"22 May 2018" Archive

Advance Ruling under Goods & Services Tax (GST)- Provisions

As per CGST Act 2017 advance ruling means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 100, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the appli...

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Addition for deemed dividend in Section 153A assessment not sustainable in absence of any incriminating material

DCIT Vs. Anil Kumar Sharma

hese are the three appeals filed by the revenue for Assessment Year 2007-08 to 2009-10. The assessee has filed cross objections in all these appeals making it a bunch of six appeals. All these six appeals involved common grounds pertaining to the respondent and therefore, they are disposed of by this common order....

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Service Providers (and not Ports) are eligible for SFIS/SFIS benefit

Policy Circular No. 06/2018-DGFT (22/05/2018)

DGFT clarifies whether the actual service providers rendering the eligible services should be entitled for the SFIS/SEIS benefits or the aggregator of services (Ports)....

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ITAT explains how accommodation entries are routed through shell companies as share capital to evade taxes

Shaan Construction P Ltd Vs ITO (ITAT Delhi)

Shaan Construction P Ltd Vs ITO (ITAT Delhi) ITAT noted that whole exercise carried out by the assessee is simply a devise to introduce unaccounted money through various shell companies in the form of share capital at a premium. The manner of issue of the shares through these companies, the manner of providing confirmation on […]...

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All about Form GSTR -5A with FAQs and Filing Procedure

GSTR-5A is a Return to be furnished by Online Information and Database Access or Retrieval (OIDAR) services provider to un-registered person or customers, on the GST Portal for the services provided from a place outside India to a person in India, other than a registered person....

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Extended time to Task Force for drafting New Direct Tax Legislation

F No 370149/230/2017 (22/05/2018)

The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22ndAugust, 2018....

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Loss from sale of unlisted shares to relative and set off of same against capital gains from sale of Property

Mrs. Madhu Sarda Vs Income Tax Officer (ITAT Mumbai)

This appeal by assessee under section 253 of Income-tax Act is directed against the order of Commissioner (Appeals)-35 Mumbai dated 4th September 2012, which in turn arises from assessment order passed under section 143(3) on 26 December 2008 for assessment year 2006-07. The assessee has raised following grounds of appeal...

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FAQs on SA 570 ‘Going Concern’ (Applicable for audits of FY 2017-18)

To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...

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In absence of incriminating material Assessment U/s. 153A is without jurisdiction and additions are not sustainable

SVIL Mines Ltd. Vs DCIT (ITAT Delhi)

We find that the additions made by the assessing officer are beyond the scope of section 153A of the Income Tax Act, 1961, because no incriminating material or evidence had been found during the course of search so as to doubt the transactions....

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How to determine Place of Supply of Services under GST- Part I

Earlier we had discussed about Place of Supply of Goods, now we are going to discuss about the Place of Supply of Services.  Section 12 of IGST Act laid down the provisions to determine the place of supply for services, here in this Part-I, we’ll discuss the provisions where the location of supplier and recipient […]...

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