"12 January 2020" Archive

Circular cannot override Supreme Court/High Court Judgment

Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court)

Kuthannur Service Co-Operative Bank Limited Vs. ITO (Kerala High Court) The grievance of the appellants is that, though the orders passed by the Tribunal are in their favour, the Tribunal has not considered the effect of Circular No. 133/6 of 2007 dated 09.05.2007 issued by the Central Board of Direct Taxes. In this circular, it […...

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SVLDR Scheme 2019 | For closing past litigations or to create new litigations?

Whether Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, is for closing of the past litigations or to create new litigations? It has been more than two and half years since implementation of GST in India. However, there are huge pending litigations from pre-GST regime. Therefore, with a view to quick closure of these litigations, v...

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Posted Under: Income Tax |

Financial stringency not justify non-remittance of TDS – Penalty Justified

KBR Infratch Ltd. Vs. ACIT (Karnataka High Court)

Financial stringency would not justify the non-remittance of TDS to the Government, in as much as, it would amount to utilization of money payable to the appropriate government. As such, by extending its benevolence....

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ITC Restriction under GST to 10%

Input Tax Credit (ITC) is the credit available towards tax paid on inputs which are used or intended to be used for in the course or furtherance of business. Input Tax Credit is the backbone of GST structure. The success of GST depends upon the smooth flow of ITC. Having too many restrictions on the […]...

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Posted Under: Income Tax |

Resignation of Partner from Limited Liability Partnership (LLP)

Limited Liability partnership (LLP) is hybrid of partnership and company. It is a partnership but comes with limited liability i.e. in the case of dissolution of business the partner’s personal property is not put at stake, only the property owned by business are attached. In India, it is introduced in 2008. The Limited Liability Partn...

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Posted Under: Income Tax |

Can Private Company Give Loan or Guarantee for Directors Bank Loan?

Can A Private Company Give Loan Or Guarantee For Director Taking Loan From Bank? Section 185- Loan To Directors, Etc. As per Section 185(1) a company cannot advance any loan, including any loan represented by a book debt to, or give any guarantee or provide any security in connection with any loan taken by any […]...

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Posted Under: Income Tax |

Validity of the direct recovery of Interest under GST?

While the principle issue of interest liability is still pending, it is observed that the GST department across the country has been issuing letters asking the taxpayers to remit the interest on Gross GST liability and if not paid within 7 days of the letter, the Bank accounts are being attached and the amount is recovered directly....

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Posted Under: Income Tax | ,

Doctrine of “Subrogation” Under Insurance

SUBROGATION means substitution of a person or group by another in respect of a debt in insurance claim, accompanies by the transfer of any associated rights and duties....

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Posted Under: Income Tax |

Expectation from Budget 2020 in context of IBC 2016 on Tax Front

1. Existing provisions u/s 153 of I-Tax act 1961 prescribes various limitation periods for completion of assessments under I-Tax act 1961. The IBC act 2016 stipulates as per section 60(6) that moratorium period be excluded from Limitation period. However I-Tax authorities never accept the overriding power of IBC’s as per section 238...

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Posted Under: Income Tax |

Lease & rental Services With or Without Operators under GST

Before discussing the Subject ‘GST on Lease & rental Services With or Without Operators’ it is important to under the meaning of Lease, Rental and License. 1. Meaning of lease under GST Scenario: A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (Owner) for use of an asset. Like […]...

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Posted Under: Income Tax |

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