"June, 2019" Archive

Applicability of GST on additional/penal interest on delayed payment

Commentary on Circular No. 102/21/2019 – GST dated June 28, 2019 regarding the applicability of GST on additional/penal interest on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI) Entry 5(e) of Schedule II of the Central Goods and Services Tax Act, 2017 “Agreeing to the obligation to refrain fr...

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Treatment of Discount under GST

As per the recent circular 105/24/2019 dated 28th June 2019 CBIC has clarified the various doubts related to treatment of secondary or post sale discounts under GST. Scenario 1: if post sale discount is given without any further obligation or actions on dealer end. In that case the post-sale discount given by the said supplier […]...

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Section 80P(4): To allow deduction AO can enquire into activities of assessee

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court)

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) In view of the law laid down by the Apex Court in Citizen Co-operative Society v. Assistant Commissioner of Income Tax: AIR 2017 SC 5147, it cannot be contended that, while considering the claim made by an assessee society for deduction under Section 80P […]...

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Validity of Late Fees / Interest U/s. 234A,B,C,F by CPC Bengaluru

Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?...

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Character of compulsory acquisition not changes merely because sale price was fixed through a negotiated settlement

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (ITAT Cochin)

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (Ponnamkulam House) (ITAT Cochin) The assessee’s land in question at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final...

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Notional Rent cannot be taxed on Non-Habitable House

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata)

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata) It is noted that a house property was inherited by the assessee in his native village situated at Rajasthan which was duly shown in his Balance Sheet. Since the assessee has residential house at Kolkata, the AO invoked sec. 22 and 23 of the Act, estimated the […]...

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FCRA, 2010- All you want to know in FAQs format

Introduction to FCRA, 2010 Q.1 What is the purpose of FCRA, 2010? Ans. FCRA, 2010 has been enacted by the Parliament to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilization of foreign cont...

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Section 54F Exemption without evidence of Agreement & Payment not allowable

Smt. Archana Kanwar Vs ITO (ITAT Chennai)

Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the ...

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Bogus Purchases- Only profit of purchase transactions can be added

V.R.Enterprises Vs ITO (ITAT Mumbai)

V.R.Enterprises Vs ITO (ITAT Mumbai) We find that assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. The books of accounts were audited wherein quantitative details of stock was provided. We are of the cons...

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‘Unicharm’ not passed tax reduction benefit on Sanitary Napkins: NAA

Shri C. P. Rao Vs M/s Unicharm India Pvt. Ltd. (NAA)

Shri C. P. Rao Vs M/s Unicharm India Pvt. Ltd. (NAA) It is revealed that the Central Govt. vide Notification No.19/2018-Central Tax (Rate) dated 26.07.2018 the Government had reduced the rate of GST from 12% to NIL without ITC in respect of  Sanitary Napkins with effect from 27.07.2018, the benefit of which was required to […]...

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