goenka are chartered Accountant.

Thin Capitalisation introduced under Income-tax with FAQs

April 15, 2018 11502 Views 1 comment Print

In order to curb structuring by the multinational group Companies having their presence through subsidiaries/ associate companies or permanent establishments in India, the Finance Act 2017 introduced a new section 94B under the Income-tax Act, 1961 (the Act), in line with the recommendations of OECD BEPS Action Plan 4

RULE 42 of CGST Rules | Explanation and excel utility

April 15, 2018 64017 Views 3 comments Print

Availability of input tax credit ought to be viable only up to the extent it is used as against taxable supplies. There exists no ambiguity in determining input tax credit where a supplier is engaged exclusively in either taxable or on otherwise exclusively in exempted goods, inputs for former business being totally eligible as against inputs for latter business being fully disallowed.

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