"13 December 2019" Archive

CIT cannot exercise revision power if AO had taken permissible view on the issues

Eveready Industries India Ltd. Vs PCIT (ITAT Kolkata)

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

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No Service Tax on pure sale un-associated with any service component

Aviat Health Care Pvt. Ltd. Vs Commissioner of CGST (CESTAT Mumbai)

Aviat Health Care Pvt. Ltd. Vs Commissioner of CGST (CESTAT Mumbai) It is worthwhile to mention here that ‘trading’ is a pure sale which is subjected to the taxable jurisdiction of the provisional Government and no Service Tax liability accrues from pure sale un-associated with any service component as has been elaborately dealt by th...

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Maharashtra State Finance Audit Report of Comptroller and Auditor

Chapter I is based on the audit of Finance Accounts and makes an assessment of the Maharashtra Government’s fiscal position as on 31 March 2018. It provides an insight into trends of committed expenditure and the borrowings made by the State Government....

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Posted Under: Income Tax |

NAA finds Signature Builders Guilty of not passing ITC Benefit to Customers

Shri. Abhishek Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority)

Shri. Abhishek Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority) Central Government, on the recommendation of the GST Council, had levied 18%  GST with effective  rate  of  12%  in  view  of 1/3rd abatement on value on the – construction service, vide Notification No. 11/2017-Central Tax (Rate) dated  28...

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Discount after increasing price cannot be considered as passing on of benefit of additional ITC: NAA

Shri. Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (National Anti-Profiteering Authority)

Shri. Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (National Anti-Profiteering Authority) The Respondent’s further contention that he had already offered more than 10% discount in basic prices to all the customers who have booked flats Post GST and the discount had been given mainly on account of availability of ITC, thus the allegat...

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Independent Director Proficiency Test Amendments 2019

Independent Director Amendments On October 22, the Ministry brought the notification on the appointment and qualification of independent directors. The amended rules Companies (Appointment and Qualification of Director) Fifth Amendment Rules, 2019, – Companies (Creation and Maintenance of databank of Independent Directors) Rules, 20...

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Posted Under: Income Tax |

Liquidity Support (LS) Facility – NEFT 24 x 7

RBI/2019-20/115 FMOD.MAOG.No.138/01.01.001/2019-20 13/12/2019

In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24x7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS)....

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Tax Havens and Developing Countries: Policy Challenges in post BEPS Regime

Tax havens create huge challenges before countries in terms of shifting of profits, flight of capital, hiding of unaccounted wealth & other assets of tax residents of countries and providing a safe haven for parking corruption proceeds from where it is ultimately laundered back into source countries....

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Posted Under: Income Tax |

Transfer Pricing Audits in the Case of a Service Provider

Two issues are important for determining the arm’s length price of the services provided to foreign affiliate by an Indian service provider. These are proper determination of cost base on which arm’s lengthy mark- up will apply and the mark-up. The article deals with the issue of constituents of cost base. Hopefully, the proper determ...

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Posted Under: Income Tax |

Analysis of Section 115BAA of Income Tax Act,1961

Section 115BAA so inserted, provides that,- (a) A domestic company shall at its option, pay tax at a lower rate of 22 per cent for any previous year relevant to the Assessment Year beginning on or after 1st April 2020, subject to certain conditions, including that the total income should be computed without claiming any […]...

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Posted Under: Income Tax |

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