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Archive: 23 August 2019

Posts in 23 August 2019

Guidelines for cross checking of Input Tax Credit under MVAT

August 23, 2019 14799 Views 0 comment Print

For the periods starting on or after Ola April 2005 and ending on or before 31a March 2008, the return as well as the MVAT Audit report filing process was not electronic. ITC in such cases shall be allowed upon verification of record such as tax invoices and books of accounts produced by the claimant dealer.

Maharashtra Amnesty: Due date extended till 30th August 2019

August 23, 2019 1167 Views 0 comment Print

Amendment to the Order of the Removal of Difficulties faced by the taxpayers due to technical glitch-Extension of dates for submission of application and for making payments for Settlement by the Identified Taxpayers under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2019 till 30th August 2019. FINANCE DEPARTMENT Madam Cama […]

ITAT held 282 time Capital Gains from Penny Stocks as Bogus

August 23, 2019 3348 Views 0 comment Print

No doubt assessee has meticulously completed the paper work by routing his entire investment through banking channel but the results thereof are altogether beyond human probabilities. Because neither in the past nor in the subsequent years, assessee has indulged into any such investment having huge windfall. Had the assessee been so intelligent qua the intricacies of the share market, he would have definitely undertaken such risk taking activities in the past or future by making such investment in the unknown stock. So, we are of the considered view that what appears to be apparent in making investment by the assessee in unknown stock is not real when examined the whole transaction of sale and purchase of the stock with huge windfall to the assessee.

Failure to issue notice u/s 143(2) renders assessment order void even if assessee participated in proceedings

August 23, 2019 4977 Views 0 comment Print

CIT Vs Laxman Das Khandelwal (Supreme Court of India) S. 143(2)/ 292BB: The failure to issue a notice u/s 143(2) renders the assessment order void even if the assessee has participated in the proceedings. S. 292BB does not save complete absence of notice. For S. 292BB to apply, the notice must have emanated from the […]

Income from shares is capital gain if shares been held as investment with intention of Investment

August 23, 2019 1836 Views 0 comment Print

Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’.

Income from Letting of Property is Business Income if same is business Object of Firm

August 23, 2019 3534 Views 0 comment Print

Pr. CIT Vs Shreeji Exhibitors (Bombay High Court) The impugned order of the Tribunal noted the fact that the assessee’s activity of letting out building premises is its business activity. This, the Tribunal observed it is clear from objects of the respondent as set out in its partnership deed viz. to deal with properties i.e. to […]

12% GST on Affordable housing project Construction services provided after 25.01.2018

August 23, 2019 30939 Views 0 comment Print

we find that that the applicant’s case is covered under the tax rate of 12%, under Heading 9954 (Construction Services), (v) (da) of above mentioned Notification No. 11/2017, as amended since the project undertaken by them falls under the definition of Affordable Housing as also claimed by them in their application

‘Dialyzer’ used in dialysis machine- 5% GST Payable: AAR

August 23, 2019 5295 Views 0 comment Print

In re M/s Nipro India Corporation Private Limited (GST AAR Maharashtra) Question 1. Whether on facts and circumstances of the case, the product Dialyzer be treated as ‘Disposable sterilized dialyzer or micro barrier of artificial kidney’ as mentioned under Entry No. 255 of Schedule I to Notification Number 1/2017-Central Tax (Rate), dated 28 June 2017 […]

Admissibility of input tax credit of GST paid on Aggarbatti

August 23, 2019 3906 Views 0 comment Print

In re Moksh Agarbatti Co.(GST AAR Gujarat) Question 1: The tax payer offers one unit of Dhoop with a pack of Agarbatti (consisting of 10 pieces of Agarbatti). Can the tax payer claim credit of taxes paid on a) inputs used for manufacture of Dhoop? b) Purchase of dhoop from a third party vendor? Answer: […]

Delhi HC upholds Vires of FCRA 2010; CBI can Investigate

August 23, 2019 2388 Views 0 comment Print

M/s Advantages India & Anr Vs Union of India & Ors (Delhi High Court) This Court is of the opinion that there is a principle and/or policy for guidance of exercise of discretion by the Government in the matter of selection of an investigative agency and there is no arbitrary, vague and uncontrolled power with […]

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