In the present case at the very inception notice initiating penalty is not in accordance with mandates of law. Moreover, it is settled position of law that such defect is not curable u/s 292BB of the Act. Therefore, we hereby quash the penalty order.
Bombay High Court case – Ankita Choksey challenges re-opening notice under Income Tax Act, 1961. Assessing Officer’s jurisdictional challenge discussed.
Firstly, we may observe that the learned Single Judge was absolutely right in holding that the Assessee, having not raised an objection before the Assessing Authority to the re-opening of the assessment under Section 147/148 of the Act, should be deemed to have acquiesced to the same. Nothing prevented the Assessee from raising the objection, which could have been dealt with by the Assessing Authority in accordance with law.
ROC Filing Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The ROC filing of annual accounts is governed under Section 129(3), 137, of The Companies Act, 2013 read with Rule […]
Introduction to GST Audit The introduction of the Goods and Services Tax regime is a revolutionary step in the domain of commodity and services tax, which has brought about a paradigm shift in the methodology of levy and collection of taxes. It is an internationally recognized multipoint tax system, providing for levy of tax on goods as well […]
Just few days left for the deadline of GST audit and most of the companies have not yet started working on this. GST audit being for the first time will bring many challenges to every company. It’s better to start early, so as to have sufficient time to discuss various divergences and error points. This […]
Goods transport agency Transportation of Goods by Road In terms of Notification no. 12/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.18), the following services are exempt from GST Services by way of transportation of goods (Heading 9965): (a) by road except the services of: (i) a goods transportation agency; (ii) a courier agency; (b) by inland waterways. […]
Expenses incurred by service provider acting as a PURE AGENT shall be excluded from value of supply if some specified conditions are fulfilled.It should be noted that you cannot exclude expenses incurred on behalf of Recipient of Service unless following conditions are specified. Relevant Section and Rule – Section 15 of CGST Act, 2017 & Rule 7 […]
The 49th Campus Placement Programme for the newly qualified Chartered Accountants was organised by the Institute during February-March 2019 at 17 centres across the nation. A comparative of the Offers made during the last 3 Campus placement drives is mentioned below.
