Assessee was entitled to claim refund of service tax on composite contract of immovable property including value of land as merely because assessee made the payment, it would not partake the character of service tax and the department could not retain the amount paid by assessee which was in fact not payable by them.
As GST was IT driven indirect tax system, it thrown many challenges for IT professionals and policy makers also. It has affected almost every business transaction may be supply of goods, services, purchases, sponsorship, donations, charity and even non-business transactions to the extent. One of such transactions is Corporate Social Responsibility (CSR).
Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one […]
Taxation Committee of the Bombay Chartered Accountant’s Society (BCAS) has submitted a Representation dated 19th December 2019 to the CBDT Chairman Shri Pramod Chandra Mody on processing the returns of Income for AY 2019-2020 under Section 143(1)(a) of the Income-tax Act, 1961. Relevant Text of the same is as follows:- Bombay Chartered Accountant’s Society Harnessing […]
CBI Vs. Devendra Chaturvedi (Special Court for CBI at Greater Bombay) In nutshell, it is the allegation against accused that they conspired to cheat the Income Tax Department and in collusion with each other during the relevant period accused No.1 prepared income tax returns with the assistance of accused No.2 in the name of accused […]
Acuity Holdings Pvt. Ltd. Vs DCIT (ITAT Mumbai) Undisputedly, the subject premise in respect of which the assessee has claimed the rental expenses has been taken on lease by the assessee. Though, in the leave and license agreement, it is mentioned that it has been taken on lease for the use of residence of directors/employees, […]
Manipal Universal Learning Pvt. Limited Vs The Commissioner of Central Excise (CESTAT Bangalore) Brief issues that require consideration in this case or as to Whether VSAT (Very Small Aperture Terminal) fee (both one-time fee for supply of goods and actual usage charges) charged for supply of VSAT equipment is liable for service tax under “franchise […]
Kalpaka Distrbutors Pvt Vs Union of India (Kerala High Court) On a consideration of the facts and circumstances of the case and the submissions made across the bar, I find that since it is not in dispute that the petitioner herein did attempt to upload the necessary details in the system maintained by the respondents, […]
Re-assessment even if in case where return was not scrutinized before the income chargeable to tax had escaped before acceptance originally could not be made unless AO has reason to believe that the income chargeable to tax had escaped, therefore, for mere verification or for fishing inquiry, reopening of assessment was not permissible.
Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, held her seventh Pre-Budget Consultations with different stakeholders from Infrastructure Sector and experts of energy sector and climate change in connection with the forthcoming General Budget 2020-21 here today.
