Goods and Services Tax (GST) is a technology oriented tax with a focus to plug revenue leakages. There had been major changes in the procedures like returns, assessments amongst others since the new law had been enforced.
In this article we shall analyse how availment of input tax credit without discharging vendor payment obligation and non-discharge of GST obligation on payments made to unregistered vendors backfires in GST regime.
Certain queries have been received by this office seeking clarification with regards to applicability of TDS under MVAT Act after 1st July, 2017. The amended provisions are explained as follows:a) An employer should have deducted tax (TDS), in respect of a works contract, executed upto 30th June 2017, even if the amount is payable after 30th June 2017. But, in any case, no VAT TDS shall be done by an employer after 31St December 2018.
National Company Law Tribunal shall have jurisdiction to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under the Code
Legal and professional fees paid in connection with the transfer of shares was allowable as deduction from long term capital gain under section 48(i) as the expenditure incurred was wholly and exclusively in connection with the transfer of shares of the Indian Subsidiary.
Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50.
Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee.
Pr. CIT Vs M/s. Starflex Sealing India Pvt. Ltd. (Bombay High Court) Held- Court requested revenue that the State takes a consistent view and does not agitate matters on which the Court has already taken a view, without pointing out the earlier order of this Court to the subsequent Bench. Court’s endeavor is only to […]
Section 2(47)(v) – SC has held in Balbir case that transfer of any immovable property in part performance of a contract of the nature referred in section 53A of Transfer of Property Act will be completed only when the agreement is registered under Indian Registration Act.
Kalsha Builders Pvt Ltd Vs ACIT & Ors. (Bombay High Court) Subsequent Inquiry Based On Additional Material is Sustainable In Law And Requirement Of True And Full Disclosure Runs Through The Entire Assessment And Doesn’t End With Filing Of Return. FACTS – Assessee, a registered company, is engaged in the business of developing real estate. […]
