"24 April 2019" Archive

Review of Tribunal order on a possible hidden transaction not permissible

JCIT Vs M/s. Flipkart India Private Limited (ITAT Bangalore)

Power of review is not an inherent power but must be conferred by law either specifically or by necessary implication. Courts have consistently held that review proceedings imply those proceedings where a party, as of right, can apply for reconsideration of the matter already decided upon after a fresh hearing on the merits of the contro...

New Era of Accounting-Transition to Ind as

The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable....

Posted Under: Income Tax |

Eligibility of Input Tax Credit (ITC) on Prepaid Expenses

Section 16 of CGST Act 2017 provides that every registered person shall be entitled to take Input Tax Credit of tax paid on input and input service, subject to such conditions and restrictions as may be prescribed.Section 16(2) of CGST Act 2017 provides that ITC on Input and service shall be available subject to following conditions: -...

Posted Under: Income Tax |

Decoding FORM GSTR-9

Every registered taxpayer under GST is required to file an annual return in FORM GSTR-9, however, there are some categories of persons who are exempted from filing of an annual return in FORM GSTR-9. Present article decodes the provisions relating to filing of an annual return in FORM GSTR-9 along with FAQ. List of relevant […]...

Posted Under: Income Tax | ,

CCI: Complexities in Claiming Item – 1 Exemption

Item 1 of Schedule 1 of the Competition commission of India (Procedure in regard to transaction of Business relating to combinations) [hereinafter, the regulations] declares that there is no requirement to notify the commission if the acquisitions are either made in the ordinary course of business or for solely investment purposes as they...

Posted Under: Income Tax |

GST ITC Reversal if recipient fails to pay to the Supplier

In GST Law provision has been made for reversal of ITC where payment to vendor is not made in 180 days. Below is the clarification with example on the relevant provision:-...

Posted Under: Income Tax |

GST ITC Utilisation manner & revocation of registration cancellation order

CBIC has recently issued few notifications under CGST and IGST as well as has issued few Circulars clarifying some issues which includes Manner of Utilisation of GST ITC and Process for revocation of order for cancellation of GST registration. We bring to you the summary of such notifications – S. No Provisions Notification/Circular No ...

Posted Under: Income Tax |

Validity of CBDT circular incentivising CIT(A) to pass orders in a particular manner

CBDT is empowered to lay down broad guidelines for disposal of appeals by CIT(A). However, it cannot offer ‘incentives’ to CIT(A) for making enhancement and levying penalty. Such policy transgresses the exercise of quasi-judicial powers of the CIT(A) and is wholly impermissible and invalid under section 119 of the Act....

Posted Under: Income Tax |

All about filing of ITR-1 SAHAJ for A.Y. 2019-20

These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1 961 and the Income-tax Rules, 1962....

Posted Under: Income Tax |

Section 269SS not applicable to transactions between relatives

Snehalata Sitani Vs JCIT (ITAT Kolkata)

Where the loans were taken by assessee in cash from his relatives, the transactions between relatives were not in the nature of loans or deposits as envisaged in section 269SS and the penalty imposed under section 271D was accordingly cancelled....

Search Posts by Date

December 2023