"03 September 2019" Archive

Direct Tax Code 2.0 v/s Indian Economy: Rewriting the Income Tax Code

It has been over 58 years since the Income-tax Act 1961 was drafted, needs an overhaul, but at the same time it should be in sync with the economic circumstances of the country. The income tax act, 1961 is just like a building (Income Tax Act,1961) which was constructed on a piece of land (Democracy) […]...

Posted Under: Income Tax |

Recent Updates in GST till 02nd September 2019

We thought that first GST audit under GST regime would be over by the August end but it was not to be, the last data stands extended to 30th November, 2019 now. For whatever reasons, most of the taxpayers and professionals are not happy at this approach and looking at deferring permanent solution, while taking the entire system for a rid...

Posted Under: Income Tax |

Allowance of depreciation on the basis of consistency: BSE Ltd. case

DCIT Vs. BSE Ltd. (ITAT Mumbai)

We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the deprecation c...

GST- Ganesha… Save Taxpayers

Arjuna, The month of September is the most important month for the Taxpayers. Taxpayers who are required to get their books of accounts audited for F.Y 18-19 are required to upload their Income Tax Audit Report till 30th September, 2019. While filing Income Tax Audit Report, taxpayers have to provide information of GST too. Also the month...

Posted Under: Income Tax | ,

AO not justified in reopening based on mere report of investigation wing without independent application of mind

M/s. Neelkanth Plywood Pvt. Ltd. Vs ITOr (ITAT Delhi)

M/s. Neelkanth Plywood Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi) A perusal of the reasons for reopening of the case for the impugned assessment year, copy of which is placed at paper book page No. 20-21 shows that the reopening was made on the basis of the report of the investigation wing and there […]...

Assessee cannot be treated as defaulter for Shortfall TDS deduction

Hall Offshore Limited Vs ACIT (ITAT Delhi)

There is nothing in section 40(a)(ia) to treat assessee as a defaulter where there is shortfall in deduction of TDS and if the shortfall is due to any difference of opinion as to taxability of any item or the nature of payment falling under various TDS provisions, the assessee can only be declared to be an assessee-in-default under sectio...

Sec. 138 NI Act Proceedings cannot be quashed for mere non service of notice within Statutory Period

Kishore Sharma Vs Sachin Dubey (Supreme Court of India)

Kishore Sharma Vs Sachin Dubey (Supreme Court of India) The present appeal takes exception to the order dated 15th November, 2018 passed by the High Court of Madhya Pradesh, Indore Bench, thereby it allowed the application filed by the respondent for quashing of proceedings instituted against him under Section 138 of the Negotiable Instru...

Addition cannot be made merely based on statement recorded U/s. 132(4)

B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi)

B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi) In absence of adverse material found during search, no addition could be made merely on the basis of statement recorded under section 132(4) of Income Tax Act, 1961 which did not constitute conclusive evidence and having been given under pressure was immediately retracted. Additions made u/s ...

18% GST on earthwork (Excavation in soil, hard rock excavation etc.)

In re M/s Ashok Kumar Choudhary (GST AAR Rajasthan)

In re M/s Ashok Kumar Choudhary (GST AAR Rajasthan) What shall be rate of GST on activity of sub-contract for earthwork in relation to construction of access controlled Nagpur-Mumbai Super Communication Expressway (Maharashtra Samruddhi Mahamarg)? We find that the activity carried out by the applicant does not involve supply of goods what...

ITC not eligible on supply of plant and equipment for lighting of plant road, boundary wall and watchtower

In re NMDC Limited (GST AAAR Chhattisgarh)

In re NMDC Limited (GST AAAR Chhattisgarh) In the instant case, Structures/towers meant for Lighting for Plant Road, Boundary Wall and Watch tower can in no way be related to the outward supply of goods. As per Section 2(83) of CGST Act, 2017 “outward supply” in relation to a taxable person, means supply of goods […]...

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