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Archive: 25 June 2018

Posts in 25 June 2018

Join Us for an Exclusive Webinar: GST on Corporate Guarantees

December 4, 2024 2871 Views 0 comment Print

Join us on 8th Dec for a live webinar on GST and corporate guarantees. Learn valuation, co-guarantor liability, cross-border impacts, and practical examples.

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 5532 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Revised Return under GST? “Aasmaan se nikla aur Khajur mai atka!”

June 25, 2018 33429 Views 17 comments Print

Arjuna (Fictional Character): Krishna, Can the Return under GST be revised? Krishna (Fictional Character): Arjuna, There is no any concept of revised return under GST. So, under GST, no amendment can be made in the return once it is filed. Arjuna: Krishna, What the taxpayer should do if any mismatch occurred in sales after filing […]

Penalty U/s. 271AAA cannot be levies if No search has taken place at assessee’s premises

June 25, 2018 1089 Views 0 comment Print

Facts of the case, in brief, are that the assessee is a company and filed its return of income on 26th March, 2013 declaring total income of Rs.2,12,72,940/-. A search and seizure action u/s 132 of the I.T. Act was carried out at the business premises of M/s. Aggarwal Associates and Jainco Group of cases and their relatives on 19.10.2011.

Bajaj Finserv has the answers to all your CA loan queries

June 25, 2018 12822 Views 4 comments Print

As a self-employed professional with your own chartered accountancy practice, your needs are sure to be varied from that of a salaried professional, especially when it comes to finance. Apart from planning finances for your personal life, you will also need to ensure that your business has sufficient funds to operate smoothly and successfully. In […]

Section 234E Late Fee cannot be Levied Retrospectively

June 25, 2018 22824 Views 0 comment Print

This bunch of appeals for AY 2013-14 are directed against the order of ld. CIT(A), Gwalior against upholding levy of fee u/s 234E of the Income Tax Act, 1961(hereinafter short the Act).

Disallowance for personal use of Car cannot be made for mere non maintenance of log book

June 25, 2018 4653 Views 0 comment Print

Where the cars were used by the society for its work of school, and these cars were used for various purposes, such as, liaisoning with DIOS and CBSE Board, etc, such contentions had not been refuted with any cogent evidence, by AO therefore, no disallowance was to be made.

Return filed in response to notice U/s. 153A(1)(a) eligible for Section 139(3) benefits

June 25, 2018 12084 Views 0 comment Print

Where no return was filed by assessee within statutory mandated time and the obligation to file any return remains suspended till such time that a notice was issued for such purpose under section 153A(1)(a), such return would be deemed to have been filed within the time permitted under section 139(1) and benefit under section 139(3) could be availed of by assessee.

CBIC may raise monetary limits at various appellate FORA in legacy matter: Seek suggestions from Pr CC/CC’s

June 25, 2018 1149 Views 0 comment Print

The raising of monetary limits at various appellate FORA in legacy Central Excise & Service Tax matters as a measure towards reduction of Government litigation has been in sharp focus in the past few months.

Addition on account of Valuation of stock not justified if Assessee consistently follows same valuation method

June 25, 2018 1809 Views 0 comment Print

Addition made in the income u/s 69B on account of failure of assessee to substantiate the excess stock found at his premises was not justified  as the excess stock came on account of sale price taken by Department and since inception of assessee-firm, it was valuing inventory on average cost method/weighted cost price which was verifiable from the statement of accounts appended to Return of Income thus, a method of accounting / Valuation adopted by the taxpayer consistently and regularly could not be discarded by the departmental authorities.

A person cannot be disqualified for non submission of his resignation by company in question

June 25, 2018 1326 Views 0 comment Print

It is submitted that in the above facts and circumstances of the case that the petitioner has resigned from the directorship of the company in question, the petitioner would not incur a disqualification under Section 164 of the Companies Act. Consequently, the disqualification of the petitioner as notified in the lists dated 6thSeptember, 2017 and 12th September, 2017 by the respondent no.1 was incorrect and illegal.

ITR, Fine, Prosecution proceedings, Budget 2018

June 25, 2018 3834 Views 0 comment Print

Article explains Compulsory Filing of Income Tax Return Sec 139(1) with relevant due dates, Late Filing Penalty for Income Tax Return under Section 234F of the Income Tax Act, 1961 and Prosecution Proceedings for Late Filing of Income Tax Return under Section 276CC of the Income Tax Act, 1961.

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