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Archive: 05 April 2019

Posts in 05 April 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

No Penalty for Cash loan received from father for reasonable cause

April 5, 2019 2178 Views 0 comment Print

Since assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D, therefore, he would be out of the rigours of levy of penalty under section 271D and no penalty could be levied.

CBIC clarifies on 3% GST Rate option under notification No. 2/2019 ­CT(R)

April 5, 2019 25470 Views 0 comment Print

Attention is invited to notification No. 02/2019-Central Tax (Rate) dated 07.03.2019 which prescribes rate of central tax of 3% on first supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year,

Advisory to GST Taxpayers on Invoice Series to be used wef 1st April, 2019

April 5, 2019 30999 Views 5 comments Print

Attention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized […]

Know the return you made on your real estate investment

April 5, 2019 4896 Views 2 comments Print

Here’s how you can analyse your potential investment properties and determine the return you made on real estate investment. it’s important to calculate the ROI (return on investment) to determine the profitability from such property. 

Order U/s. 201(1) & 201(1A) after one year in case of non-residents was void-ab-initio

April 5, 2019 4266 Views 0 comment Print

Where payments in the nature of royalty/fee for technical services (FTS) were made to non -residents, an order u/s. 201 passed after one year from the end of the financial year in which the proceedings were initiated was void ab initio and liable to be quashed.

Sec. 68 addition unjustified when assessee explains both nature & source of share capital

April 5, 2019 3861 Views 0 comment Print

Since assessee had explained both the nature & source of share capital received with premium and also submitted PAN details, bank account statements, audited financial statements and Income Tax acknowledgments to prove the identity, creditworthiness and genuineness of the share applicants, therefore, addition under section 68 was unjustified.

Company includes partnership firm | Section 141 | Negotiable Instruments Act

April 5, 2019 6288 Views 0 comment Print

G Ramesh Vs Kanike Harish Kumar Ujwal & Anr. (Supreme Court of India) In terms of the explanation to Section 141, the expression ‘company’ has been defined to mean any body corporate and to include a firm or other association of Sub-section (1) of Section 141 postulates that where an offence is committed under Section […]

Penalty cannot be levied by treating old jewellery found in locker as undisclosed income

April 5, 2019 2661 Views 0 comment Print

Penalty under section 271AAB could not be imposed on assessee as old jewellery found in the locker of assessee and family members could not be treated as undisclosed for the purpose of levying penalty.

Section 80IC deduction cannot be restricted merely for higher profit margin

April 5, 2019 1311 Views 0 comment Print

Since higher profit margin was earned by section 80-IC unit on account of lower cost of production due to various incentives and availability of raw material at lower rates, there was no reason to restrict assessee’s claim for deduction under section 80IC.

Prosecution u/s 276B is not controlled either by section 201(1A) or section 221

April 5, 2019 5322 Views 0 comment Print

Onora Hospitality Pvt. Ltd. Vs ACIT (Karnataka High Court) The issue under consideration is whether the prosecution of the petitioners for the offence punishable under section 276B of the Income Tax Act could be sustained without determination of the liability of the petitioners under section 201 of the Act? In the given case, it was […]

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