"15 May 2018" Archive

Form- “C” available even after GST implementation: P&H High Court

Carpo Power Limited Vs.State of Haryana and others (Punjab & Haryana High Court)

Punjab & Haryana HC in the case of Carpo Power Limited vs. State of Haryana in CWP No. 29437 of 2017 has held that Form C is available to assesse even after implementation of GST....

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Cost inflation index in case of Property inherited from previous owner

ITO Vs Pritendra C. Jhaveri (ITAT Mumbai)

ITO Vs Pritendra C. Jhaveri (ITAT Mumbai) Since the expression ‘held by the assessee’ is not defined under section 48, the same has to be understood as defined under Explanation 1(i)(b) to section 2(42A) which provides that in determining the period for which an asset is held by assessee under a gift or will the […]...

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Penalty u/s 221 cannot be levied for non-payment of self-assessment tax

Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai)

Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai) The fact that the amended Sec. 140A(3) w.e.f. 01.04.1989 does not envisage any penalty for non-payment of self-assessment tax, the Assessing Officer was not justified in levying the impugned penalty by making recourse to Sec. 221(1) of the Act. Before parting, we may again em...

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CBIC fixes monetary limit of Rs 2.5 Lakh for appeal filing with Commissioner (A)

F No 390/Misc/390/2017-JC (15/05/2018)

In exercise of the powers conferred by Section 35R of the Central Excise Act, 1944 made applicable to Service Tax vide Section 83 of the Finance Act, 1994 the Central Board of Indirect Taxes fixes a monetary limit of Rs 2,50,000/- below which appeal shall not be filed with the Commissioner (A)....

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Specific provisions related to Agent / Pure Agent under GST Act

Specific provisions related to Agent under GST Act: ♣ Definition of Agent: (Section 2(5) of CGST Act) Agent means the person who are engaged in supply of goods or services / recipient of goods or services on the behalf of others that’s say principal of such goods / services. Agent includes broker, commission agent, an […]...

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Can exemption U/s. 54F be denied for non-deposit of amount in specific bank account

Sunayana Devi Vs. ITO (ITAT Kolkata)

Since assessee had invested the sale consideration in construction of a residential house within three years from the date of transfer, deduction under section 54F could not be denied under section 54F on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed under section 139(1)....

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TDS u/s 194C applicable in case contract requires semi-skilled staff

ACIT (LTU) Vs. M/s WTI Advance Technology Ltd. (ITAT Mumbai)

ITAT Mumbai in case of ACIT v/s M/s WTI Advanced technology held that tax is to deducted u/s 194C for outsourcing of any service which do not require skilled staff....

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Technical provided by Machines would not fall U/s. 194J for TDS

M/s. Coimbatore Integrated Waste Vs. DCIT (ITAT Mumbai)

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently ruled that technical services would not include services provided by the machines for the purpose of Tax Deducted at Source ( TDS )....

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Expenses on investigations pursuant to certain SEBI directions are allowable

Income-Tax Officer Vs HDFC Trustee Company Ltd (ITAT Mumbai)

Upon conjoint reading of Trust Deed and SEBI directions as above, we conclude that the said expenditure was incurred by the assessee to safeguard / protect its business interest and therefore, allowable to the assessee in terms of Section 37....

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All about Income Tax Return Form ITR-3 (A.Y. 2018-19)

Instructions for filling out FORM ITR-3 (A.Y. 2018-19) These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Income Tax Return Form ITR-3 is applicable This Re...

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