"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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Entertainment Tax payable on payment for admission to Fashion Show

Dream Merchant Vs State of Karnataka (Karnataka High Court)

Dream Merchant Vs. State of Karnataka (Karnataka High Court) The features of the event organised by the appellant had been, as noticed, quite different. It had been a ‘fashion show’, where there had been sponsorship and advertisements; where the apparels and dresses of various manufacturers were put in exhibition on mannequins...

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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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CESTAT upheld Disallowance of credit on rent-a-cab service to Wipro

Wipro Enterprises Vs Commissioner of GST & Central Excise Chennai Outer (CESTAT Chennai)

Wipro Enterprises Vs Commissioner of GST & Central Excise Chennai Outer (CESTAT Chennai) The appellant is aggrieved by the disallowance of credit on rent-a-cab service. 2. On behalf of the appellant, Shri R. Rajesh, Head – Taxation of the appellant-company appeared and argued the matter. He submitted that the appellant is engaged in...

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31 मार्च से पहले कर लें ये 5 काम, नहीं तो फंस जाएंगे मुसीबत में

वित्त वर्ष में भी अब ज्यादा दिन नहीं बचे हैं। आपके फाइनेंस, निवेश और टैक्स रिटर्न को लेकर कई चीजें जरूरी हैं जो आपको 31 मार्च 2019 से पह...

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Tax Benefit not claimed in Return can be claimed during Assessment

Shri Sanjay Gurudasmal Chawla Vs Income Tax Officer (ITAT Mumbai)

Shri Sanjay Gurudasmal Chawla Vs ITO (ITAT Mumbai) Assessing Officer rejected the claim of the assessee for deduction u/s. 24(b) of the Act for the reason that the assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings. However, this claim of the assessee was entertained by the [&hel...

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Section 54F on investment of sale proceeds in name of assessee & her husband

Smt. Waheeda Asif Abbas Vs The Income Tax Officer (ITAT Chennai)

Smt. Waheeda Asif Abbas Vs ITO (ITAT Chennai) The Assessing Officer disallowed the claim of the assessee under Section 54F of the Act on the ground that the assessee’s husband was not having any share in the property sold by the assessee. Since the investment was made in the name of the assessee and her […]...

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Service Tax Payable on Sale / Registration of post /pre paid SIM

Bharat Sanchar Nigam Ltd. Vs CCE, Bhopal (CESTAT Delhi)

Bharat Sanchar Nigam Ltd. Vs CCE, Bhopal (CESTAT Delhi) The sales tax authorities have themselves conceded the position before the High Court that no assessment of sales tax would be made on the sale value of the SIM Card supplied by the appellant to their customers irrespective of the fact whether they have filed returns […]...

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Statutory right of appeal cannot be denied for meagre delay of 25 days in filing

M/s. Madhucon Granites Ltd. Vs CIT (Appeals) (Madras High Court)

M/s. Madhucon Granites Ltd. Vs CIT (Appeals) (Madras High Court) Thereis no dispute to the fact that the Order-in-Original passed against  the petitioner  dated 27.04.2017 has indicated that an appeal shall lie before the Commissioner (Appeals), Chennai. Therefore, I find justifiable reasons to believe that the petitioner would have app...

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Penalty cannot be levied on Addition of Notional House Property Income

Shri Suresh Shivlal Bhasin Vs ACIT (ITAT Mumbai)

Shri Suresh Shivlal Bhasin Vs ACIT (ITAT Mumbai) As regards imposition of penalty on the addition made on account of notional house property income, it goes without saying that in reality the assessee has not earned any income from house property. The Assessing Officer himself has observed that the addition made on account of income [&hel...

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Exemption U/s. 54F cannot be disallowed for mere non-completion of construction of house

Principal CIT Vs Smt. Charumathi Seshadri (Madras High Court)

Principal CIT Vs Smt. Charumathi Seshadri (Madras High Court)  When assessee invested a sum in purchase of land, which was invested after date of sale of original asset and before due date of filing of return of income under section 139(1) as per requirement of section 54F, then, deduction under section 54F could not be […]...

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Transportation services provided to employees/workers – ITC Eligible or ineligible?

Haryana Authority of advance Ruling, in the case of YKK India Private Limited has pronounced that the ITC of tax paid on transportation services availed by the Company for the purpose of transportation of passenger shall not eligible as the same is a blocked credit u/s 17(5). Let us analyse the AAR in detail....

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Procedure & Checklist for GST appeal to Appellate Authority for Advance Rulings

Reform No. 58: Constitute an appellate authority for advance ruling (AAAR) under the State Goods Service Tax and publish details of application procedure and checklist on the Department’s website If the applicant is aggrieved with the findings of the Authority for Advance Ruling (AAR), he can file an appeal with Appellate Authority ...

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Procedure & Checklist for obtaining Advance Rulings under GST

An application for obtaining an Advance Ruling under sub-section (1) of Section 97 of the CGST/MGST Act and the Rules made thereunder, shall be made in quadruplicate, in FORM GST ARA-01 (Please refer to Annexure-I) i.e. the set of physical four copies to be submitted to the office of the Maharashtra Authority for Advance Ruling (first mai...

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How to file Online Udyog Aadhaar Form

Guidelines for Filling the Online Udyog Aadhaar Form Note: A. EM-I has been abolished. Need not file through Udyog Aadhaar.   B. Udyog Aadhaar (UA) is for running units. No need to apply for upcoming units.  C. New Feature Added for Search Facility of NIC Code to Avoid 3 Step Selection of NIC Activities.  D. OTP […]...

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FM releases Compendium of Instructions on GST Refunds

The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit ...

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Invest to Create Wealth

On the eve of New Financial year ahead I want to take you to the path which helps you to reach a destination called Wealth. This article is for those who are in the age group of 18 to 45. As it is written particularly by keeping in mind that people would have sufficient wealth […]...

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How to calculate amount on which PF should be deducted post SC Ruling

In continuation of my last Article ‘Implication of Supreme Court Verdict on Provident Fund‘ published on 2nd March, 2019 on PF calculation after verdict of Hon’ble Supreme Court Judgment, the following illustration will help you to understand that how to calculate salary for PF deduction and extra cost you have to bear as Em...

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Precautions to be taken while entering into a real estate transaction

In this article we will be discussing about the precautions to be take care while entering into a real estate transaction. Let us understand this article in the form of short story; There are two brothers namely Pushp kumar sahu and Uday kumar sahu who have entered into a transaction of immovable property worth 48 […]...

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