"20 January 2019" Archive

DGFT & CBIC: The ugly face of corrupt practice- 3rd Story

When you are in the position of power, it is very easy to abuse the authority. On the other hand, it is very difficult for an authority to find courage to accept a mistake & say sorry. This is truer of the Indian bureaucracy than anywhere else in the world because there is no responsibility […]...

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Posted Under: DGFT |

GST: Time of Supply

Invoice is the main criteria for deciding Time of Supply of Goods and Services As per section 31(1), A registered assessee supplying taxable GOODS is required to issue invoice BEFORE OR AT THE TIME OF (i) Removal of Goods where supply involves movement of Goods; or (ii) Delivery of Goods in any other cases As […]...

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Posted Under: DGFT |

Breaking: Kerala HC stays collection of GST on Income Tax TCS amount

PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam)

PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) Petitioner, has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the value of the […]...

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Posted Under: DGFT | , ,

Reopening invalid if reasons recorded for reopening the assessment are devoid of any application of mind

Shri Niranjan Dass Vs ITO (ITAT Delhi)

Shri Niranjan Dass Vs ITO (ITAT Delhi) All facts when considered with reasons recorded for reopening of the assessment would lead to only one conclusion that the reasons recorded for reopening the assessment are devoid of any application of mind. In our considered opinion, such reopening cannot be upheld. We, accordingly, quash the notice...

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Exemption u/s 54 cannot be denied for mere non completion of construction of flat by builder within stipulated period

ACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore)

ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within the stipulated period is beyond [&hellip...

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Repair or Renovation expense on existing Make-up Rooms is revenue expense

Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai)

Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) Hon’ble Jurisdictional High Court in the case of CIT vs. Oxford University Press (108 ITR 166) has expounded that the test for judging the nature of capital or revenue expenditure is to see whether as a result of expenditure what is being done is to […]...

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Issuance of notice U/s. 143(2) is a mandatory obligation

Pr. CIT v. Gravity Systems (P) Ltd. (High Court Delhi)

Where AO had failed to issue notice under section 143(2) before completion of assessment, addition made under section 68 during reassessment proceedings was deleted because issuance of notice under section 143(2) is a mandatory obligation on the part of AO....

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Expense on failure to perform as per concessionaire agreement for Construction of Assets on BOT Basis

The PR. Commissioner Of Income Tax Vs Green Delhi BSQ Ltd.(High Court Delhi)

PR. CIT Vs Green Delhi BSQ Ltd. (Delhi High Court) The respondent-assessee was to construct, operate and maintain bus shelters. The respondent-assessee was also under an obligation to pay Rs.4.09 crores per month to the Delhi Transport Corporation. The shelters were not owned by the respondent-assessee. The Central Board of Direct Taxes v...

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Seizure order of the goods in transit under GST, whether an appealable order

Gati-Kintetsu Express (P) Ltd. Vs Assistant Commissioner of State Tax & Ors. (Calcutta High Court)

Gati-Kintetsu Express (P) Ltd. Vs Asstt. CST (Calcutta High Court) Section 121 is an exception to section 107 of the Act of 2017. While Section 107 of the Act of 2017 makes every decision or order passed under the Act of 2017 to be appealable, section 121 makes an exception thereto and states that, few […]...

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Assessment against Non-Existent Entity is nullity and void ab initio

Rudraksha Agencies Co. Ltd. Vs DCIT (ITAT Delhi)

Rudraksha Agencies Co. Ltd. Vs DCIT (ITAT Delhi) Once it is found that assessment is framed in the name of non-existing entity, it does not remain a procedural irregularity of that nature which could be cured by invoking the provisions of section 292V of the Act. Framing of assessment against a non-existing entity/person goes to […...

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