"09 January 2019" Archive

Change in due date of Maharashtra VAT Audit report in Form 704

Notification No. VAT. 1519/C.R.02/Taxation-1 (09/01/2019)

Maharashtra Government notifies Change in due date of Maharashtra VAT Audit report in Form 704 to on or before 28th February of the immediate succeeding Financial Year....

Read More

HUF cannot be a partner in partnership firm; Belated return cannot be revised

Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi)

Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) In our considered opinion, the Assessing Officer has rightly invoked section 154 because the assessee wanted to take benefit of the notification issued by the CBDT. In the present case, as per judicial precedents, the HUF itself cannot become a partner in the partnership firm and as […]...

Read More

Remuneration to partners not allowable if Assessee fails to comply with section 184(2)

MART Vs ACIT(ITAT Delhi)

MART Vs ACIT (ITAT Delhi) The issue in dispute before us in respect of remuneration given to the partners, which has been disallowed in terms of section 185 of the Act, which says that “if a firm does not comply with the provisions of section 184 of the Act for any assessment year, then no […]...

Read More

Cenvat credit not to be reversed on waste or by-product generation during manufacturing

M/s Shri Vitthalsai S.S.K. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Mumbai)

If any input is contained in waste by-product or goods the cenvat credit shall not be denied. If rule 6(3) is made applicable in these goods this clarification will stand redundant....

Read More

7 New releases on GST Portal as on 09/01/2019

New functionalities /enhancements deployed on GST portal recently is given below: (A) Assessment and Adjudication: (i) Rectification of mistake in the order by the Adjudicating Authority: Errors or mistakes apparent on face of record can be rectified by the Adjudicating Authority, on basis of suo-moto rectification or upon receipt of an a...

Read More

No Wealth Tax on Commercial Asset which is Capable of being put to Productive Use

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad)

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but […]...

Read More

Expense incurred by Trust for private parent company outside India not allowable

M/s. Escorts Cardiac Disease Hospital Society Vs ITO (ITAT Delhi)

M/s. Escorts Cardiac Disease Hospital Society Vs ITO (ITAT Delhi) Assessee is not running any hospital towards which this expense has been incurred. The assessee just conducted a seminar for the benefit of its parent body i.e. Escorts Hospital, which is a private company. The expense has been incurred outside India and therefore, it is a...

Read More

Assessee in default if Not deducted TDS from payment made to non-residents on purchases of immovable property

Sri Teki Venkata Ramana Rao Vs ITO (ITAT Visakhapatnam)

Where assessee failed to deduct tax at source under section 195 from payment made to non-residents on purchases of immovable property from them and also assessee failed to obtain certificate for non-deduction of TDS, assessee was, therefore, rightly treated by AO as assessee-in-default under section 201(1)....

Read More

Investing in ELSS (Equity Linked Saving Scheme)

Usually, equity investors tend to be cautious about losing money in the market. On the contrary, smart investors are cautious about saving their money and investing them with a long-term perspective. ELSS mutual funds are ideal for investors wishing to save tax. ELSS is a mutual fund scheme which invests most of its corpus in […]...

Read More

Directives for processing of application for MEIS claims under FTP 2015-20

Public Notice No. 68/2015-2020-DGFT (09/01/2019)

The list of MEIS entries in the Appendix 3B, Table 2, for which the RAs are required to process the MEIS application in the manual mode, as explained in the Trade Notice 30 dated 11.09.2018 has been re-notified....

Read More