"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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Khadi readymade garments classifiable under Chapter heading 62

In re M/s Udyog Mandir (GST AAR Rajasthan)

In re M/s. Udyog Mandir (GST AAR Rajasthan) Will Khadi readymade garments to be included under the entry of Khadi fabric under chapter 50 to 55 of GST classification?   Khadi readymade garments are not covered under the entry of 130A, chapter heading 50 to 55 of Notification No. 02/2017-Central Tax (Rate) dated 28.06.2017. If […]...

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Rubber Ring/Gasket/Seal, Rubber Foot Batten Washer & Rubber Grommets classifiable under HSN 4016

In re M/s Laxmi Rubber Industries (GST AAR Rajasthan)

The goods manufactured and supplied by the applicant viz. Rubber Ring/Gasket/Seal, Rubber Foot Batten Washer and Rubber Grommets are classifiable under Chapter Heading 4016 and attract GST @ 18% (CGST 9% + SGST 9%)....

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