"28 September 2018" Archive

Modification to Guidelines for Deductions & Deposits of TDS under GST

Circular No. 67/41/2018-DOR 28/09/2018

Circular No. 65/39/2018-DOR dated 14/09/2018, vide which Guidelines for Deductions and Deposits of TDS by the DDO under GST had been issued by the Department of Revenue....

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Haryana Goods and Services Tax (Amendment) Act, 2018

Haryana Act No. 25 of 2018 - No. Leg. 30/2018 28/09/2018

(1) This Act may be called the Haryana Goods and Services Tax (Amendment) Act, 2018. (2) Save as otherwise provided, the provisions of this Act shall come into force on such date as the Government may, by notification in the Official Gazette, appoint:...

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Income from frequent Sale/Purchase of shares within small duration is business Gain

Dy CIT Vs M/s Divya Shakti Trading Services Ltd. (ITAT Delhi)

DCIT Vs M/s Divya Shakti Trading Services Ltd. (ITAT Delhi) In this case assessee has purchased and sold scrips multiple times, on various dates alleged to have been held as investment within small duration. The magnitude of purchases on each date has been very large in respect of all these shares. Thus in our considered opinion freque...

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Revision U/s. 263 cannot be done if AO has taken Plausible view resulting in revenue loss

Agasthiya Granite (P) Ltd. Vs ACIT (Madras High Court)

If the view taken by the AO was a plausible view and if it results in loss of revenue, it could not be treated as prejudicial to the interests of the Revenue for the purpose of invoking the power under section 263....

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Individual cannot be taxed for Property sold by HUF

Janak Kanakbhai Trivedi Vs Income Tax Officer (Gujarat High Court)

Janak Kanakbhai Trivedi Vs ITO (Gujarat High Court) It is the case of the appellant that the impugned ancestral property was actually acquired by the HUF of the appellant and that actually by mistake the appellant has given his individual PAN number at the time of execution of the sale deed. It has been argued […]...

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Who Can File an Affidavit ? Beware before you swear!

People file affidavits being unaware of what its repercussions might be and also unaware of the fact whether they are at all competent to make the affidavit. Before analysing who can file an affidvit, it is important to understand the duty bestowed upon a person providing affidavit. Even before that let us first understand what an affidav...

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Goods And Services Tax Practitioners (GSTP)

In the erstwhile regime, chartered accountants, sales tax practitioners and advocates undertake the job related to accounting and taxation related to Indirect taxes mechanism in India. Under the GST regime, a GST practitioner has been authorized for conducting such activities and  formalizing the association shared between a tax payer an...

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VAT reimbursement: Whether capital receipt or revenue receipt?

Pr. CIT Vs Deepak Vegpro (P) Ltd. (Rajasthan High Court)

PCIT Vs Deepak Vegpro (P) Ltd. (Rajasthan High Court) Finance Act, 2015 with effect from 1-4-2016, has enlarged the definition of income given under section 2 (24) by inserting sub-clause (xviii), which reads as under :– (xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or […]...

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No deduction U/s. 54F for amount not invested in CGAS within period U/s. 139(1) or 139(4)

Bolishetty Venkatesh Vs ITO (ITAT Hyderabad)

Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income....

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18% GST Payable on works contract undertaken by MPPKVVCL

In re Madhya Pradesh Paschim Kshetra Vidyut Vitran co.Ltd. (GST AAR Madhya Pradesh)

In re Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. Ltd. (GST AAR Madhya Pradesh) The applicant – Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPKVVCL) wishes to know whether clause (vi)(a) of Sr. No. 3 of table of Notification No. 11/2017-Central Tax(Rate) dated the 28th June, 2017 is applicable on the works c...

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