"03 March 2019" Archive

GSTR 3B Payment and Offset liability as per 49A W.e.f 1.2.2019 ,Effect working capital?

Section 49A of the CGST Act as inseted vide Central Goods and Services Tax (Amendment) Act, 2018 is regarding the utilization of the input tax credit (ITC). The section 49A is inserted with the amendment of the CGST Act. In this Act, it is prescribed to utilize all the credit of the Integrated Tax first. […]...

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Pension Income and applicability of Standard deduction u/s 16(ia)

Pension Income and applicability of Standard deduction u/s 16(ia) There are various types of Pensions that a person can receive, some of these are as below: 1. Annuity (uncommuted Pension) received from current employer 2. Annuity (uncommuted Pension) received from former employer 3. Family pension (i.e pension received after death of emp...

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Gujarat HC strikes down ‘pre-import condition’ under advance authorisation scheme

Messrs Maxim Tubes Company Pvt Ltd Vs Union of India (Gujarat High Court)

Background In the pre-GST period, the advance authorization license allowed an exporter to import raw materials used for manufacturing exported goods without payment of taxes on import of raw material used for past exports. Subsequently, the scheme was amended to allow exemption from IGST as well as compensation cess by issuing Notificati...

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Penalty cannot be levied for Genuine Human Errors in E-Way Bill

Rai Prexim India Private Limited Vs State Of Kerala (High Court Kerala)

If a human error which can be seen on naked eye is detected, such human error cannot be capitalised for penalisation. Normally, this Court could not have persuaded to accept the contention on prima facie value as it is a matter for decision by competent authority and this Court can only order release of the vehicle and goods as agains...

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CS Guilty of Misconduct for suppressing Enrollment as Advocate

Shri Hitender Kumar Mehta Vs Shri Rajiv Bajaj (ICSI Discipilinar Committee)

Shri Hitender Kumar Mehta Vs Shri Rajiv Bajaj (ICSI Discipilinar Committee) The Disciplinary Committee, after considering all material on record, the provisions of the Company Secretaries Act, 1980, the Regulations and Rules made there under; the legal opinions sought in the matter, the prima-facie opinion, Further Investigation Reports o...

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TDS not deductible on Reimbursement of Expenses for conducting Exams

CIT Vs The Registrar, Csjm University, Kalyanpur (Allahabad High Court)

The facts of the case reveal that the Assessee-University conducts examinations through various colleges affiliated to it. The affiliated colleges function as the examination centre. These affiliated colleges/centres in holding the examinations incur various types of expenditure both administrative and procedural. The Assessee-University ...

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Initiation of Penalty proceeding against Dead Person is Bad in Law

ACIT Vs Vijay Kumar Agarwal (ITAT Kolkata)

ACIT Vs Vijay Kumar Agarwal (ITAT Kolkata) The ld. counsel for the assessee before us has raised a preliminary issue that the penalty proceedings having been initiated by the Assessing Officer against a dead person, initiation itself was bad-in-law and the penalty imposed under section 271AAB is not sustainable. He has pointed out that th...

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Taxation of Lease rent from unsold flats in case of Builder

CIT Vs Gundecha Builders (Bombay High Court)

CIT Vs Gundecha Builders (Bombay High Court) In the present facts it is undisputed that the respondent assessee is in the business of development of real estate projects and letting of property is not the business of the respondent assessee. Rental income received from unsold portion of the property constructed by real estate developer is...

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Reassessment to disallow employee’s PF contribution despite disclosure in Tax Audit report is invalid

S.R. Batliboi & Co. Vs ACIT (Calcutta High Court)

S.R. Batliboi & Co. Vs ACIT (Calcutta High Court) Kelvinator of India Ltd. (supra) has held that, after April 1, 1989 the assessing officer invoking the provisions of Section 147 of the Act of 1961 must have tangible material to come to the conclusion that, there was escapement of income from assessment. Reasons must have a […...

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Capital contribution by partner in cash- No violation of section 269SS

ITO Vs Dayamayee Marble & Granite (ITAT kolkata)

Where assessee received capital from the partner in cash, it did not tentamount to loan or deposit and therefore, penalty under section 271D was not to be levied for violation of section 269SS....

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August 2021