"24 June 2020" Archive - Page 5

Notification No. 27/2020-Customs (N.T./CAA/DRI), Dated: 24.06.2020

Notification No. 27/2020-Customs (N.T./CAA/DRI) 24/06/2020

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification  No. 27/2020-Customs (N.T./CAA/DRI) New Delhi, the 24th June, 2020 S.O. 2228(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 ...

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Section 14A Disallowance cannot exceed Exempt Income

Century Real Estate Holdings Pvt. Ltd. Vs ACIT (ITAT Bangalore)

The window for disallowance is indicated in section 14A and is only to the extent of disallowing expenditure incurred by the assessee in relation to tax exempt income....

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Education Cess & Higher Secondary Education Cess allowable as a Business Expenses

Sesa Goa Limited Vs JCIT (Bombay High Court)

The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses?...

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No Adjournment in absence of ‘Vakalatnama’ based on Principle of Natural Justice

RNB Carbide & Ferro Alloys Pvt. Ltd. Vs ITO (ITAT Guwahati)

Adjournment can be granted in the absence of 'Vakalatnama' based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed....

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Section 10(23C) application Can’t be Rejected merely for Surplus generation

The Indian Institute of Banking & Finance Vs CIT (Exemp.) (ITAT Mumbai)

whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law?...

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Course affiliated by National Council for Vocational Training exempt from GST

In re The Leprosy Mission Trust of India (GST AAR Uttar Pradesh)

In re The Leprosy Mission Trust of India (GST AAR Uttar Pradesh) Question):- Whether services provided under vocational training courses recognized by National Council for Vocational Training (NCVT) or Jaan Shikshan Sansthan (JSS) is exempt either under Entry No. 64 of exemption list of Goods and Service Tax Act, 2017 or under Educational...

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GST on Services rendered under contract with State Urban Development Agency

In re Snow Fountain Consultants (GST AAR Uttar Pradesh)

In re Snow Fountain Consultants (GST AAR Uttar Pradesh) Whether the Project Development Service (i.e. Detailed Project Report Service) and Project Management Consultancy    services (PMCS)   provided   by the applicant to recipient under the contract from State Urban Development Authority (herein after referred as “SUDA”) and t...

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Valuation For Transfer of Shares From Resident To Non-Resident

Valuation refers to the process of determining the present value of the asset being valued. The need for valuation of shares arises while performing certain transactions such as issue of further shares in the form of Right shares, merger and acquisitions, transfer of undertaking, etc. Valuation is usually performed by Chartered Accountant...

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Posted Under: Custom Duty |

Person Liable & Not Liable for GST Registration | Section 22-23 | CGST Act 2017

Article Simplifies Provisions of Section 22 and Section 23 of CGST Act 2017 which deals prescribes Persons liable for GST registration  and Persons not liable for registration. Section 22 – Persons liable for GST registration – (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, oth...

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Posted Under: Custom Duty |

What if PAN not linked with Aadhar ?

Consequences of  Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]...

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Posted Under: Custom Duty |

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