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Archive: 03 January 2019

Posts in 03 January 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6456 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Third part statement cannot be relied if No Opportunity for Cross-Examination was given

January 3, 2019 2853 Views 0 comment Print

Rajat Exports Import (India) Pvt. Ltd. Vs ITO (ITAT Delhi) The AO noted in the assessment order that the DIT (Inv.) in the course of investigation in the case of Shri Mukesh Gupta, Shri Rajan Jassal and Shri Surinder Pal Singh recorded their statements. The assessee was supplied with the seized material at the fag […]

Gain on sale of Shares held for more than 12 months as investment is LTCG

January 3, 2019 2169 Views 0 comment Print

ACIT Vs M/s. Wig Investment (ITAT Delhi) AO has treated not only the gain on mutual funds as business income but also gain on profit and sale of shares as also as business income. Now in view of the CBDT Circular dated 29.9.2016, if shares are held for more than 12 months which have been […]

Pro and Cons of Recommendations of 31st GST Council Meeting

January 3, 2019 1791 Views 0 comment Print

Pro and Cons of Recommendations made during 31 Meeting of the GST Council on 22 Dec, 2018 Complete Analysis has been made of Recommendation in laymen Language and Presented in 3 Part- Proposed Change Present Scenario Impact There would be a single cash ledger for each tax head. Currently there are multiple heads like Tax, […]

Loan received from company not deemed dividend U/s. 2(22)(e) if assessee was not a member/shareholder of concerned company

January 3, 2019 3525 Views 0 comment Print

Where assessee was not a member/shareholder of the concerned company, therefore, loan/advance received from such company was not deemed dividend under section 2(22)(e).

Penalty U/s. 271(1)(c) cannot be levied for mere Wrong claim of deduction

January 3, 2019 5580 Views 0 comment Print

Merely disallowance of any claim which is legally not allowable, no penalty under section 271(1)(c) can be levied when there was no concealment of any material facts or furnishing of inaccurate particulars of income.

Expense without supporting document / evidence is not allowable

January 3, 2019 5793 Views 1 comment Print

Schwing Stetter (India) Private Limited case: Where except for the debit entries, assessee did not produce any evidence to show that the expenditure was incurred wholly and exclusively for the purpose of business expenditure, held as unallowable for deduction while computing total income

GST Implications on Banking Services

January 3, 2019 80670 Views 1 comment Print

In this article we would like to explain the important GST provisions relating to the major services offered by the banking industry to its customers.

12% GST payable on Work Contract Services pertaining to railways

January 3, 2019 18927 Views 0 comment Print

In re M/s. Shree Construction (GST AAAR Maharashtra) The Advance Ruling Authority upheld the order passed by the Advance Ruling Authority, by observing that the any works contract pertaining to the railways, carried out by the main contractor or its sub-contractors are eligible for the concessional rate of 12% GST in terms of the provisions […]

Reimbursement of loss to Subsidiary Companies in the course of business is allowable

January 3, 2019 3219 Views 0 comment Print

Mafatlal Industries Limited Vs ITO (ITAT Mumbai) Loss on Account of Compensation on Enforcement of Security Paid to Subsidiary Companies is allowable as same was in the course of business The assessee has claimed loss incurred by two subsidiary companies M/s Mishapar Investment Ltd & Vibhadeep Investment & Trading Ltd on the ground that the […]

Customs Rate of Exchange of Foreign Currency wef 04.01.2019

January 3, 2019 1527 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion wef 04.01.2019 notified vide Notification No. 02/2019 – Customs (N.T.) dated 3rd January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOAR OF INDIRECT TAXES AND CUSTOMS) ***** Notification No.02/2019 – Customs (N.T.) New Delhi, dated the 3rd January, 2019 13 Pausha, 1940 (SAKA) In exercise […]

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