"08 September 2019" Archive

ITC- Interesting Tax Confusions

1. ITC is available only if the supplier has deposited it with the Government:2. ITC is not available in respect of goods/ services used for construction of immovable property 3. ITC cannot be availed once the due date of submitting GSTR 3B of September of the next financial year is over 4. ITC is not available in respect of motor car 5. ...

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Rectification of Invoice / GSTN Number / Shipping Bill Mis-match, EGM/Stuffing and IGST Refund

PUBLIC NOTICE NO. 17/2019 (29/08/2019)

Exporters are requested to advise their respective Shipping Lines to file the EGM correctly before the departure of the vehicle. In the event of EGM errors, the Shipping Bill generated in the IGST Temporary Scroll will not be migrated to final Scroll. Unless, the Shipping Bill figures in the final Scroll of IGST, the exporters will not be...

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CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)

Notification No. 60/2019-Income Tax (05/09/2019)

Notification No. 60/2019-Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 and Rule 11AA related to Requirements for approval of an institution or fund under section...

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Long-term capital loss on listed shares eligible for set-off against taxable income

M/s. United Investments Vs ACIT (ITAT Kolkata)

M/s. United Investments Vs ACIT (ITAT Kolkata) In this case the assessee had incurred loss on sale of shares after paying STT & these shares were held on investment a/c for period more than 12 months. The assessee claimed that the loss incurred was to be assessed under the head ‘capital gains’ and its set […]...

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Section 56(2)(vii)(b) applies to rural agricultural land acquired below stamp value

ITO Vs Shri Trilok Chand Sain (ITAT Jaipur)

The limited point of dispute is the nature of immovable property which has been purchased by the assessee. The assessee’s contention is that which he has purchased are three plots of agricultural land and the same doesn’t fall in the definition of capital asset as per the provisions of Section 2(14) of the Act and provisions of sectio...

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Section 10(23C)(vi) Exemption cannot be denied to Assessee running school for educational purposes

M/s Ram Lal Bhasin Public School Vs CIT Exemption (ITAT Amritsar)

M/s Ram Lal Bhasin Public School Vs CIT (ITAT Amritsar) For claiming exemption u/s 10(23C)(iiiad) of the Act, the entity must be an University or other educational institute existing solely for educational purpose and not of the purposes of profit. In the present case it is not in dispute that the assessee is a school […]...

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Penalty cannot be levied for mere disallowance of claim of deduction u/s 54

ITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai)

ITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai) We find that with regard to claim of deduction u/s 54 of the Act, this tribunal in quantum proceedings had granted deduction u/s 54 of the Act to the extent of payments made within the prescribed limitation period i.e payments made within one year prior to the […]...

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Ex-Gratia Payment to prematurely retiring despite absence of Scheme allowable

DCIT Vs Prathamik Shikshak Sahakari Bank Ltd. (ITAT Pune)

DCIT Vs Prathamik Shikshak Sahakari Bank Ltd. (ITAT Pune) Brief facts relating to the issue are that the Assessing Officer was of the view that in the absence of any scheme formulated by the assessee bank, the amount paid as ex-gratia to prematurely retiring employees was not to be allowed as deduction. The case of […]...

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Study Startegy For CA Final Group 2 Old Syallabus Students

To begin with I would Like to Thank all for Appreciating my previous article ‘Strategy for Group 1 Old Syllabus‘ and requesting for Group 2 Strategy as well. So here I am sharing a Strategy for Group 2 which I followed and I believe this will help you as well. I would like to begin […]...

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GST on Interest, Penalty, Delayed Charges Collected from Customer

It is regular business practice to recover interest or some charges penal in nature for recovery of dues from the customer. This article covers GST implication on following type of transactions viz., a) Recovery of penal interest by NBFCs, Banks and other lenders from the borrower on account of default in payments of due instalments of lo...

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