"16 December 2018" Archive

Bogus Capital Gain- Addition cannot be made merely on assumption that brokers may have done manipulation

DCIT Vs Rakesh Saraogi & Sons (HUF) (ITAT Raipur)

Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with a Government depository and traded on the stock exchange....

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Loss due to reduction in Face Value of share capital is Capital Loss

M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)

Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset....

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Reassessment notice solely based on audit opinion not valid

PCIT Vs FIS Global Business Solutions India Pvt. Ltd (Delhi High Court)

PCIT Vs FIS Global Business Solutions India Pvt. Ltd (Delhi High Court) In the present case, the reassessment notice is solely based on an audit opinion. Having regard to the fact that the assessee’s challenge to the previous year’s re-assessment orders was successful – in FIS Global Business Solutions India Pvt. Ltd. v. ACIT 2...

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डीलर्स और प्रोफेशनल्स अब थकने लगे है, जीएसटी सरलीकरण और सिस्टम सुधार एक बहुत बड़ी जरुरत

इस समय भी जीएसटी सिस्टम सही से काम नहीं कर रहा है और रिटर्न भरनी की अंतिम तिथी जब भी होती है तब यह सिस्टम फ़ैल हो जाता है लेकिन अभी हाल...

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Posted Under: Income Tax |

Voluntary Adoption of E-voting by Companies

Companies which are not mandated to opt for e-voting yet decide to adopt e-voting voluntarily shall follow the same procedure as specified under Section 108 of Companies Act, 2013 read with Rule 20 of Companies (Management and Administration) Rules, 2014 vide MCA vide General Circular No.20/2014...

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Posted Under: Income Tax |

How to Engage / Disengage GST Practitioner

A. FAQs on Engage/Disengage GST Practitioner Q.1 Can I engage GST Practitioner from a different state? Ans: Yes, you can engage GST Practitioner from a different state. However, when searching for inter-state GSTPs, search criteria will auto-fill the Taxpayer’s default state, district and pin code in respective fields. The Taxpayer will...

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Posted Under: Income Tax |

How to find if dealer/ supplier is under GST Composition scheme or not

A. FAQs on Search Taxpayers Opted In/Out of GST Composition Scheme Q.1 Can I find if my dealer/ supplier is under the Composition scheme or not? Ans: You can use GSTIN to search the details of a taxpayer who have opted in for the composition scheme or opted out from the composition scheme. Note: Only […]...

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Posted Under: Income Tax |

How to search details of a taxpayer using PAN on GST Portal

Q.1. Can I search details of a taxpayer using PAN on the GST Portal? Ans. The Search by PAN functionality allows you to view the details of GSTINs registered against the PAN of a taxpayer by providing his/her PAN details....

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Posted Under: Income Tax |

How to view applications & responses to queries submitted at GST Portal

A. FAQs on How to view Submissions made on GST Portal Q.1. Can I view my submitted applications or queries raised by the Tax Officials at the GST Portal? Ans. The View My Submissions functionality provides the taxpayers to view all the applications and responses to the queries submitted by them to the tax authorities […]...

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Posted Under: Income Tax |

How to Cancel Over the Counter (OTC) Challan of GST

A. FAQs on Cancellation of Over the Counter (OTC) Challan Q.1. Can I cancel a OTC Challan? Ans. Yes, you can cancel a OTC Challan which is not paid from the Challan History. Navigate to Services > Payments > Challan History to cancel such OTC Challan. Q.2. Can I do payment for a Cancelled Challan? Ans. No. Once a Challan is [&...

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Posted Under: Income Tax |