"26 September 2018" Archive

Section 68 not applicable on Acquisition of shares of certain companies by issuance of shares to respective parties of Appellant Company

ITO Vs Anand Enterprises Ltd. (ITAT Kolkata)

This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Moreover, in the balance sheet of the assessee company in the schedule to share capital, it is very clearly mentioned...

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Implementation of Tax Deduction at Source (TDS) under GST- Reg.

F.No, 8/11/100 11RD/EMC/2017/ 26/09/2018

Circular No. 65/39/2018-DOR, dated 14.09.2018 lays down guidelines for deductions and deposits of TDS by the DDO under GST. Detailed forms have already been prescribed vide FORM GST REG- 07, FORM GSTR- 7....

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GST on Residential programmes or camps meant for advancement of religion, spirituality or yoga by trusts

Circular No. 66/40/2018-GST 26/09/2018

Circular No. 66/40/2018-GST F. No. 354/314/2017-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** Room No. 156, North Block, New Delhi, 26th September 2018 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director G...

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Reassessment on mere audit objections without any tangible material is invalid

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi)

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) In this case Assessee had filed complete details as required during assessment proceedings and after complete verification of the details assessment was framed by AO under section 153/143(3) of Income Tax Act, 1961. AO had not produced any tangible material that there was failure on ...

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Dealer not obligated to pay penalty at 15% | Section 74(5) | CGST Act 2017

D. Rama Kotiah And Co. Vs State of Andhra Pradesh (Telangana High Court)

Section 74(5) of the Act merely enables the petitioner to pay penalty at 15% on his own accord, in which event the assessing authority cannot thereafter issue a notice seeking recovery of the balance 85% penalty (i.e., penalty equivalent to the tax specified in the no­tice)....

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Tax Audit under Section 44AB – Compilation

This document is the compilation of all series on Tax Audit. Total 21 issues of this series were published which started since 31st July 2018. I thank everyone for the overwhelming response given to this series and I am sure that this would have helped many professionals in their tax audit reporting. I have received […]...

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Posted Under: Income Tax |

ITAT cannot enhance assessment in appeal under IT Act, 1961

Sanmar Speciality Chemicals Ltd. Vs ITO (Madras High Court)

Sanmar Speciality Chemicals Ltd. Vs ITO (Madras High Court) Tribunal has no power under the Income Tax Act to enhance the assessment in an appeal. Equally, it cannot be done on an order of remand being passed by the Tribunal to the Assessing Officer. Therefore, we opine that it is sufficient to clarify the legal position as held b...

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Contribution to Fishermen’s Welfare Fund allowable despite the fact that fund been held Unconstitutional by SC: HC

The Commissioner of income tax Vs Abad Exim (p) ltd (Kerala High Court)

CIT Vs Abad Exim (P) Ltd. (Kerala High Court) The question remaining is with respect to the deduction, insofar as the contribution made to the Fishermen’s Welfare Fund. The Fund itself was declared unconstitutional by a decision of the Honourable Supreme Court  in AIR 2002 SC 973 [Koluthara Exports Ltd. v. State of Kerala and Othe...

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Mere Confirmation Letter not sufficient to prove Cash Credits Genuineness

M/s. Janatha Trading Corporation Vs The Deputy Commissioner of Income-tax (ITAT Cochin)

M/s. Janatha Trading Corporation Vs DCIT (ITAT Cochin) The contention of the AR is that the assessee has produced the confirmations from the partners and that being found insufficient by the AO, the AO ought to have called for more details. In other words, it was the contention of the Ld. AR that on production of […]...

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Absorbing developmental charges in fixing land cost is lawful: GST AAR Kerala

In re M/s. PPD Living Spaces Pvt. Ltd. (GST AAR Kerala)

i) Is it correct to structure agreement by fixing the land cost by absorbing the development charges? ii) Whether the ITC availed has to be paid back on pro rata basis, on plots sold after completion?...

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