"01 October 2019" Archive

Join Advanced Online GST Certification Course by TaxGuru Edu – Batch 12

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Advanced Online GST Certification Course – Batch 12. Learn GST in a Practical way and become an Expert in this field. Batch covers detailed analysis of Entire GST law with special focus on Effective GST Audits & Reconciliation Statements, filing of Annual [&hell...

Expense on developing & maintaining land for real estate activity is Allowable

Sri S.K Bhaskar Raju Vs Addl. CIT (ITAT Bangalore)

Whether the AO is correct in disallowing expenses incurred on developing and maintaining land in connection with real estate activity?...

No section 68 addition can be made for non-recording of Statement on Oath by mere one Person

Prerna Developers Vs ITO (ITAT Ahmedabad)

Where out of 14 persons, 13 persons have duly confirmed the booking advances made to assessee and their creditworthiness was also examined by AO but no negative inference was drawn by him, no addition could be made under section 68 just because one person who had only advanced an meager amount, had not recorded the statement under oath as...

Gist of GST Notifications- Changes effective from 01st Oct 2019

Gist of Notifications issued in order to implement the recommendations of the GST Council in their meeting held on September 20, 2019 There are several changes proposed in GST rates on specified goods and services during the 37th GST Council meeting held on September 20, 2019. The Central Government has now given effect to the recommenda...

CBDT inks the 300th Advance Pricing Agreement

The Central Board of Direct Taxes (CBDT) has signed the 300th Advance Pricing Agreement (APA) during the month of September, 2019. This is a significant landmark of India’s APA Programme, which is currently in its seventh year. Three APAs were entered into in September, 2019 (2 Unilateral and 1 Bilateral APA), which has taken the [&hell...

GST Revenue collection for September, 2019

The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is  Rs. 45,069  crore (including Rs.  22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs.  728 crore collected on imports). The total number of GSTR...

Section 69C Addition for bogus purchases – ITAT Allows 10% disallowance

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad)

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad) The addition in the present case was made under section 69C of the Act on account of unexplained expenses. Indeed, the primary onus lies on the assessee to justify the expenses claimed by him. However from the preceding discussion, we note that the assessee has discharged his onus […]...

Investing in Mutual Funds Just Got Easier

Today, mutual funds have emerged as one of the ideal investment alternatives for creating long-term wealth and achieving financial goals. One of the key reasons for the rise of mutual funds is the ease with which investors today can invest in Mutual Funds. With the advancement of technology, investing in mutual funds has become a [&hellip...

5 Legal Mistakes Every Startup Business should avoid

Starting a new venture is an exciting event for every budding entrepreneur. But they also encounter a lot of obstacles when it comes to starting a company from scratch. For example, Startup cost is the most common hurdle that every entrepreneurs face and one should know that there are SME loans. A business loan can […]...

No Service Tax Disallowance if same not forms part of Turnover- Section 43B

SDCE Projects (P) Ltd. Vs DCIT (ITAT Ahmedabad)

 Assessee not having routed service tax amount through profit and loss account, there was no question of making disallowance under section 43B on account of delayed payment of service-tax....

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