"23 May 2018" Archive

Representation on notices for mismatch of input tax credit in GSTR 3B and GSTR 1

Representation on issue of notice for intimating discrepancies in return - GST ASMT-10 Rule 99(1)- Mismatch of Input Tax Credit claimed in GSTR 3B and Input Tax Credit available in form GSTR 2A....

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GST Registration cancellation process and related aspects

Section 29 read with Rule 20 to 22 deals with cancellation of registration. As per section 29(1) of CGST Act, registration can be cancelled either by the officer suo moto or on filing an application for cancellation. In this article, we are only discussing about the procedures when an application for cancellation is made by the registered...

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GST: Should One Really Go to An Advance Ruling Authority ??

Since last two months we have witnessed some advance rulings which have created panic in the trade and industry. We have already expressed our reservations on few rulings with a detailed write up earlier. Here we attempt to summarize few of such rulings along with our comments in brief. ...

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BOND ETF – A new tool of investment soon to be introduced in India

What is Bond ETF? We all are aware about both the terminology used above i.e. Bond and ETF.  Bond as we know is an instrument of investment which provides us the fix coupon rate of return over the period of certain time.  On the other hand ETF stands for Exchange Traded Fund, the fund which […]...

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Gear Up for Income Tax Return Filing for A.Y 2018-19

The income tax department has released E-filing utilities of ITR 1, 2, 3, 4, 5 and 7 for AY 2018-19. These are available at www.incometaxindiaefiling.gov.in for e-Filing. ITR 6 is not yet released and the same is expected to be available in coming few days....

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Amount taxed by Settlement Commission in the hands of directors of assessee company cannot be taxed again in assessee’s hands

B. Nanji Enterprise Ltd.Vs Dy. IT (Gujarat High Court)

These Tax Appeals involved two assessees but the facts being closely similar, the Income Tax Appellate Tribunal had dealt with the departments appeals by a common judgment, which is impugned in these Tax Appeals...

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Benefit of VCES 2013 cannot be denied for mere Technical Defects

Neyyattinkara Municipality Vs Deputy Commissioner of central excise & service Tax (Kerala High Court)

Declaration made by the petitioner under the Voluntary Compliance Encouragement Scheme, 2013 has been rejected in terms of the order impugned in the writ petition on the ground that they have not submitted the amended declaration in accordance with the procedure prescribed in Circular No. 170/5/2013-ST dated 8.8.2013. As per the said circ...

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Reassessment merely on the ground of cash deposit and non-filing of return not possible when return was actually been filed

Sunrise Education Trust Vs Income-tax officer (Exemption) (Gujarat High Court)

The assessee’s connection is not correct as the information available with this office that the assessee trust has deposited cash of Rs. 33,97,775/- in the Bank Account. Further, if at all any cash transaction has been done that issue will be examined at the time of re-assessment proceedings. A.O. made satisfaction and recorded reason t...

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Wealth Tax on land and building which is not used for business purposes

Indian Express Newspapers (Bombay) Private Ltd Vs IAC (Bombay High Court)

Writ of prohibition restraining the respondents fromgiving effect to the notices issued for assessment dated 22nd May, 1987, notices for penalty dated 4th August, 1987 and notices for launching of prosecution dated 31st July, 1987 all under the Wealth Tax Act, 1957 (Wealth Tax Act); and...

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Do expeditious adjudication for release of goods detained under GST

Ajith A.R. Vs State Tax Officer (Kerala High Court)

Ajith A.R. Vs State Tax Officer (Kerala High Court) Petitioner seeks release of the goods detained by the first respondent under Section 129 of the Central Goods and Services Tax Act as also the Kerala State Goods and Services Tax Act. 2. It is seen that an identical matter has been disposed of by a […]...

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