"08 September 2018" Archive

Penal Provisions For Non-Filing / Late Filing of GST Returns

Present article highlights the basic provisions of the late fee as contained under section 47 of the Central Goods and Service Tax Act, 2017 and the current position thereon....

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CBDT enigmatic directions to CIT(A) to rationalize galore of pending cases and demand stuck therein

Each year Central Broad of Direct Taxes (CBDT) comes out with strategy called as Central Action Plan which prescribes the mechanism and approach for various internal tax departments and authorities to improve tax compliances, widening the tax base, litigation management, reduction in outstanding demand and most importantly, to meet the co...

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Amounts not deductible U/s. 40(a) of income Tax Act, 1961

Under the Income tax Act, 1961 Profit or gain from Business or profession is considered income and such income is chargeable to tax. The expenses incurred in relation to business can be deducted from the revenue from Business or profession. However, there is certain restriction on such deduction of expenses....

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AAR rejects application as applicant was already provisionally assessed on similar issue

In re Mosaic India Pvt. Ltd. (Authority For Advance Riling)

The present application has been filed under section 97 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017 [hereinafter referred to as the CGST Act and MGST Act] by MOSAIC INDIA PRIVATE LIMITED, the applicant, seeking an advance ruling in respect of the following questions connected to the...

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Date of Acquisition for determining Capital Gain: – Date of Full Payment Vs. Date in Registered Document

Deputy Commissioner of Income Tax Circle Vs Ramesh Madhavrao Bhujang (ITAT Mumbai)

DCIT Vs Ramesh Madhavrao Bhujang (ITAT Mumbai) It is undisputed fact that the assessee had acquired the right in the property pursuant to allotment letter dated 10/03/2008, a copy of which has been placed on page number-111 of the paper-book. The assessee has made the full payment of Rs.83.30 Lacs by 25/06/2008. The said fact […]...

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Benefit of Demerger U/s. 47(viia) not available in case Transfer is not as per section 2(19AA)

ITO Vs M/s. Datex Ohmeda (India) Pvt. Limited (ITAT Kolkata)

W#e are of the view that the transfer of T&D Division of the assessee-company was not in a manner prescribed in section 2(19AA) so as to treat the same as demerger for the purpose of Income Tax Act and the benefit of section 47(viia) was not available to the assessee-company as rightly held by the Assessing Officer. ...

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Trade advances cannot be treated as Deemed dividend U/s. 2(22)(e)

Pr. CIT Vs Prakashkumar Bhagchandbhai Khatri (Gujarat High Court)

Pr. CIT Vs Prakashkumar Bhagchandbhai Khatri (Gujarat High Court) Where assessee, in terms of agreement with company for development and consideration of land owned by assessee, had received trade advances, the same were not loans, therefore, section 2(22)(e) was not attracted. The Tribunal while confirming the view of CIT(A) opined that ...

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TDS not deductible on tips paid to employees by Hotel out of Tip Collected

CJ International Hotels Ltd. Vs DCIT (ITAT Delhi)

CJ International Hotels Ltd. Vs DCIT (ITAT Delhi) Tips for hotel employees included and paid by customers and collected by the employer and disbursed to the employees do not amount to salary or profit in lieu of salary or payment made by or on behalf of the employer, as such provisions requiring deduction of tax […]...

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Provisions on Notional basis & not accrued liability not eligible for deduction

Kanaka Mahalakshmi Cooperative Bank Ltd. Vs ACIT (ITAT Visakhapatnam)

Recently, in the Kanaka Mahalakshmi Cooperative Bank Ltd. vs. ACIT & vice-versa [ITA Nos. 299 & 300/VIZ/2017 and ITA Nos. 326 & 327/VIZ/2017, (A.Y.: 2012-13 & 2013-14), decided on 5.9.2018], there were cross appeals by the assessee and the Revenue for the AYs 2012-13 & 2013 & 14. In ITA No. 299/VIZ/2007, one of the ground related to the a...

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Deferred Tax- Simplified

As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax....

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