"04 May 2019" Archive

Goods Transport Agency (GTA) In GST

A) Definition As per Notification-12/2017, Clause no-ze, Dt-28.06.17 (Central Tax Rate) a GTA is any person who provides service in relation to transportation of goods by road and issues a consignment note by whatever name called. Thus, it can be seen that issuance of a consignment note is an essential condition for a supplier of [&hellip...

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Returns of Deposits to be Filed with the Registrar of Companies

Ministry of Corporate affairs is very strict nowadays about the money laundering concept and has decided to take all the details of outstanding money which still falls into the Companies Balance sheet as on 22.01.2019 from 01.04.2014 till 31.03.2019, accordingly Ministry of Corporate affairs has introduced a concept of revised DPT 3 form ...

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Income Tax searches on a business group dealing in lotteries

NA (04/05/2019)

Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under agreements with them to function as a Marketing Agent. ...

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AO cannot treat commodity losses as bogus merely because broker was expelled from commodity exchange

Pr. CIT Vs Ms BLB Cables and Conductors Pvt. Ltd. (Calcutta High Court)

Principal CIT Vs Ms Blb Cables And Conductors Pvt. Ltd. (Calcutta High Court) Assessee has incurred losses from the off market commodity transactions and the AO held such loss as bogus and inadmissible in the eyes of the law. The same loss was also confirmed by the ld. CIT(A). However we find that all the […]...

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No GST exemption to applicant for imparting Medical Education in other entity

In re Kasturba Health Society (GST AAR Maharashtra)

In re Kasturba Health Society (GST AAR Maharashtra) Question (i): Whether the applicant, a Charitable Society having the main object and factually engaged in imparting Medical Education, satisfying all the criteria of ‘Educational Institution’, can be said to be engaged in the business so as to cast an obligation upon it to c...

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TDS u/s.194H not deductible on credit card commission retained by banks

ACIT Vs The Indian Hotels Company Ltd. (ITAT Delhi)

ACIT Vs Indian Hotels Company Ltd. (ITAT Delhi) It was the submission of the assessee that credit card commission was out of the realm of section 194H of the Act since there was no principal-agent relationship between the merchant establishment and the bank and, therefore, the provisions relating to tax deduction at source were not [&hell...

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Penalty justified for failure to Furnish Tax Audit Report despite Due Date extension by CBDT

M/s. The Vaikom Palliprethussery Service Cooperative Bank Limited Vs. ITO (ITAT Cochin)

The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s 44AB of the I.T.Act. Hence, we are of t...

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Mere use of word agency in agreement not conclusive of relationship between parties

Pr. CIT Vs M/s RST India Ltd. (Bombay High Court)

Pr. CIT Vs M/s RST India Ltd. (Bombay High Court) It is not disputed that upon termination of the contract, the assessee’s entire business of soliciting freight on behalf of the US based company came to be terminated. It may be that assessee had, other business. Insofar as the question of taxing the receipts arising […]...

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Clinical Research Services not export if Testing in India on Goods Received in India

In re Cliantha Research Limited (GST AAR Maharashtra)

In re Cliantha Research Limited (GST AAR Maharashtra) The Applicant would like to seek a ruling on whether the “Clinical Research” services proposed to be provided by them to entities located outside India is liable to Central Goods and Services Tax and State Goods and Services Tax or Integrated Goods and Services Tax or is [&...

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ITAT can extend Stay If Non-disposal of Appeal is not attributable to Assessee

Inatech India Pvt. Ltd. Vs The Income-tax Officer (ITAT Bangalore)

Inatech India Pvt. Ltd. Vs ITO (ITAT Bangalore) From the narration of facts with regard to the non disposal of the appeal of the Assessee, it is clear that the delay in non disposal of the appeal is not attributable to any default on the part of the assessee. The law is by now well […]...

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