"02 July 2019" Archive - Page 2

Treatment of discount on post sale discount

Discount can be classified in to 3 categories: 1. Post Sale Discount( Terms and conditions established on or before sales contract – Clarification Point No. 5 (Through Commercial Credit Note by Seller without GST) 2. Additional discount – For Additional activities such as Advertisement – Clarification Point No. 3 ( Through Tax Invoi...

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Section 54F deduction on cost of additional floors on new house

Shri Ramakrishna Aswatgh Vs ITO (ITAT Bangalore)

Shri Ramakrishna Aswatgh Vs ITO (ITAT Bangalore) In the present case, new house was purchased and the construction of additional floors was on such new house purchased by the assessee and this new house building purchased by the assessee has been accepted as eligible for deduction u/s. 54F. FULL TEXT OF THE ITAT JUDGEMENT This appeal [&h...

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Income from Fit-Out Hire Charges is business income

DCIT Vs United Info Planet Pvt. Ltd. (ITAT Delhi)

DCIT Vs United Info Planet Pvt. Ltd. (ITAT Delhi) From the perusal of the Rent Agreement dated 30/08/2007, it can be seen that it is with the sole purpose for rent in respect of the entire building to the Multi National company IBM. The Fit Out Agreement dated 18/01/2008 was entered between the parties for […]...

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India ratifies Multilateral Convention to Prevent BEPS

NA 02/07/2019

India has ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), which was signed by the Hon’ble Finance Minister at Paris on 7th June, 2017 on behalf of India, alongwith representatives of more than 65 countries....

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HC upholds demand of Service Tax post introduction of GST

Aravali Minerals and Chemical Industries Private Limited Vs. Union of India (Rajasthan High Court, Jodhpur Bench)

Section 174(2)(c) of CGST Act, 2017 prima facie seems to preserve the levy insofar as any liability to pay tax was incurred by the individual or concern.     Court is of the opinion that the present writ petition cannot be maintained. It is open to the Writ petitioner to raise all contentions including levy and extent of levy of servi...

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Service Tax Refund would amounts to Unjust Enrichment if paid after collecting from customer

Bihar Industrial Area Development Authority Vs Commissioner of Central Excise and Service Tax(Patna High Court)

Bihar Industrial Area Development Authority Vs Commissioner of Central Excise (Patna High Court) The fact remains that the service tax for the period in question was deposited by the petitioner but after realizing it from its customers. This fact is not disputed. It is also not in dispute that no refund application was filed by […]...

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Supreme Court Requests Govt to amend Section 80DD

Ravi Agrawal Vs Union of India (Supreme Court)

Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment on annuity or lumpsum basis even during the lifetime of their parents/guardians. For example, where guardian has become very old but is still alive, though he [&helli...

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GST to be a WIN-WIN situation for all stakeholders associated

The Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur calls upon all the Officers of CBIC to make GST in India the best GST available in the world; GST Day Celebrations organized by the Central Board of Indirect Taxes & Customs (CBIC) on the 2nd Anniversary of GST in New Delhi […]...

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Appointment of CS Mandatory for Strengthening Governance Framework

ICSI being the parent organization of Governance professionals in India believes in having strong credentials in corporate governance. Improving the level of transparency and accountability shall go a long way in strengthening the Corporate governance framework of the nation...

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GST under RCM Payable on transportation Charges of cotton seed oil cake

In re M/s Sanjay Kumar Jain (GST AAR Rajasthan)

In re M/s Sanjay Kumar Jain (GST AAR Rajasthan) The applicant uses service of GTA for transportation purpose, hence the applicant is recipient of service and concerned GTA is service provider. Being recipient of services the applicant is liable to pay GST as per the provisions mentioned in the above said Notification. Further, during the ...

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September 2021