"04 December 2019" Archive

No profiteering if No reduction in Tax Rate post-GST period and in absence of additional ITC benefit

Sanjay Devan Vs Vatika Ltd. (National Anti-Profiteering Appellate Authority)

Sanjay Devan Vs Vatika Ltd. (National Anti-Profiteering Appellate Authority) The only issue to be examined is as to whether there was any net benefit of ITC with the introduction of GST. On this issue, the DGAP in his Report, has stated that ITC as a percentage of the turnover which was available to the Respondent […]...

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Builder Guilty of Profiteering as not passed ITC benefit to Flat Buyers

Sh. Kavi Mahajan Vs M/s Heeranandani Realtors Pvt. Ltd (National Anti-Profiteering Authority)

Sh. Kavi Mahajan Vs M/s Heeranandani Realtors Pvt. Ltd (National Anti-Profiteering Authority) Respondent has benefited from the additional ITC to the extent of 10.66% of the turnover during the period from July, 2017 to August, 2918 and hence the provisions of Section 171 of the CGST Act, 2017 have been contravened by the Respondent as [&...

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Builder guilty of profiteering as not passed additional ITC benefit to buyers

Sh. Rohit Singh Vs M/s Friends Land Developers (National Anti-Profiteering Authority)

Sh. Rohit Singh Vs Friends Land Developers (National Anti-Profiteering Authority) During the pre-GST period the Respondent has availed CENVAT credit on the Service Tax during the pre-GST period from April. 2016 to June. 2017 amounting to Rs 52,11,867/-, collected an amount of Rs. 12,31,99.617/- from his customers as turnover, has sold an ...

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Builder profiteered by not passing ITC benefit to flat purchasers

Mr. Gopinath Dombla Vs M/s Navkar Associates (National Anti-Profiteering Authority)

It is clear from the plain reading of Section 171(1) mentioned above that it deals with two situations one relating to the passing on the benefit of reduction in the rate of tax and the second pertaining to the passing on the benefit of the ITC....

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Issues in Airline Industry encompassing MRO Services

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....

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MOS Finance: DRI must employ new-age technology to fight smuggling networks

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 op...

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TDR is a capital asset as inextricably linked with immovable property

Adi D Vachha Vs ITO (ITAT Mumbai)

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 sect...

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All Industry Rate available to Deemed Export Supplies

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....

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Foreign Exchange Loss on loan for acquiring fixed assets allowable as Revenue Expense

M/s. Baby Memorial Hospital Ltd. Vs ACIT (ITAT Cochin)

Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed assets should be allowed as revenue expenditure by charging the same into the Profit and Loss account and not as capital expenditure by deducting the same from the cost of the respective fixed assets....

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Penalty for inability to meet contractual obligation cannot be disallowed

DCIT Vs Mahavir Multitrade Pvt. Ltd. (ITAT Delhi)

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....

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