"24 February 2020" Archive

Official amendments to Direct Tax Vivad se Vishwas Bill 2020

The Direct Tax Vivad se Vishwas Bill, 2020 (‘the Bill’) was introduced in the Parliament on 5th Feb, 2020. After introduction of the Bill, a notice for moving the following amendments to the provisions of the Bill has been given to the Parliament on 14th Feb, 2020, which is subject to the approval of and […]...

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Posted Under: Income Tax |

NCLAT releases Flipkart India from Corporate Insolvency Resolution Process (CIRP)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) we have found that demand notice delivered under Section 8(1) of the Code was not proper and was also incomplete. The Operational Creditor failed to submit any documents to prove in existence of the Operational debt and the amount in The Operational Creditor also failed t...

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Posted Under: Income Tax | |

Discount given for non-provision of certain service to foreign buyer not liable under BAS

MAN Trucks India Pvt. Ltd. Vs Commissioner, Central Excise, Customs & Service Tax (CESTAT Delhi)

MAN Trucks India Pvt. Ltd. Vs CCE (CESTAT Delhi) In a case where the assessee had exported goods to sister concern who in turn had sold them to buyers there, with the foreign importer being responsible for providing after sales services, CESTAT Delhi has held that the discount given in consideration for non-provision of warranty […...

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Section 272B Penalty for failure to comply with provisions of PAN

Penalty for failure to comply with various provisions of Permanent Account Number (PAN) – Section 272B The penalty provisions of section 272B of the Income Tax Act gets attracted in case the person fails to comply with various provisions of the Permanent Account Number as prescribed under section 139A of the Income Tax Act. Most [&helli...

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Posted Under: Income Tax |

Offence under GST provisions are non cognizable hence FIR can be lodged

Shahzad Alam & Others Vs State Of U.P. & Others (Allahabad High Court)

In the instant case, the allegations are in respect of getting bogus firms registered under the GST Code and of preparing bogus invoices for the purpose of evading tax....

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Delegation of authority for blocking of credits in Maharashtra

No. D.C.(A&R)-2/GST/PWR/Section/2017-18/ADM-8 24/01/2020

State commissioner of  Maharashtra issues a Notification for Delegation of authority for blocking of credits  as per CGST Rule 86A.  Notification Authorises Deputy Commissioners, Assistant Commissioners and All state tax officers for blocking of credit. COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, d...

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Draft Employees’ State Insurance (General) Amendment Regulations, 2020

Notification No. N-12/13/01/2019-P&D 27/01/2020

Employees State Insurance Corporation vide notification No. N-12/13/1/2016-P&D dated 24.01.2020 released the draft regulation on Employees’ State Insurance (General) Amendment Regulations, 2020 to further amend Employees’ State Insurance (General) Regulation, 1950. The Employees State Insurance Corporation proposes to make in exer...

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Interest on FD received at pre-operative stage is capital receipt

Solarfield Energy Pvt Ltd Vs ITO (ITAT Mumbai)

Interest income generated during pre-operative period was correctly reduced by assessee-company from WIP  as the same was inextricably linked with the power project and would be considered as capital receipt...

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HC refuses to allow release of goods for Non Disclosure of Godowns & Non Payment of GST & Penalty

Ashu Traders Madar Gate Vs UOI (Allahabad High Court)

The subject matter of challenge in the instant writ proceeding is challenging the seizure as well as praying for release of the seized goods. A counter affidavit filed on behalf of the State reveals, inter alia, as follows :-...

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Format of Draft reply against Section 50(1) GST Interest demand

Article compiles Format of Draft Letter / reply against Section 50(1) GST Interest demand in respect of the Delayed payment of the Tax amount on account of Late filing of the GSTR 3B Return. Dear Sir, R: M/s. _____________  GSTN : Your Letter No.———- dated——- in respect of Interest Due U/s 50(1) received thr...

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Posted Under: Income Tax |

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