"31 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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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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No VAT on dyes & chemicals washed away during Job work & get embedded into final product.

M/s A P Processors, Vs State of Haryana (Punjab and Haryana High Court)

Whether on the facts and in the circumstances of the case, the learned Tribunal was justified in upholding the levy of tax on chemicals used as consumables in the process of job work of dyeing of fabric by assuming that property in the goods has passed on to the principals?...

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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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Reopening of assessment not invalid for filing of return with wrong jurisdiction

Smt. Vidhya Poonia Vs ITO (ITAT Jaipur)

Smt. Vidhya Poonia Vs ITO (ITAT Jaipur) AO at the time of initiation of proceedings under section 148 has to form the belief on the basis of the material available which is sufficient for coming to the conclusion that prima facie income assessable to tax has escaped assessment, therefore, filing of return with wrong jurisdiction could [&...

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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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