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Archive: 04 December 2019

Posts in 04 December 2019

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3039 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Issues in Airline Industry encompassing MRO Services

December 4, 2019 5100 Views 0 comment Print

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.

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

December 4, 2019 564 Views 0 comment Print

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 as inextricably linked with immovable property

December 4, 2019 7074 Views 0 comment Print

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.

All Industry Rate available to Deemed Export Supplies

December 4, 2019 2997 Views 1 comment Print

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.

Penalty for inability to meet contractual obligation cannot be disallowed

December 4, 2019 3114 Views 0 comment Print

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.

Reassessment without disposing assessee’s objections by a speaking order is invalid

December 4, 2019 3132 Views 0 comment Print

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.

CBIC Withdraw Circular No. 107/26/2019-GST dt. 18.07.2019 – ITeS services under GST

December 4, 2019 8874 Views 0 comment Print

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.

Govt extends SVLDRS, 2019 to 8 More enactments

December 4, 2019 1116 Views 0 comment Print

Government hereby specifies the following enactments to which the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 shall be applicable, namely:-

Mistake of counsel may be taken into account in condoning delay: ITAT Amritsar

December 4, 2019 5325 Views 0 comment Print

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 designates Special Court under Black Money Law

December 4, 2019 810 Views 0 comment Print

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

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