"16 April 2020" Archive

Taxability of Transfer of Developmen Right (TDR) Under GST

1. Transfer of Development Rights means the owner of land allows promoter ( builder ) to develop the land and construct apartments in his land. This is different from Transferable Development Rights. In case of Transferable Development Rights, Government (local authority) gives an instrument to land owner (for surrender of his right) to e...

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GST Year Ending Tasks

As all of us are aware that the nation is under lockdown due to Covid 19. The financial year ending tasks are still not done. It is advisable to to do the following tasks and keep the suitable documentary evidences ready as soon as the lockdown is lifted and the businesses get back to their […]...

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No TDS on export freight to shipping agent of non-resident

PCIT Vs  Summit India Water Treatment (Gujarat High Court)

In the given case, the respondent assessee has filed its return of income for the assessment year 2013-­14. The Principal Commissioner of Income Tax invoked power of revision under Section 263 of the Act, 1961 on the ground that without deducting TDS on the export freight, the assessee company had paid export freight to Inter Ocean Shipp...

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Denial of copies of seized documents was violation of natural justice: HC

Mozart Global Furniture Vs Sate Tax Officer (Kerala High Court)

The prayer in the Writ Petition is for a direction to the 1st respondent to supply copies of the documents relied upon by the 1st respondent while issuing the notices, and thereafter, to afford the petitioners an opportunity to submit their objections with regard to the reliance placed on the same, before proceedings to adjudicate the mat...

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Cenvat Credit cannot be denied on assumptions of fraudulent intention

Commissioner of Central Excise Vs Welspun Corporation Ltd. (Punjab and Haryana HC)

More-so, when clearance and supply of dutiable goods is accepted and there is no denial to the fact that a purchase order existed for supply of dutiable goods, on mere assumptions the intention cannot be determined or it can be concluded that the conduct was fraudulent....

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Demurrages for delay in project execution- HC remanded matter back to ITAT

The Estate Vs ACIT (Kearnataka High Court)

The Estate Vs ACIT (Karnataka High Court) In the given case the appellant is a partnership firm which is engaged in the business of real estate development, construction and sale of flats under the name and style of ‘The Estate’. The appellant filed its original return of income declaring its total income of Rs. 95,04,431/- […]...

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No classification as NPA for failure to pay Loan installment due to COVID-19

Anant Raj Ltd. Vs Yes Bank Ltd. (Delhi High Court)

Learned counsel for the respondent contends that RBI guidelines and package are not applicable to the case of the petitioner, in as much as, the petitioner was already in default as on 01.03.2020 and the package is applicable only to those instalments which fall due on 01.03.2020 and also only to those borrowers who were properly servicin...

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Extension of due date of SEBI compliance under Takeovers Regulations

Extension of Due Date of Compliance of Disclosures Under Regulation 30(1), 30(2) of SEBI (Substantial Acquisition of Shares And Takeovers) Regulations, 2011 SEBI vide its Circular No.: SEBI/HO/CFD/DCR1/CIR/P/2020/49 dated 27th March, 2020 has granted Relaxation   from   compliance   with   certain   provisions   of   the  ...

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Income Tax Provisions relating to Religious Trusts

The Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under section 11 of the Act. The creation of religious charitable trusts is governed by the personal laws of the religion. The administration of these religious trusts can either be left to ...

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Further clarification on extended GST return filing due dates

Further clarification on extended date as per Circular No.136/06/2020-GST, dated 03.04.2020 Circular No.136/06/2020-GST, dated 03.04.2020 had been issued to clarify doubts regarding relief measures taken by the Government for facilitating taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Se...

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May 2021