"10 March 2020" Archive

AAR liable for rejection as issue is pending before Hon’ble SC

In re Vikram Traders (GST AAR Karnataka)

In re Vikram Traders (GST AAR Karnataka) It is pertinent to mention here that the Department has filed an appeal under SLP No.26696/2019 before the Hon’ble Supreme Court of India, against the order of the Hon’ble High Court of Orissa supra. Thus the issue is pending before the Hon’ble Supreme Court and therefore the said...

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GST on street lighting activity under Energy Performance Contract

In re Karnataka State Electronics Development Corporation Limited (GST AAR Karnataka)

The street lighting activity under the Energy Performance Contract dated 05.12.2016 amounts to composite supply where the principal supply is that of supply of goods....

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Brief Analysis of Section 111A, 112 and 112A of Income Tax

Analysis of Section 111A, 112 and 112A of The Income Tax Act, 1961 In this Article we shall discuss only about Shares, Debentures, Units of MFs, Units of Business Trust only. Let us now analyse each section one by one: Section 111A (CG on transfer of Short Term Capital Assets) Applicable to: All Assesses CG: […]...

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Mere amendment or substitution of a section not affects validity of notifications issued therein

Technimont Pvt Ltd Vs ACIT (ITAT Mumbai)

Technimont Pvt Ltd Vs ACIT (ITAT Mumbai) It is only elementary that merely because a section is amended or even substituted, whether by repeal of the legislation itself or by amendment in the legislation, the notifications, circulars and instructions issued therein do not cease to hold good. Section 297(2)(k) of the Income Tax Act, 1961,...

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Company qualifies for Section 80­IA deduction on Conversion from Partnership

CIT Vs Chetak Enterprises Pvt. Ltd. (Supreme Court)

CIT Vs Chetak Enterprises Pvt. Ltd. (Supreme Court) It is manifest that all properties, movable and immovable (including actionable claims) belonging to or vested in a company at the date of its registration would vest in the company as incorporated under the Act. In other words, the property acquired by a promoter can be claimed [&hellip...

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Two enterprises can be treated as associated enterprises when criterion specified in Section 92A(2) is satisfied

Kaybee Pvt Ltd Vs ITO (ITAT Mumbai)

Kaybee Pvt Ltd Vs ITO (ITAT Mumbai) Section 92A(2) governs the operation of Section 92A(1) by controlling the definition of participation in management or capital or control by one of the enterprise in the other enterprise. If a form of participation in management, capital or control is not recognized by Section 92A(2), even if it [&helli...

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Proper Officer under GST Law

The ‘proper officer’ has been empowered under GST law to execute and administer compliance of various Sections and Rules under GST law to protect the Government revenue and facilitates to the taxpayers to carry out day-to-day statutory compliances to run their business. The words ‘proper officer’ used in various parts of t...

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GST New Returns, GST New Forms, Sahaj, Sugam, Normal, ANX-1

Article explains about Types of NEW GST Return Forms which will be applicable from 01.04.2020 which includes GST RET-1- NORMAL RETURN (Monthly, Quarterly), GST RET-2- SAHAJ RETURN (Quarterly), GST RET-3 SUGAM RETURN (Quarterly), GST RET-1A- Amendment to Form GST RET-1, GST RET-2A -Amendment to Form GST RET-2 and GST RET-3A -Amendment to F...

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Capital Gain cannot be taxed to GPA holder, who is not the owner

Upma Shukla Proprietor Troubleshooters Vs ITO (ITAT Delhi)

This appeal by the assessee has been directed against the order of Ld. CIT(Appeals) challenging the additions on account of long term capital gains arising from transfer of land and also an addition on account of short term capital gains arising from transfer of building....

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Section 12AA registration cannot be denied merely for lack of activities by trust before application: SC

Ananda Social and Educational Trust Vs CIT & Anr. (Supreme Court)

In the given case, the object of the provision in question is to ensure that the activities undertaken by the Trust are not contrary to its objects and that a Commissioner is entitled to refuse registration if the activities are found contrary to the objects of the Trust...

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