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Archive: 20 January 2019

Posts in 20 January 2019

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

January 20, 2019 2253 Views 0 comment Print

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 […]

GST: Time of Supply

January 20, 2019 3681 Views 0 comment Print

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 […]

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

January 20, 2019 2601 Views 0 comment Print

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 u/s […]

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

January 20, 2019 1551 Views 1 comment Print

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 […]

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

January 20, 2019 14568 Views 0 comment Print

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 […]

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

January 20, 2019 1488 Views 0 comment Print

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.

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

January 20, 2019 519 Views 0 comment Print

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 vide Circular No. […]

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

January 20, 2019 1809 Views 0 comment Print

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 […]

Reopening of assessment on mere Audit Party Opinion not valid

January 20, 2019 1377 Views 0 comment Print

M/s. Ayyan Fireworks Factory (P) Ltd. Vs Assistant Commissioner (CT)-I (FAC) (Madras High Court) Reopening of assessment on mere Audit Party Opinion without disposing Objection of Assesee is not valid The Assessing Officer has to independently record his view for such reopening if he proposes to reopen and thereafter, notice has to be issued to […]

Reassessment for Change of opinion in Absence of new material not justified

January 20, 2019 753 Views 0 comment Print

Since neither from reasons nor from any other material on record, it could be gathered that there was any failure on the part of the assessee to disclose truly and fully all-material facts, reopening of assessee’s assessment on ground that she had not disclosed capital gain in her return of income filed, could not be held justified.

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