"04 October 2018" Archive - Page 2

Penalty U/s. 272A(1)(c) justified for deliberate defiance by assessee

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi)

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of […]...

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Service Tax payable on Consideration received under Vanprastha Ashram Scheme by Patanjali Trust

M/s. Patanjali Yogpeeth Trust Vs C.C.E. (CESTAT Delhi)

M/s. Patanjali Yogpeeth Trust Vs C.C.E. (CESTAT Delhi) Now coming to the demand qua the donations received by the appellant under one of its Scheme called Vanprastha Ashram Scheme, it is held that under this scheme the appellant was leasing the accommodation to all those who are interested to visit the appellant premises till their [&hell...

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S. 263 CIT must show that view taken by AO is wholly unsustainable in law

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad)

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out if the earlier view taken is erroneous...

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GST on Air Travel Agent or Tour Operator and Related Services

6. Determination of value in respect of certain supplies: (1) Notwithstanding anything contained in these rules, the value in respect of supplies specified below shall, at the option of the supplier, be determined in the manner provided hereinafter....

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Posted Under: Income Tax |

Customs Rate of Exchange of Foreign Currency Conversion wef 05.10.2018

Notification No. 85/2018 - Customs (N.T.) (04/10/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 05.10.2018 notified vide Notification No. 85/2018 – Customs (N.T.) dated 4th October, 2018...

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GST: Export where place of supply will be on performance basis

Section 13 (3) of the IGST Act, 2017 contains provisions relating to place of supply of certain services and the section prescribes that place of performance of the listed service would be place of supply. (a) Service provided in respect of goods which are required to be made physically available to the supplier by the […]...

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Posted Under: Income Tax |

Govt Reduces petrol and diesel prices

Notification No. 21/2018-Central Excise [G.S.R. 994 (E)] (04/10/2018)

Seeks to amend Notification No. 11/2017-Central Excise dated 30th June,2017 in order to reduce Central Excise duty rates on motor spirit (petrol) and High-speed diesel. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 21/2018-Central Excise New Delhi, the 4th October, 2018 G.S.R. 994(E). – In exercise of ...

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Formats of Tax Invoice and Bill of Supply as per GST Act

There is NO FORMAT PRESCRIBED by the Government. Only a FEW PARTICULARS have been mandated in the format. So everyone is free to draft his own format for Invoicing under GST....

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Posted Under: Income Tax |

GST: Freedom from maintaining too many records

New GST regime gives Freedom from maintaining too many Accounts and Records. Provisions relating to accounts and records are contained under section 35 of the CGST Act, 2017. Under GST, One Accounts and Records is enough. Unique features of GST related to Accounts and Records to be maintained are as follows :- 1. Compliance verification...

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Posted Under: Income Tax |

ITAT on addition for share application money received from bogus shareholders

ACIT Vs Goldmohur Design And Apparel Park Ltd (ITAT Mumbai)

ACIT Vs Goldmohur Design And Apparel Park Ltd (ITAT Mumbai) Bombay High Court in CIT vs Gangadeep Infrastructure Pvt. Ltd. (394 ITR 680)(Bom.) held in this context to the pre-amended section 68 has held that where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is […]...

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