"01 December 2019" Archive

Two services billes seprately cannot be merged merely for levy of Service Tax

Synergy Baxi Logistics Pvt Ltd. Vs CCE (CESTAT Delhi)

Synergy Baxi Logistics Pvt Ltd. Vs CCE (CESTAT Delhi) It is held that if the two services are billed separately then there is no question of including them together for computation of taxable value for payment of service tax. It can be seen from the above reproduced clarification given by the Board that in 2002 […]...

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Form GST TRAN-1 can be revised only once within the specified period

Ingersoll-Rand Technologies And Services Private Limited Vs UOI (Allahabad High Court)

A conjoint reading of the Rule 117 and 120A of CGST Rules, 2017clearly reveals that every registered person who has submitted a declaration electronically in FORM G.S.T. T.R.A.N-1 within the period specified in Rule 117 or Rule 118 or Rule 119 or Rule 120 is allowed to revise such declaration once and submit the revised declaration in FOR...

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Interest on interest free Loan To daughter out of Interest Bearing fund for non business propose not allowable

Shyam Bihari Gandhi Vs ITO (ITAT Delhi)

Shyam Bihari Gandhi Vs ITO (ITAT Delhi) As regards addition of Rs. 20,38,472/- on account of payment of interest to bank which the assessee has mentioned in the profit and loss account. The revenue authorities have noticed that a loan (liability) of Rs. 1,11,73,554/- against which the assessee has claimed interest of Rs. 20,38,472/- and [...

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TDS return filed beyond time cannot be declared as non est in law

Scotts Garments Ltd. Vs ACIT (ITAT Bangalore)

TDS return filed beyond time cannot be declared as non est in law and that the CIT(A) does not have powers of enhancement in an appeal against an order under section 200A. The CIT(A) cannot travel beyond the subject-matter of the appeal, which was as to whether fee under section 234E can be levied or not; and not the question, whether t...

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Additions based on P&L account & B/S filed by assessee with return cannot be considered as additions on the basis of new income source

S.D. Traders Vs CIT (Allahabad High Court)

S.D. Traders Vs CIT (Allahabad High Court) It has been argued by the counsel for the Revenue that CIT (A) has not travelled beyond the books of accounts and during appeal it was found that only confirmation was available of five parties and the rest of the creditors were untraceable, hence the addition of the […]...

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Advance Pricing Agreement (APA) -Programme of India- Annual Report (2018-19)

The Advance Pricing Agreement (APA) programme in India was introduced more than seven years ago. It is currently in its 7th annual cycle of examination and processing of applications. The CBDT is very happy about the fact that this programme has been accepted well by taxpayers and tax consultants. We are very proud of the results generate...

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Posted Under: Service Tax |

Depreciation cannot be allowed on non-existing / Impaired asset

Aramark India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Aramark India Pvt. Ltd. Vs DCIT (ITAT Mumbai) There is no dispute with regard to allowability of deprecation on goodwill, but when you compare the facts of the current year, the question of allowability of deprecation has to be examined, in the light of provision of section 32(1), where it mandates the block of assets […]...

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Penalty u/s 271(1)(c) not valid in absence of proper record of satisfaction

PCIT Vs Goa Coastal Resorts and Recreation Pvt. Ltd. (Bombay High Court) at Goa

PCIT Vs Goa Coastal Resorts and Recreation Pvt. Ltd. (Bombay High Court) Notice which is issued to the assessee must indicate whether the Assessing Officer is satisfied that the case of the assessee involves concealment of particulars of income or furnishing of inaccurate particulars of income or both, with clarity. If the notice is issue...

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Understanding Capital Gains on Transfer of Immovable Property

Capital Gains – taxable in the hands of the Seller i. Profits or gains arising from the transfer of an immovable property, held as a capital asset, are taxed under the head “Capital Gains”. ii. The incidence of tax on Capital Gains depends upon the period for which the capital asset under consideration was held […...

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Posted Under: Service Tax |

6 Important points for filing Annual GST Return & Reconciliation Statement

1. ITC cannot be reversed or availed through annual return. For reversing ITC, taxpayers need to file FORM GST DRC-03. 2. Table 8A of annual return is auto-populated from FORM GSTR-2A as on 01/05/2019. 3. Treatment of tax which was to be paid on RCM for F.Y. 2017-18 but was paid during F.Y. 2018-19 – […]...

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Posted Under: Service Tax |

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