"27 February 2020" Archive

Limited scrutiny cannot be converted into complete scrutiny without seeking permission from competent authority

Shri Sita Ram Swami Vs ITO (ITAT Jaipur)

Addition made u/s 69 was liable to be quashed as the order passed by AO would be nullity as he couldn’t convert limited scrutiny into complete scrutiny in absence of requisite approval from the competent authority....

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CARO, 2020- Auditor’s Are You Vigilant?

very report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after the 1st April, 2019, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable: -...

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Posted Under: Income Tax |

HC: No Interest if IGST wrongly paid inadvertently as CGST

The Hon’ble HC, Jharkhand in the matter of Shree Nanak Ferro Alloys Pvt. Ltd.  vs. Union of India [W.P.(T) No. 2246 of 2019 dated December 18, 2019] directed the Petitioner to deposit the amount of Rs. 41,98,642/-, under the Integrated Goods and Service Tax (“IGST”) head, towards the liability of September, 2017 and quashed the [&h...

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Posted Under: Income Tax |

Representation on issues related to GST Act, GST portal, network

All India Federation of Tax Practitioners has made a Representation on issues being faced by taxpayers and tax professionals related to GST Act, GST portal, network and glitches thereof. Text of the same is as follows-...

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Posted Under: Income Tax |

DGGI Kolkata Zonal Unit unearths 500 Crore fraud of Fake GST Invoices

On 25th February, 2020, the Directorate General of GST Intelligence (DGGI), Kolkata Zonal Unit (KZU), arrested 02 (two) persons in a case of GST fraud involving Rs. 500 crores of bogus transaction with involvement of GST credit of more than Rs. 96 crores....

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Posted Under: Income Tax |

If Designated Committee not issues SVLDRS 3 within 30 days it is a case of deemed discharge

Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi)

Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi) if Designated Committee has not issued SVLDRS 3 within 30 days it is a case of deemed discharge under SVLDRS- In that circumstances, SVLDRS-3 form has not been issued to the appellant, therefore, the designated authority was duty bound...

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Application for Compounding of Offence can’t be rejected on Technical Grounds

M C Punjwani Vs Commissioner of Custom (CESTAT Mumbai)

The purpose of compounding of offences against payment of compounding amount is to prevent litigation and encourage early settlement of dispute. In the guidelines issued vide Circular No. 15/10/2009 no prohibition has been imposed against deciding the application for compounding...

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No requirement to prove source for receipts which is a case of repayment of loan

ITO Vs Vijay Dwellers Pvt. Ltd. (ITAT Mumbai)

In the given case, the appeal is filed by revenue against the order of Commissioner of Income Tax (Appeals). The issue here is that as per assessing officer there is requirement for assesse to prove the source of funds in the hands of the receipts received by assessee. ...

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Matters to be included in auditor’s report as per CARO, 2020

Matters to be included in auditor’s report as per Order called the Companies (Auditor’s Report) Order, 2020 (CARO, 2020) The Central Government, after consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, hereby issued the Order called the Companies (Auditor̵...

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Posted Under: Income Tax |

Most Important Exemption Under Total Income

INCOME WHICH DOES NOT PART OF TOTAL INCOME UNDER INCOME TAX ACT SECTION-10. INTRODUCTION: Various categories of income are exempt from income tax under section 10. however, the ones of showing the class of income is exempt from taxation lies on the assessee. To learn the assessee has to establish that his case clearly and […]...

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Posted Under: Income Tax |

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