"25 January 2019" Archive

Payment For Removal of Encumbrances Deductible U/s 48(1)

Shri Dinar Umeshkumar More Vs ITO (ITAT Pune)

Payment for removal of encumbrances is deductible u/s 48 (1) as expenses incurred wholly and exclusively in connection with transfer. Accordingly, value of flat allotted to Shri Uday should be accordingly reduced from the full value of consideration u/s 48....

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SC upheld Constitutional Validity of various provisions of Insolvency & Bankruptcy Code

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India)

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) The Insolvency Code is a legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations having failed, ‘trial‘ […]...

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Comprehending Underpinnings of Insolvency and Bankruptcy Code, 2016

Swiss Ribbons Pvt. Ltd. vs UOI (Supreme Court)

Insolvency & Bankruptcy Code 2016 paves way for a consolidated and un-bifurcated exhaustive law for insolvencies and bankruptcies applicable to corporate persons, firms and individuals. ...

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Warehouse in foreign land can be a place of removal to avail Cenvat Credit

Eaton Industrial System Pvt. Ltd. Vs CCE & ST (CESTAT Mumbai)

CESTAT Mumbai has held that Cenvat credit can be availed on foreign warehouse services received by a company in India for which service tax was paid under reverse charge mechanism. It was held that denial of credit would amount to double taxation....

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Section 271FA penalty not leviable in absence of reportable transaction

M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam)

Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year....

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Inspection, Search, Seizure and Arrest under GST: FAQs

‘Inspection’ is a new provision under the CGST/SGST Act. It is a softer provision than search to enable officers to access any place of business of a taxable person and also any place of business of a person engaged in transporting goods or who is an owner or an operator of a warehouse or godown....

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Posted Under: Income Tax |

Appeals, Review and Revision in GST: FAQs

What is the time limit within which appeals should be filed against any order under GST? For an Appeal by the aggrieved person - Appeal to the prescribed Appellate Authority has to be made within three months from the date on which the said decision or order is communicated to such person....

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Posted Under: Income Tax |

Demands & Recovery under GST: FAQs

Which are the applicable sections for the purpose of recovery of GST short paid or not paid or amount erroneously refunded or input tax credit wrongly availed or utilized? Section 73 deals with the cases where there is no invocation of fraud/suppression/mis-statement etc. Section 74 deals with cases where the provisions related to fraud/s...

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Posted Under: Income Tax |

Recipient of services cannot seek advance ruling under GST

In re Sheetal Tyagi (GST AAR Uttar Pradesh)

In re Sheetal Tyagi (GST AAR Uttar Pradesh) Whether the members of RWA are liable to pay GST on the services received by them directly from third party despite maintenance charges being less than Rs. 7500/- per month? Ans- The ruling cannot be given as the matter doesn’t fall within the purview of ‘Advance Ruling’ […]...

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GST on Project Management Consultancy Services under Contract for PMAY

In re Rudhrabhishek Enterprises Ltd. (GST AAR Uttar Pradesh)

In re Rudhrabhishek Enterprises Ltd. (GST AAR Uttar Pradesh) Whether the Project Development Service (i.e. Detailed project Report Service) and Project Management Consultancy Services (PMCS) provided by the applicant to recipient under the contract of SUDA; and the Project Management Consultancy Services (PMC) under the Contract for PMAY ...

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