"27 October 2019" Archive

Enjoy the Crackers Stall of GST!

Arjuna, ‘Sutali Bomb’ from Government is ‘Restriction to claim ITC’. The restriction to claim Maximum Input tax credit of upto 120% of the eligible credit available in GSTR-2A is the Sutali Bomb, as its going to have a loud impact on Taxpayers. Every taxpayer should keep this provision in mind and comply the same. Otherwise the ...

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Reassessment not valid if assessee’s objections to reasons for reopening not disposed

Nimitaya Hotel & Resorts Ltd. Vs ACIT (ITAT Delhi)

Not passing a speaking order rejecting the objections of assessee to reopening of assessment but passing an order under section 147 making the additions based on reasons recorded had caused serious prejudice to interest of assessee. Thus, reopening had not been done in accordance with the law by AO and, therefore, reassessment order was s...

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TDS not dedutible on charges paid to Banks for providing payment gateway

PCIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court)

Services provided by the payment gateway is such that the charges collected by it has to be necessarily treated as fees and not as a commission. The payment in fact is made by one principal to another and it is only being facilitated by the payment gateway by providing a service....

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Benefit u/s 11(2) cannot be denied for belated filing of Form No. 10

Shri Chandraprabhuji Maharaj Jain Vs DCIT (Exemptions) (Madras High Court)

Shri Chandraprabhuji Maharaj Jain Vs DCIT (Exemptions) (Madras High Court) The assessee filed the return of income for the assessment year under consideration on 02.04.2009, which was processed and intimation under Section 143(1) of the Act was issued on 21.01.2011. Thus, there was no assessment under Section 143(3) of the Act. The assess...

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I-T Department to Refund Over Rs. 43 Cr withheld against demand of 49 Lakhs

Vodafone Idea Limited Vs DCIT (Bombay High Court)

Vodafone Idea Limited Vs DCIT (Bombay High Court) 1. The petitioner has prayed for directions to the Income Tax Authorities for releasing the refund of Rs. 43.25 Crores (rounded off) with applicable interest pertaining to the assessment years 2007-08 to 2013-2014. Having heard the learned Counsel for the parties and having perused the doc...

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Missed income tax return filing of FY 2017-18 or for earlier period?

Have you missed the income tax return filing of Financial Year 2017-18 or 16-17 or for earlier period? Here how you can still file your income tax return. We stakeholder of taxation has been take so close look toward the various clauses and rules to avoid penalties, or for the calculation of the correct tax, […]...

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No deduction for payment for discharge of outstanding loan liability

Perfect Thread Mills Ltd Vs. DCIT (ITAT Mumbai)

Since there was no diversion of sale proceeds by overriding title, but on the contrary, there was only a mere application of the sale proceeds realised on sale of plots towards the discharge of outstanding loan liability of assessee thus...

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Expense to get finance for normal business operations was revenue expense

DCIT Vs. Indus Towers Ltd. (ITAT Delhi)

The expense incurred for getting the finance for normal business operations does not provide any enduring benefit to the assessee as such, the one-time loan processing fees was revenue expenditure allowable to assessee....

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