"15 June 2019" Archive

Deemed exports in Annual Return GSTR 9

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 Assess...

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Tax deducted is income received U/s 198 of the IT Act

Sri Y. Rathiesh V. CIT (Andhra Pradesh High Court)

Whenever an amount deducted as tax at source becomes incapable of being being adjusted or counted towards tax payable, it acquired the character of an  income. In such an event, it partake the character of any other income and is liable to be dealt with accordingly....

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Addition for Value of stock shown to bank in excess of that as per accounts

Pr. CIT Vs  Gladder Ceramics Ltd. (Gujarat High Court)

Where the value of stock shown to bank for purpose of availing of higher credit facility was based on market rate and not at cost price but there was no difference in quantitative details, no addition under section 69B could be made. ...

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

Pr. CIT­ Vs Prakash Mangilal Jain (Bombay High Court)

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 […]...

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AO cannot reconsider Grounds of Addition negated by Appellate Forums

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi)

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 […]...

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

Sonia Malik Vs JCIT (ITAT Delhi)

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 ...

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

M/s. West Asia Exports & Imports Vs. ACIT (Madras High Court)

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 […]...

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No GST on Supply of goods from bonded warehouse to vessels 

In re Wilhelmsen Maritime Services Private Limited (GST AAR Maharashtra)

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...

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

M/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi)

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. ...

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The Power of Defeat

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 […]...

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