"01 April 2019" Archive

Record GST collection of ₹1,06,577 crore in March, 2019

GST Revenue collection for March, 2019 crossed Rupees One Lakh Crore and recorded Highest Collections in the FY 2018-19 Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521 crore collected on ...

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Refund under GST- Refund under GST- Situations, Documents Required and Filing

As per Section 54(3) of the Central Goods and Services Act, a registered person can claim refund of unutilized ITC under following situations: -...

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Assessee entitled to challenge correctness of DVO’s valuation before CIT(A)

Lovy Ranka Vs DCIT (ITAT Ahmedabad)

Section 50C is a deeming provision and Assessing Officer is obliged to compute capital gains by taking valuation arrived at by DVO in place of the actual consideration received by assessee,  assessee is entitled to challenge correctness of DVO's valuation before CIT(A) and ITAT. DVO has to be given an opportunity of hearing...

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Stay of demand considers ‘trinity’ of prima facie case, financial stringency & balance of convenience

Mrs. Kannammal Vs ITO (Madras High Court)

The parameters to be taken into account in considering the grant of stay of disputed demandare well settled – the existence of a prima facie case, financial stringency and the balance of ‘Financial stringency’ would include within its ambit the question of 'irreparable injury' and ‘undue hardship’ as well....

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Service Tax on an individual or a proprietor or a proprietorship concern under BAS

M/s Arti Adhvariya & Co. Vs C.S.T. (CESTAT Ahmedabad)

M/s Arti Adhvariya & Co. Vs C.S.T. (CESTAT Ahmedabad) We find that there is no dispute that the appellant is an individual NRI in USA. During the relevant period this Tribunal has given various judgments wherein it was held that an individual and / or proprietorship concern is not considered as a commcerial concern, therefore, [&helli...

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Provision for warranty based on Turnover is allowable

Grundfos Pumpas India Ltd. Vs DCIT (Madras High Court)

Grundfos Pumpas India Ltd. Vs DCIT (Madras High Court) The appellate authority, after considering the submissions made by the Assessee as well as the detailed note submitted by the Assessee, held that the provision has been made by the Assessee on a scientific basis and it is an ascertained liability.  Examining the nature of business [&...

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ITAT deletes penalty on Cash loan taken from unorganized finance sector to repay lenders

M/s. P.R. Associates Vs ACIT (ITAT Pune)

M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shree Suvarna Sahakari Bank Ltd. […]...

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Top reasons why ELSS funds are getting popular

When it comes to tax saving investments, investors look for liquidity and high returns. An Equity-Linked Saving Scheme (ELSS) is a category of mutual fund that serves both purposes. A tax saver mutual fund is eligible for deduction under Section 80C of the Income Tax Act, 1961. This article lists several other reasons why ELSS […]...

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Loss on premature cancellation of forward contract is business loss

M/s. Blue Star Diamonds Pvt. Ltd. Vs Addl. CIT (ITAT Mumbai)

Assessee sufficiently proved that the loss incurred on premature cancellation of forward contract was a ‘business loss’ inasmuch as the same was incurred in the course of carrying on of the business...

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GST on Real Estate- Guidance note on changes from 1st April 2019

Article explains recent Changes related to GST on Real Estate Section effective from 01.04.2019 unless specified otherwise which include- GST rates for Ongoing Projects (Where option not exercised for old rates and Where option exercised for old rates before 10th May 2019 in prescribed form) and New Projects (01.04.2019 onwards), Meaning ...

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July 2022