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Archive: 18 May 2019

Posts in 18 May 2019

Issues In Indirect Taxation On Alco Beverages

May 18, 2019 1962 Views 0 comment Print

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 in pre-GST era, presently it is not only crippled with GST and non-GST taxes but also the adverse cascading impact due to not being covered under Goods and Services Tax (GST).

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

May 18, 2019 1179 Views 0 comment Print

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 […]

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

May 18, 2019 3078 Views 0 comment Print

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 […]

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

May 18, 2019 35988 Views 4 comments Print

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

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

May 18, 2019 2172 Views 0 comment Print

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, the provision is clear that the material used whether supplied for consideration or otherwise, should be included, therefore there is no ambiguity in the legal provision.

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

May 18, 2019 1611 Views 0 comment Print

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 […]

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

May 18, 2019 11523 Views 0 comment Print

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) (1) […]

Section 132- No Punishment under GST without Assessment: HC

May 18, 2019 12429 Views 0 comment Print

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 […]

Section 54F of the Income Tax Act, 1961

May 18, 2019 80373 Views 65 comments Print

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 […]

Section 54 of the Income tax Act

May 18, 2019 2397 Views 0 comment Print

Section 54 of the Income Tax Act Profit on Sale of Property used for Residence 1. Assessee being an individual or a HUF. 2. The capital gain arises from Transfer of Residential Property. 3. The Income from this Property is chargeable to Income Tax under the Head “Income From House Property”. 4. This Property is […]

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