"26 May 2018" Archive

Reason for reassessment without application of mind if it not specifies that accommodation entries were taken or provided

Meta Plast Engineering P. Ltd. Vs Income-tax Officer (ITAT Delhi)

Challenging the order of the learned Commissioner of Income-tax (Appeals)-IX, New Delhi (for short hereinafter called as “the learned CIT (A)’) in Appeal No.119 of 2011-12 dated 13.08.2014, assessee preferred this appeal....

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Purchases cannot be treated as bogus if supplier admits genuineness of transaction

Shantivijay Jewels Ltd. Vs DCIT ( ITAT Mumbai)

We find that DJ had admitted of issuing bogus bills.But, nowhere he had admitted that he had issued accommodation bills to the assessee. In our opinion, there is subtle but very important difference in issuing bogus bills and issuing accommodation bills to a particular party...

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CAs play a vital role in financial health of an economy

Chartered Accountants play a vital role in the financial health of an economy. CAs constitute the first layer of vigil mechanism for corporate, Government Institutions, Banking sector and various other constituents in sustaining financial system so that the financial status of a particular Institution is revealed to the public, investors ...

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Posted Under: Income Tax |

Deposit Provisions under the Companies Act, 2013

Companies Act, 2013, initially laid down a kind of prohibition for acceptance of deposit which was later relaxed through various amendments and providing crucial exemptions to private companies. Private Companies can now accept deposits from its member with minimum regulatory compliances....

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Posted Under: Income Tax |

Treatment of Cash discounts & Trade discounts under GST

There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment varies with the timing of disco...

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Posted Under: Income Tax |

How to Determine Place of Supply of Services under GST- Part II

We had already discussed about the Place of Supply of Services where the location of the supplier and the recipient is in India. Now, we are going to discuss on how to determine the place of supply of services where the location of the supplier and the recipient is outside India as per Section 13 of IGST Act....

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Posted Under: Income Tax |

After 55 days CBDT Releases Java Utility of ITR-6

Today CBDT has finally released after 55 days of start of Assessment Year 2018-19 Java Utility of ITR-6 applicable to  Companies other than companies claiming exemption under section 11. It is worthy to note that CBDT is failed to release excel utility of ITR-6 and released only Java utility of ITR-6.   Further in respect of […]...

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Posted Under: Income Tax |

While granting Approval for scrutiny assessment U/s. 143(3) CIT need not record separate reasons

Brothers & Sisters Enterprise Vs JCIT (ITAT Kolkata)

When the CIT is satisfied with the reasons given by the Assessing Officer, he in not once again give separate reasons or repeat the reasons recorded by the Assessing Officer and then give his approval for the same....

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Representation by ITAT Bar Association on Registrar of ITAT presiding over a Court

The order dated 5th October 2017 issued by the Asst. Registrar mentions that Your Honour has passed an order whereby he has been authorised to preside over a Court for the purpose of discharging his statutory functions as per the provisions of Income Tax (Appellate Tribunal) Rules, 1963 ...

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Posted Under: Income Tax |

TDS not deductible on Sim Card & recharge coupon discount

ITO Vs Tarun Sales (ITAT Delhi)

ITO Vs Tarun Sales (ITAT Delhi) ITAT held that Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the BSNL, the entire sales were to customers, either directly or through shopkeepers, who rendered services to the customers. The entire sales […]...

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