"05 June 2018" Archive

MVAT Audit report Form- 704 w.e.f. 1.4.2018 notified

Notification No. VAT/AMD-2018/1B/ADM-8 (05/06/2018)

Commissioner of Sales Tax, Maharashtra, amends with effect from the 1st April 2018 FORM –704- Audit report under section 61 of the Maharashtra Value Added Tax Act, 2002....

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Writ in Delhi High Court on Several Issues related to GST

Sales Tax Bar Association (Regd), &Anr. Vs Union of India & ORS. (Delhi High Court)

Third issue highlighted by the petitioner is that Central and State Acts permit rectification of mistakes. However, GSTN portal does not permit rectification of a return already filed. Rectification is to be made in the subsequent return. Nevertheless authorities are issuing notices to the assessees whenever rectification is made, treatin...

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Goods cannot be detained if e-way bill been Generated after movement of goods but before interception of the same by Dept.

M/s. Bhumika Enterprises Vs State Of U.P. (Allahabad High Court)

The contention of the learned counsel for the petitioner is that that due to technical fault of the State Web-site E-way bill-02 could not be generated on 25.3.2018 before the movement of the goods from Varanasi to Fatehpur, however, the same was generated on 26.3.2018 in the morning which was much before the date of seizure order which h...

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Recent Pronouncements On GST (Part-IX)

In Mascot Entrade (P) Ltd. v. Union of India, the Assistant Commissioner of GST and Central Excise issued a show cause notice to the assessee related to service tax matter. ...

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Incorporation of Section 8 Company- A Practical Approach

A non-governmental organization (NGO) usually termed as non-profit Organisation usually deliver resources or serve some social or political purpose. NGOs or Non-profit Organisation are primarily concerned with promoting a cause and engaged in a wide range of activities....

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Penalty U/s. 271(1)(c) not sustainable if specific charge not mentioned

Suresh Sheth Vs. ITO (ITAT Mumbai)

When penalty proceedings are sought to be initiated by the revenue under section 271(1)(c), the specific ground, i.e., either concealment of particulars of income or furnishing of inaccurate particulars thereof has to be spelt out in clear terms. Otherwise, an assessee would not have proper opportunity to put forth his defence. Therefore,...

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Streedhan in the form of jewellery received during span of 20-25 yeas cannot be said to be unexplained investment U/s. 69A

Suneela Soni Vs DCIT (ITAT Delhi)

That the Learned Commissioner of Income Tax (Appeals) -2, New Delhi has erred in deciding the appellate proceedings by confirming the additions made by the learned Assessing Officer without providing a reasonable opportunity to the appellant to submit and substantiate his claim on the additions made by the Learned Assessing....

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Central Bank Watch: Preparing for a hike

Abheek Barua* We have argued “Hike the interest rate now“, 1st June, 2018) that the current macroeconomic situation warrants a policy rate hike. Rising and more dispersed core inflation, the immediate and possible second-round effects of the fuel price increases and the pressure on the rupee; all call for a 25 basis point hike...

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Section 54 exemption available on amount utilized for purchase of new asset before due date of filing return of income but after filing of ROI

Shri Arun Kumar Jain Vs. The Income Tax Officer (ITAT Delhi)

Shri Arun Kumar Jain Vs. ITO (ITAT Delhi) The A.O. noted that as per Section 54(2) of the I.T. Act, the amount of capital gain, which is not utilized by him for the purchase of new asset before the date of furnishing the ITR under section 139, shall be deposited by him, before furnishing such […]...

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Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad)

Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specified category of a relative in […]...

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