"18 May 2019" Archive

Issues In Indirect Taxation On Alco Beverages

Alco beverages sector is highly regulated in India from all angles be- it regulation of industry itself in terms of capacity, products, marketing and distribution or taxation. Indirect taxation has been a concern for alco-beverages, both in pre-GST regime prior to July 1, 2017 and even today. While it suffered heavy and multiple taxation ...

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Powers of Tribunal to allow claim of assessee when such claim was raised for first time before it

CIT Vs State Bank of India (Bombay High Court)

CIT Vs State Bank of India (Bombay High Court) Income Tax Appellate Tribunal (ITAT) has jurisdiction to examine a question of law, even though raised for the first time before the Tribunal, which arises from the facts as found by the authorities below and having a bearing on tax liability of assessee. Tribunal should not […]...

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AO should apply his mind while deciding application for stay of demand

Turner General Entertainment Networks India Pvt. Ltd. Vs ITO (Delhi High Court)

Turner General Entertainment Networks India Pvt. Ltd. Vs ITO (Delhi High Court) This Court is of the opinion that the AO had to necessarily apply his/her mind to the application for stay of demand and pass appropriate orders having regard to the extant directions and circulars including the memorandum of 29.02.2016. This in turn meant [&h...

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GSTR-9, GSTR 9A & GSTR-9C: Important things to be considered

Important things to be considered before GSTR-9,9A Returns and Reconciliation Statement in GSTR-9C for the A.Y.2018-19 under GST Law...

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FOC material supplied by service recipient should be included in gross works contract value

M/s ABL Infrastructure Pvt. Ltd. Vs Commissioner of Central Excise (Supreme Court)

It is also observed that they did not disclose the value of the free supply material in their ST-3 returns. This is not the case where the issue was under litigation or there is any interpretation of law involved for the reason that all the judgments relied upon by the appellant are on different facts and as per the Works Contract Rules, ...

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ALV of unsold units held as stock in trade cannot be taxed under house property

M/s. Shree Balaji Ventures Vs ITO (ITAT Pune)

M/s. Shree Balaji Ventures Vs ITO (ITAT Pune) It is apparent that the view point bolstered by the authorities that Annual Letting Value in respect of unsold properties lying with the assessee as a stock in trade, should be determined u/s. 23 of the Act, cannot be countenanced in the hue of the later judgments […]...

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Reporting of specified financial transaction U/s 285BA r.w. Rule 114E

Note on Reporting of specified financial transaction as prescribed U/s 285BA read with Rule 114E of the IT Act. Rule 114E prescribed the following transactions which is applicable to company- the relevant extract of sr. no. is reproduced for ease of understanding. Sr no.  Nature and value of transaction Class of person (Reporting person)...

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Section 132- No Punishment under GST without Assessment: HC

M/s. Jayachandran Alloys (P) Ltd. Vs The Superintendent of GST and Central Excise (Madras High Court)

M/s. Jayachandran Alloys (P) Ltd. Vs Superintendent of GST and Central Excise (Madras High Court) In the present case, the Department does not dispute that action was intended or envisaged in the light of Section 132 of the CGST Act, the counter fairly stating that the provisions of Section 132 of the CGST Act were […]...

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ITAT condones delay in appeal filing due to illness of chief accountant

Shri Pawan S. Jalan Vs ACIT (ITAT Ahmedabad)

Shri Pawan S. Jalan Vs ACIT (ITAT Ahmedabad) If we consider the explanation of the assessee filed before the ld.CIT(A), which has been partly reproduced in the order of the ld.CIT(A) on page no.3, then it would reveal that chief accountant of the company was ill and failed to hand over assessment order to the […]...

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Section 54F of the Income Tax Act, 1961

Section 54F  of the Income Tax Act 1. Assessee is an Individual or HUF. 2. Capital Gain arises from the Sale of any capital asset other than Residential House. 3. This asset is called original asset. 4. Assessee has purchased a Residential House within a year before the date of transfer or constructed a residential […]...

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