"21 May 2020" Archive

Comprehensive Analysis of Definition of Benami Transaction

A journey into the evolution of the definition It is natural that the comprehensive analysis of the definition of benami transaction in the benami act has to start with reproducing the definition itself. Section 2(9) of Prohibition of Benami Transactions Act, 1988 defines Benami Transaction. As per this, Benami Transaction means: A. A tra...

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HC directs Nodal Officer to consider form TRAN-I rectification request

Beauty Wares Vs Assistant Commissioner of CT & CE (Madras High Court)

Beauty Wares Vs Assistant Commissioner of CT & CE (Madras High Court) The petitioner has filed the writ petition for a mandamus to permit him to avail credit on the closing stock of input footwear available by rectifying Trans-I filed by them earlier. After considering the decision of Punjab and Haryana High Court held in […]...

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Retrospective GST amendment – Transitional credit claims of past- Dis-entitled now?

GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provision in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit. For this, Rule 117 of CGST […]...

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Posted Under: Corporate Law |

Impact of COVID 19 on business, GST Perspective

Impact of COVID 19 on GST Indian government chose complete lockdown as an important measure to protect human life’s from the rapid spread of COVID 19 outbreak. Besides human life which is the most important, nationwide complete lockdown has had a worst impact on the economic activities resulted into huge revenue loss to the Government [...

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Posted Under: Corporate Law |

Arrest, Bail And Compunding in GST

Recently a single member High Court Bench has provided for conditional bail of the accused on the condition that they may approach the GST authorities for Compounding of their Offenses as provided under the act. Compounding of Offenses as provided by Section 138 of the GST law would allow the accused to avoid criminal prosecution [&hellip...

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Posted Under: Corporate Law |

Income Tax on Revenue From YouTube

YouTube video blogging, popularly known as vlogging has reached at the peak of its popularity by now. The trend of googling for a content has shifted to you tube search. Many budding vloggers are making money from YouTube. However most of them are not aware of the tax implications. Let’s try to explore this in […]...

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Posted Under: Corporate Law |

Section 54F: Reinvestment in name of wife allowed but not in the name of son

Sakharam Bhondve Vs ITO (ITAT Pune)

Sakharam Bhondve Vs ITO (ITAT Pune) The issue under consideration is whether the deduction u/s 54F for reinvestment against Capital gain in the name of wife and son will be allowed or not? As per the judgement of the Hon’ble Bombay High Court in the case of Kamal Wahal (supra): “It also noted that a […]...

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ITAT upheld addition for Tax Evasion by misuse of Client Code Modification

Nirmala Devi Vs ITO (ITAT Delhi)

Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to examine the misuse of Client Code Modification for tax evasion. The client code of the assessee was SS 493 & as per the Assessing Officer the error by the operator could be in the form […]...

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Depreciation @ 60% allowable on Set Top Boxes acquired on Finance Lease

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh)

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh) Conclusion: Set top boxes was the property of CISCO which was taken by assessee on lease from CISCO against payment of lease charges thus assessee was not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1) however, entitled to ...

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Tax Dues not barred by Insolvency Proceedings under IBC

Electrosteel Steels Limited Vs State of Jharkhand (Jharkhand High Court)

Electrosteel Steels Limited Vs State of Jharkhand (Jharkhand High Court) Facts The assessee company had challenged the garnishee order issued u/s 46 of the JVAT Act, asking the respondent Bank to pay into the Government Treasury, the sum of Rs.37,41,41,602/-, on account of tax / penalty due under the JVAT Act, from the assessee company, [...

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