ICAI has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit will also be applicable to GST Audit
In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decision taken by the largest percentage in the Committee of Creditors in case of a deadlock. For a homebuyer or commercial property buyer, both of them involved in this case, the judge made an eventful judgement which approved the appointment of Interim Resolution Professional as Resolution Professional and that agenda items 4, 6 to 9 were also deemed to have been approved by majority of Committee of Creditors
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.
(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:
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 frequency and volume […]
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.
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 […]
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 affidavit is.
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 and the person preparing his returns, in turn making the process simple, convenient and transparent.
By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construction of the building as the cost of construction, and not the entire expenditure of the builder, including the compensation agreed to be paid to K and also the finance charges etc., which were not relevant for computing the cost of the construction.
