Goods and Services Tax might have come with the motto of simplifying law. But the industry issues which were or are erupting due to new law or old issues which are still not resolved by GST, need the attention to overcome hurdles in daily business or trade.
Ministry of Finance MOS Finance: DRI must employ new-age technology to fight smuggling networks Posted On: 04 DEC 2019 Shri Anurag Thakur, Minister of State for Finance & Corporate Affairs, said that sharing information, using data analytics and usage of non-intrusive technologies should be harnessed to effectively battle the modus operandi of new-age smuggling networks. […]
TDR is a capital asset, because it is inextricably linked with immovable property and also flows from transfer of immovable property. When, TDR is considered to be an immovable property/assets within the meaning of section 2(14) of the I.T.Act, then any right in such TDR is also needs to be considered as a asset within the meaning of section 2(14) of the I.T.Act, 1961. Therefore, we are of the considered view that the Ld. CIT(A) was erred in considering surplus from transfer of TDR under the head speculative business profits.
DGFT has recently made amendments in chapter 7 of FTP 2015-2020, wherein they have allowed industry to take benefit at All Industry Rate of Duty Drawback schedule notified by department of revenue in case of deemed export supply.
The inability to meet the contractual obligation by the assessee cannot be termed as an offence or infraction of law so as to deny the claim of the assessee by invoking the expression 1 to sec 37(1) of the Act.
Where AO did not pass any speaking order in disposing of assessee|s objections against notice under section 148, the assessment order passed subsequent to such notice, would be considered as bad in law and hence, the same was liable to be quashed.
Kind attention is invited to Circular No. 107/26/2019-GST dated 18.07.2019 wherein certain clarifications were given in relation to various doubts related to supply of Information Technology enabled Services (ITeS services) under GST.
Government hereby specifies the following enactments to which the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 shall be applicable, namely:-
M/s Bhagwati Colonizers Pvt. Ltd Vs ITO (ITAT Amritsar) In the affidavit, the main reason cited by the assessee for the delay is that the copy of appellate order was received by the counsel who appeared before the Ld CIT(A), but the counsel never informed the assessee about the disposal of the appeal by Ld […]
Government, in consultation with Chief Justice of High Court of Himachal Pradesh, Shimla designates Civil Judge-cum-JMIC (3), Shimla and Civil Judge-cum-JMIC(2), Hamirpur as Special Courts under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
