"October, 2018" Archive

Service of Notice under GST & Validity of notice by affixation

Kashi Bartan Bhandar Vs State of UP (Allahabad High Court)

Kashi Bartan Bhandar Vs State of UP  (Allahabad High Court) The notice under the CGST Act is required to be served in accordance with the provisions of Section 169 of the Act which provides that it can be served by giving or tendering it directly or by messenger to the person concerned or to a […]...

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Interest on Loan for Land purchased and shown as Stock in Trade is revenue expense

Model Properties Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Model Properties Pvt. Ltd. Vs ACIT (ITAT Jaipur) The fact of showing this land in the books of account as stock in trade is not in dispute, however, the ld. CIT(A) has denied the claim on the ground that the assessee has not undertaken any activity which could lead to the inference that the assessee […]...

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Securitization of lease receivables is a taxable receipt in the year of securitisation

L & T Finance Limited Vs DCIT (Bombay High Court)

Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the amount of Rs.1.69 Crores credited to the profit and loss account on account of securitization of lease rentals receivable in subsequent years is chargeable to tax in the assessment year 2002-03 ?....

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CIT cannot pass a revision order unless assessee is given opportunity of being heard

Ambuja Cements Limited Vs CIT (ITAT Mumbai)

Ambuja Cements Limited Vs CIT (ITAT Mumbai) Section 263(1) of the Act obligates the Commissioner to give the assessee an opportunity of being heard before passing of his order. No doubt the Commissioner is not disentitled to consider a point which is not stated in the notice so issued. However, the obligation to given an […]...

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Ao verified loan based on CASS parameter: CIT(A) cannot invoke jurisdiction u/s 263

Citystar Ganguly Projects Ltd. Vs PCIT (ITAT Kolkata)

ITAT states that AO had made specific enquiry into loan transactions of assessee based on the CASS parameter. In response to enquiries made under section 133(6), loan creditors had filed their documents/details to substantiate/prove their identity(ies), creditworthiness and genuineness of the loan transactions. AO having examined all the ...

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No deduction U/s. 80-IB(10) if Assessee utilises only small part of eligilble FSI

ITO Vs J R construction (Gujarat High Court)

Where assessee utilized only a small part of eligilble FSI remaining part was sold, then assessee was not entitled deduction under section 80IB. In respect profits assessee for sale of unutilized part....

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Set off of unabsorbed business losses against capital income on slump sale

Gouranga Cement Pvt.Ltd. Vs DCIT (ITAT Kolkata)

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of […]...

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Adjudicating Authorities & Appellate Tribunal under Benami Property Law- Reg.

Order No. S.O. 5602(E) 31/10/2018

section 26 of the Benami Act provides that the Adjudicating Authority shall not pass order after the expiry of one year from the end of the month in which the reference has been received by it from the Initiating Officer and whereas, on the date on which the Adjudicating Authority under the Benami Act shall discharge the functions under ...

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MVAT: e-CST module in MAHAGST portal modified to address issues

Trade Circular No. 31T of 2018 31/10/2018

The department has received representations from trade, stating difficulties in obtaining e-CST declarations/certiticates for period 2016-17 due to incorrect entries filed by dealer while filing annual returns u/s 20(4)(b) of MVAT Act, 2002.The present e-CST module in MAHAGST portal is modified to address above mentioned issue...

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Tax Audit Due date extension: Status of Writ filed in various High Courts (Updated on 31.10.2018)

Here we have compiled Status of Writ Filed in Various High Court for Extension of Tax Audit Due Date. As per our knowledge 12 writ petition been filed with various High Courts out of which Six Writ petition been already disposed off, Five are pending and status of one is not known to us. 1. […]...

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