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Archive: 15 June 2019

Posts in 15 June 2019

Deemed exports in Annual Return GSTR 9

June 15, 2019 18414 Views 5 comments Print

As 30th June, 2019 is fast approaching the GST Practitioners, auditors and assessees are involving themselves in filing annual return GSTR 9 and 9C.   Filling every table in the GSTR 9 is not that much easy as any wrong filling will result in remitting back  the amount particularly on account of ITC mismatch in 2A and 3B by the Assessee or an account of debit notes, amendments, wrong utilisation of ITC, RCM etc.,.

Penalty U/s. 27(1)(c) cannot be levied for not following FIFO method

June 15, 2019 2817 Views 0 comment Print

Pr. CIT Vs Prakash Mangilal Jain (Bombay High Court) Following FIFO or LIFO method cannot be the basis for levying penalty as per the provisions of section 271(1)(c) of the Act. In order to justify the levy of penalty, two factors must co-exist, (i) there must be some material or circumstances leading to the reasonable […]

AO cannot reconsider Grounds of Addition negated by Appellate Forums

June 15, 2019 765 Views 0 comment Print

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi) We find that first of all, the Assessing Officer in the impugned assessment order has simply made the addition on the ground that assessee during the course of survey has offered sum of Rs.20 lacs towards investment in furnishing and in equipments in showroom over and above the […]

No penalty on cash loan from Parents and Brother for buying House for Family

June 15, 2019 5316 Views 0 comment Print

In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as a reasonable cause.

Unclaimed creditors to be added to Income u/s 41, even if the same is not written back in Income statement

June 15, 2019 75690 Views 0 comment Print

M/s. West Asia Exports & Imports Vs. ACIT (Madras High Court) We know that Sec 41(1) of Income Tax Act 1961, where there is cessation of any trading liability then the benefit accruing on account of cessation of such liability will be deemed to profits and gains of business or profession whether or not such […]

No GST on Supply of goods from bonded warehouse to vessels 

June 15, 2019 18102 Views 0 comment Print

Supply from Bonded warehouse will fall under Schedule III of CGST Act and exempted from GST and supply from Non-Bonded warehouse will not fall under Schedule III of CGST Act and therefore not exempted from GST

Reassessment without notice u/s 143(2) was bad in law & cannot be revised u/s 263

June 15, 2019 3240 Views 0 comment Print

Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263. 

The Power of Defeat

June 15, 2019 1719 Views 4 comments Print

I used the word defeat and not the failure. Because failure is the result when we finally give up on certain thing. Failure is permanent where as defeat is temporary. So unless we give up on certain thing we are defeated and not failed. When we take this defeat positively and seriously analyse, we will […]

Govt imposes retaliatory duties on 28 specified goods exported from USA

June 15, 2019 5253 Views 0 comment Print

Notification No. 17/2019-Customs- Seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 to implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification […]

Govt increases customs duty on lentils, boric acid & laboratory reagents

June 15, 2019 1245 Views 0 comment Print

Notification No.16/2019–Customs, Dated: 15.06.2019- Seeks to increase the tariff rate of customs duty on lentils, boric acid and laboratory reagents by amending First schedule to the Customs Tariff Act, 1975 under emergency powers under section 8A of the Customs Tariff Act. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 16/2019–Customs New Delhi, […]

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