On debatable issues, even if the addition in taxable turnover is made by the Assessing Officer, it does not amount to Best Judgment Assessment, which can be passed, only if the regular books of accounts and the return filed by the Assessee are rejected for given reasons
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 […]
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.
Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and that the Members of NCLTs should admit or dismiss the cases adhering to the prescribed time limits.
The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms.
Surrender of Insurance Policy means to cash of life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. At a particular time, when insured is not able […]
Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below? Budget 2020 has added the following provision in section 6 of Income Tax Act, 1961 that, An individual, being a citizen of India, shall be deemed to […]
The relevant event is the time on which GST invoice is raised. In case of debit note also, the relevant event is the time when the GST invoice pertaining to the debit note is raised, and not the time when debit note is raised.
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