"17 January 2020" Archive

ITC under GST on Corporate Social Responsibility

Some Important Definitions: Goods means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. [Sec. 2(52) of CGST Act] Services means anything other [&h...

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ITC restrictions by new rules Rule 36(4) & 86(A) of CGST Rules, 2017

The Rule 36(4) of the CGST Rules has been inserted vide notification No. 49/2019, Central Tax dated 09-10-2019. Since after the introduction this has made a lot of hue and cry among the tax payers . Some problems of the tax payers are really genuine . Although the government has come up with the some […]...

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Whole Sale and Retail trade Services under GST

Meaning of Goods: As per Section 2(52) of the CGST Act,2017, goods means every kind of movable property other than money and securities but including actionable claim growing crops, grass and things attached to or forming part of the land which are agreed to be served before supply or under a contract of supply. Meaning […]...

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Income Tax- Machinery Provision vs. Substantive Provision- Analytical Study

The Income Tax Act (the Act) has to be read as an integrated whole. Further, any section / enactment laying down the machinery for computing ‘chargeable- income’ from a transaction (SOURCE OF INCOME) rather ought not but to, - be read and given effect de-hors the ‘charging’ section....

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Declared value cannot be revised just because it is lower than in NIDB database

Sai Exports Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai has held that the difference in the declared value and the value in the NIDB database does not constitute in itself a 'reasonable doubt' needed to reject the transaction value under Rule 12 of Customs Valuation (Determination of Value of Imported Goods), 2007. It was held that simply because the value declared by the appell...

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Cenvat credit available on product liability insurance

Wheels India Ltd. Vs Commissioner of GST & Central Tax (CESTAT Chennai)

CESTAT Chennai has allowed Cenvat credit on product liability insurance availed by the manufacturer for covering the risk of manufacturing defect arising in finished products. The Tribunal for this purpose observed that the insurance was directly connected with manufacturing activity and was also an input service used in relation to manuf...

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GST: Power of arrest to be exercised with lot of care and circumspection

Vimal Yashwantgiri Goswami Vs State of Gujarat (Gujarat High Court)

Gujarat High Court has reiterated that the power to arrest under Section 69 of the Central GST Act is to be exercised with lot of care and circumspection and that prosecution should normally be launched only after completion of adjudication. The Court directed that no coercive steps of arrest against the writ petitioner should be taken....

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Checklist to change registered address of company from one state to another

Checklist/Guidelines for change of registered address of the company from one state to another Applicable Sections under Companies Act 2013 – Section 4 (Memorandum), Section 12 (Registered Office of the Company) Section 13 (Alteration of Memorandum of Association) Applicable Rule under Companies (Incorporation) Rules, 2014 – Rule 30 (...

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Section 153C Assessment not valid for assessment years not covered within 6 year period

Bina Fashions N Foods (P) Ltd. Vs DCIT (ITAT Delhi)

Where the impounded documents had been received by AO on 29-1-2014 and six assessment years under section 153C in case of assessee would be assessment years 2008-09 to 2013-14, therefore, initiation of proceedings under section 153C by AO for assessment years 2006-07 to 2011-12, was illegal and not sustainable in law....

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Rajasthan Investment Promotion Scheme- 2019

Order No. F. 12(39)FD/Tax/2019-97 (17/12/2019)

RAJASTHAN INVESTMENT PROMOTION SCHEME - 2019- In order to generate employment opportunities and promote rapid, sustainable and balanced economic growth in the State of Rajasthan...

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