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Archive: 06 May 2018

Posts in 06 May 2018

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

May 15, 2024 6717 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.

Income not taxable for mere physical receipt of income, but on receipt of income in reality

May 6, 2018 3936 Views 0 comment Print

The present appeal has been filed against the impugned judgment and order dated 29.10.2012 passed by the High Court of Judicature at Madras in Tax Case (Appeal) No. 368 of 2005 wherein the Division Bench of the High Court allowed the appeal filed by the respondent by absolving the additional tax liability imposed by the Assessing Officer, vide order dated 25.01.1996.

Section 41(1) not apples if loan waiver not amounts to cessation of trading liability

May 6, 2018 2913 Views 0 comment Print

These appeals have been filed against the impugned judgment and order dated 29.01.2003 passed by the High Court of Judicature at Bombay in R.A.No.1561 (Bom)/1982 and R.A.No.5161/B/80 whereby the Division Bench of the High Court while giving answers to the Reference Applications filed by the Respondent as well as the Revenue, confirmed certain findings passed by the Income Tax Appellate Tribunal (in short ‘the Tribunal’) dated 16.08.1982 in favour of the Respondent

ICDs are Inland Ports & eligible for deduction U/s. 80-IA(4): SC

May 6, 2018 1533 Views 0 comment Print

CIT Vs. Container Corporation of India Ltd (Supreme High Court) Whether the ICDs can be termed as Inland Ports so as to entitle deduction under Section 80-IA of the IT Act. The term port, in commercial terms, is a place where vessels are in a habit of loading and unloading goods. The term ‘Port’ as […]

Amendment to s. 40(a)(ia) by Finance Act, 2010 are retrospective and curative in nature

May 6, 2018 4128 Views 0 comment Print

CIT Vs M/s Calcutta Export Company (Supreme Court of India) The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to […]

Adverse material collected or found during survey can be utilised in Block Assessment

May 6, 2018 1968 Views 0 comment Print

CIT Vs S. Ajit Kumar (Supreme Court of India) The power of survey has been provided under Section 133A of the IT Act. Therefore, any material or evidence found/collected in a Survey which has been simultaneously made at the premises of a connected person can be utilized while making the Block Assessment in respect of […]

Expenses / Discount on ESOP exercised by the employees are allowable

May 6, 2018 5400 Views 0 comment Print

Pr. CIT Vs New Delhi Television Ltd. (Delhi High Court) Legislature itself contemplates the discount on premium under ESOP as a benefit provided by the employer to its employees during the course of sendee. If the Legis­lature considers such discounted premium to the employees as a fringe benefit or ‘any consideration for employment’, it is […]

If assessee exercises safe harbour option and AO do not pass order declaring it invalid than option will be deemed as valid

May 6, 2018 2160 Views 0 comment Print

Mehsana District Co-operative Vs. DCIT (Gujarat High Court) Sub­rule (7) of rule 10THD thus lays down the time limit for the Assessing Officer to pass an order under sub­rule(4) and for the concerned competent authority to pass an appropriate order under sub­rule(6). We may recall under sub­rule(4), the Assessing Officer may declare that the option […]

How to tackle CA Final Paper at the examination hall??

May 6, 2018 3090 Views 0 comment Print

Do not ever try to read the paper in detail during the initial time of first 15 minutes of reading. Out of the 15 minutes…for first 5 minutes…just go through the entire paper by reading the 1st and last sentence of the each question…so that u can get what is the basic requirement of the question and also whether u have studied that topic or not…After going through entire paper like that, mark those questions which u think u have studied and in which u can do your best.

Difficulties in practical implementation of 27th GST Council Meeting decisions

May 6, 2018 13791 Views 6 comments Print

27th GST Council meeting Decision can be divided into 3 Category for analysing purpose, 1. Return Simplification. 2. Transition. 3. Revenue Control. Let analysis category one and Two Return Simplification a. GST Council decided make one Single return for month. b. Uploading of invoices any time basis, it’s condition that to avail the input tax […]

Zero Rated Supply Under GST

May 6, 2018 13989 Views 3 comments Print

This Article covers supplies which are eligible for Zero Rating benefit under GST including Exports, Deemed Exports, Supplies to SEZ and Merchant Exporter. Also Documentary Evidence required to claim Refund under various Zero Rated Supplies is covered.

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