"02 May 2019" Archive - Page 2

Interest on I-T Refund cannot be denied for Mistake committed by assessee

Pr. CIT Vs State Bank of India (Bombay High Court)

Pr. CIT Vs State Bank of India (Bombay High Court) The Assessing Officer has been given no discretion in the matter of granting interest. The amount of interest has to be paid to an assessee in terms of Section 244A of the Act. The only limitation provided therein under Section 244A of the Act is […]...

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All about MSME Form I – Initial Return & Half yearly Return

This article is regarding to ‘Micro and Small Enterprise Suppliers’ notified as MCA notification on date 22nd January 2019 “Specified Companies (Furnishing of Information about payment to micro and small enterprise suppliers) Order, 2019” Act Reference e-Form MSME FORM I is required to be filed pursuant to Order dated 22 January,...

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Posted Under: Income Tax |

Conversion of Public Company into Private Company -Checklist

As per Section 14(1) - for conversion of Public Company into Private Limited Company approval of Tribunal is required. By Companies (Amendment) Ordinance, 2018, power of Tribunal has been transferred to Central Government. Therefore, after notification of ordinance Public Company can be converting into Private Company with approval of C...

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Posted Under: Income Tax |

Presentation on GST Audit and Annual Return

Presentation on GST Audit and Annual Return. Covering handy material on Relevant provisions governing GST Audit , Indicative Checklist for GST Audit, Key Focus Areas for GST Audit, Important Facts on GST Annual Return, Annual Return (FORM GSTR-9) and Reconciliation Statement (Form GSTR-9C). About GST Audit What is Audit under GST Law ? An...

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Posted Under: Income Tax |

Disallowance of Interest-free advances made to sister concern

K. T. M. India Vs DCIT (ITAT Delhi)

 If the assessee has huge interest free funds including the profit earned by it during the year, which is sufficient to cover the advancement of loan, then no interest could be disallowed under section 36(i)(iii)....

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No higher GST on preferential location, car parking, common areas & facilities: AAR

In re Bengal Peerless Housing Development Company Limited (GST AAR West Bengal)

GST should not be collected by builders at higher rate on services relating to the preferential location of the unit and right to use car parking space and common areas and facilities...

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Reassessment not valid if Notice under section 143(2) not issued

Pr. CIT Vs Kamla Devi Sharma (Rajasthan High Court)

The issue of notice under section 143(2) in reassessment proceedings, prior to finalizing re-assessment order, cannot be condoned by referring to section 292BB and it was fatal to the order of reassessment....

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Retraction of Statement recorded U/s. 132(4) after long lapse- Addition justified

Pr. CIT Vs Roshan Lal Sancheti (Rajasthan High Court)

Pr. CIT Vs Roshan Lal Sancheti (Rajasthan High Court) it must be held that statement recorded under section 132(4) of the Act and later confirmed in statement recorded under section 131 of the Act, cannot be discarded simply by observing that the assessee has retracted the same because such retraction ought to have been generally [&hellip...

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TDS not deductible on Roaming Charges paid by Telecom Company

Ms Bharti Airtel Ltd. Vs ACIT (ITAT Ahmedabad)

ITAT held that roaming charges paid by the appellant to other telecom companies are not covered under ‘fee for technical service’ and such payments are out of the purview of TDS provision of 194J of the Act. ...

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Practical Guide on GST impact on Real Estate

GST on real estate has been a contentious issue especially with real estate sector in India facing a challenging time over the last few years. Several representations were made to the Government for further simplification and reduction of rates, especially for residential real estate sector, in the hope that the same would bolster demand ...

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Posted Under: Income Tax | ,