"16 December 2019" Archive

e-Assessment & e-Invoicing: Digital Transformation of Tax Administration

1. Introduction Around the world, the momentous advancements in technology, increased digitalisation and the unprecedented flow of information is causing the tax administrations across nations, to re-think and re-examine their conventional and traditional modes of administration to stay effective and non-obsolete and to engage in digital ...

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Posted Under: Income Tax |

Patiala Courts grants Bail in case of alleged GST evasion via bogus ITC

CGST Vs Sudhir Kumar Aggarwal (Patiala House Court)

CGST Vs Sudhir Kumar Aggarwal (Patiala House Court) Ld counsel for the applicant/accused submitted that the applicant/accused has been falsely implicated. Ld counsel submitted that on various occasions the accused/applicant joined the investigation with the complainant department. Ld counsel submitted that the accused was coerced to give ...

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Root Cause Analysis | Structured problem solving

Root Cause Analysis (RCA) is one of a group of classic methodologies known as structured problem solving. Today, we find that RCA is one of the hottest topics in the world of audit and accounting. It is also very much vibrant from the data shared by Future of Jobs Survey 2018, World Economic Forum that […]...

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Posted Under: Income Tax |

Expense on Conducting of samagams and spiritual discourses by Trust allowable

CIT Vs Bhagwan Shree Laxmi Narain (Delhi High Court)

CIT Vs Bhagwan Shree Laxmi Narain (Delhi High Court) Conducting of samagams and spiritual discourses are part of religious activities and religious activity in the context of the Hindu religion need not be confined to the activities incidental to a place of worship only, like a temple. It is not in dispute that the activities […]...

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FM holds Pre-Budget Consultation with representatives of Financial Sector and Capital Markets

Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her second Pre- Budget Consultation meeting with the stakeholders from Financial Sector and Capital Markets in connection with the forthcoming General Budget 2020-21 here today....

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Posted Under: Income Tax |

Amendments approved in interest subvention scheme for MSMEs

1. Settlement of claims based on internal / concurrent auditor certificate and submission of  statutory auditor’s certificate once by June 30, 2020; 2. Acceptance of claims in multiple lots for a given half year by eligible institutions;...

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Posted Under: Income Tax |

This winter Taxpayers shiver due to GST Notices

Now-a-days department is continuously issuing notices to the taxpayers for discrepancies observed in the returns filed by them. These notices are making the taxpayers shiver. The most common notices received by the taxpayers are GSTR-3A and ASMT-10....

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Posted Under: Income Tax |

Section 54: Assessee cannot be treated ‘absolute owner’ of Jointly owned property

Ashok G. Chauhan Vs ACIT (ITAT Mumbai)

Ashok G. Chauhan Vs Asst. CIT (ITAT Mumbai) In the present case, admittedly the flat at Goa was not fully and wholly owned by the assessee as the same was initially owned co-jointly in the name of assessee and his wife. Admittedly, it is nobody’s case that wife was benami of the assessee. Therefore, the […]...

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HC allows filing of TRAN-1 to appellant to allow him avail un-utilized ITC

Hans Raj Sons Vs Union of India and others (Punjab and Haryana High Court)

It is clarified that in case the petitioner is hampered in any manner from availing the benefit of aforesaid judgment, due to non opening of the Portal by the Respondents, then the petitioner shall be permitted, in the alternative to claim the benefit of unutilized credit in their GST-3B Forms to be filed for the month of January,2020 eit...

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Board Committees Under Various Law Enactments

A company is run under the directions of its management more specifically Board of Directors.  The Board decides number of deliberations; executions which will impact a company in long run and also decide the future also. The Board committees consisting of both executive and non-executive directors established to advise, review, and appr...

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Posted Under: Income Tax |

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