"August, 2019" Archive - Page 4

Interchangeability of PAN with Aadhaar – CBDT amends Rules 114

Notification No. 59/2019-Income Tax [G.S.R. 614(E)] (30/08/2019)

Any person, who has not been allotted a permanent account number but possesses the Aadhaar number and has furnished or intimated or quoted his Aadhaar number in lieu of the permanent account number in accordance with sub-section (5E) of section 139A, shall be deemed to have applied for allotment of permanent account number and he shall no...

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Solar Power Plants and GST

 In view of the important needs of alternative new eneryg, India needs a vibrant industry revolution by inviting FDI in solar and wind energy sector.  To support the project developers, the total project cost should be levied 5% GST as composite supply which includes the supply of solar devices, parts and accessories and installation ch...

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Posted Under: Income Tax |

Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai)

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai) Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income Conclusion: Where assessee-company was not simply letting out a structure to earn rental income out of it rather it was in the business of building and [...

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FDI in Telecom Services sector

Telecommunications is one of the fastest growing industries in India that has undergone an innovative phase over the past few years and stands as the second largest telecommunications market in the world after China. It is due to liberalization policy that telecom sector could attract more FDI flows in private sector participation increas...

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Posted Under: Income Tax | ,

Had GSTN been subjected to audit by third party so far?

Had GSTN been subjected to audit by third party so far? Answer is yes but still why the hell GSTN is unable to cope up with the amendments and glitches? As reported in Business Standard dt. 27/06/2018 (https://www.business-standard.com/article/economy-policy/gstn-software-developed-by-infosys-to-be-audited-by-third-party-official-11806270...

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Posted Under: Income Tax |

Order of Due date extension news is fake: CBDT

It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019...

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Posted Under: Income Tax |

Stay on recovery of demand cannot be rejected merely relying on CBDT instruction

M/s. Shriram Finance Vs Pr. CIT (Madras High Court)

Since CIT rejected assessee’s application for stay of recovery of demand merely relying of CBDT instruction which was cryptic and non-speaking as CBDT circular/instruction could not serve as a series of guidelines in the matter of grant of stay, therefore, the matter was remanded back to CIT for disposal afresh in accordance with law....

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CCI needs careful oversight on data to prevent amassing of power in one conglomerate

CCI needs careful oversight on data to prevent amassing of power in one conglomerate in market: NITI Aayog Vice-Chairman The usage of data by people in e-commerce needs a careful oversight as when combined with modern technology, it gives unprecedented market power to the platforms which can be used for benefits of consumers as much as [...

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Posted Under: Income Tax |

Order passed u/s 201(1)/201(1A) before applicability of new limitation period of seven years was valid

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai)

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Order passed by AO under section 201(1)/201(1A) for failure to deduct TDS under section 194C on the reimbursement of the meal vouchers to the affiliates was barred by limitation as the amended limitation period of seven years under section 201(3) was effective from 1-10-2014 and ...

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Proceedings u/s Sec 153C instead of sec. 153A to be made in case incriminating material found at premises of third party

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi)

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi) Conclusion: AO made assessment under section 153A in case of assessee by using the material found in the course of search at the premise of third party which was not permitted in view of the express provision of the law as proceedings should be initiated u/s 153C […]...

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