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 […]
The article briefly explains the importance of risk assessment and management in the current scenario wherein a lot of frauds/ scams are happening. Be it the case of corporate houses, banks, service centres, IT companies.
It is settled law that when parties entered into family arrangement, validity of the family arrangement is not to be judged with reference to whether the parties should raised dispute or rights or claimed rights or a certain properties had in law any such right or not.
Anti-profiteering provisions have been subjected to judicial scrutiny by the National Anti-Profiteering Authority (NAA) set up under the CGST Act, 2017 recently in Dinesh Mohan Bharadwaj v. M/s Vrandavaneshwree Automotive Pvt. Ltd. vide Order dated 27.03.2018 [Case No. 1/2018 instituted on 27.02.2018
Section 247- Valuation by registered valuers. States that a Registered Valuer would carry out Valuation in respect of any Property, Stocks, Shares, Debentures, Securities or Goodwill or any other assets or Net Worth of a company or its liabilities and that valuer shall have such qualifications and experience and *being a member of an organisation which is recognised, on such terms and conditions as may be prescribed.
The definition of Turnover as mentioned in the Companies Act, 2013 was worded in such manner that turnover includes taxes and other duties collected at the time of sale/provision of services. This issue has been addressed by the Companies Amendment Act, 2017.
Show cause notice issued in the present case u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. The show cause notice u/s 274 of the Act does not strike out the inappropriate words. In these circumstances, we are of the view that imposition of penalty cannot be sustained.
Deduction u/s 10A is to be allowed from total income as computed under chapter IV of the Income Tax Act, 1961 and not at the stage of computation of total income under chapter VI of the Income Tax Act, 1961. Therefore from this it is clear that while claiming deduction u/s 10A unabsorbed depreciation is not to be adjusted.
So as per section 23 (i)(a) of the act, if a person engaged EXCLUSIVELY in the business of supply not liable to tax or wholly exempt from tax by virtue of some exemption notification than no need to take registration even if it receive service where tax need to paid under RCM. It is an independent section and read exclusively. In other case if a person who engage in a business of goods or services which is partially or fully liable to tax but have not taken registered due to exemption limit. Need to take registration and pay tax under RCM if he receives service or good which is liable to RCM.
The CIT(A) is directed to first address the claim of the assessee namely that the online platform itself was not permitting the assessee to register as a legal heir in order to e-file the appeal, thus the assessee cannot be penalized for non compliances which are a result of limitations of the platform provided.
