"12 July 2020" Archive

CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals

Release ID: 1638215 (12/07/2020)

Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verifica...

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AAR cannot decide on correct discharge of GST by applicant

In re Apsara Co-operative Housing Society Limited (GST AAR Maharashtra)

In re Apsara Co-operative Housing Society Limited (GST AAR Maharashtra) In the instant case that, the question which has been raised by the applicant is not pertaining to any of the matters mentioned in Section 97 (2) of the GST Act. In other words. Section 97(2), which encompasses the questions, for the ruling by this Authority [&hellip...

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GST exemption on Pure services to Municipal Corporation & Councils

In re Core Project Engineers & Consultants Private Limited  (GST AAR Maharashtra)

In re Core Project Engineers & Consultants Private Limited (GST AAR Maharashtra) We find that the Services are provided by the applicant are in relation to Urban planning including town planning and Planning of land- use and construction of buildings in as much as all the said activities help the local authorities to do Town Planning...

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‘Pattern of renting’ in relation to usage of property provides context in determination of unit

In re ISPRAVA Hospitality Private Limited (GST AAR Maharashtra)

In re ISPRAVA Hospitality Private Limited (GST AAR Maharashtra) ‘Pattern of renting’ in relation to usage of the property provides the context’ or ‘perspective’ in determination of unit of accommodation. In a hotel, a room constitutes ‘a unit’ whereas in a hostel, a bed may constitute ‘a un...

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No jurisdiction to rule on issuing Credit note without charging GST on post-sale discounts- AAR

In re CEAT Limited (GST AAR Maharashtra)

Whether the applicant can issue commercial credit note to its dealers for post-sale discounts without charging GST. Hence, it is held that this AAR does not have jurisdiction to pass any ruling on such matters....

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Is CGST Rule 41A introduced without any sanctioning Section in Act??

In this article, we have attempted to ask whether Rule 41A, inserted in CGST Rules vide notification no 03/2019 dt 29/01/2019 wef 01/02/2019, is an instance where the Rule has been prescribed and made operational even though no section seeks to prescribe it. Section 18(3) prescribes that ITC can be transferred from one firm to […]...

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Posted Under: Income Tax |

Taxability of Sale of Developed Land – Under GST Laws

The moot question arises, whether supply or sale of developed or plotted land is liable to GST? Before proceeding to discuss about GST liability of developed land, it is better to discuss taxability of land in pre-GST regime....

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Posted Under: Income Tax | ,

Meditation Magic – My Experience with Meditation

Meditation is a magic. It makes terrific changes in anybody. Meditators achieve everything which they desired in life. Not even its benefit limited to them, it creates such an aura that all connected persons get benefited. It is a motivation to do good for others. It helps them in evolve. Being a meditation practitioner, I […]...

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Posted Under: Income Tax |

Audits of Financial Entity in COVID-19

Audits of financials, now a day, are on peak if we talk about it comparing with last financial year. But this year, AGM are already postponed, Tax audits dates are further increased to 30th Nov 2020 surely gonna extended further to the month of December. Market condition is not stable these days....

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Posted Under: Income Tax |

Procedure for Resignation of Director & Related Compliance (With Sample Drafts)

Procedure for Resignation of Director & Related Compliance (With Sample Drafts) The directors of a company are its eyes, ears, brain and nerves upon whose efficient functioning depend the success of the company. However due to personal or unavoidable reasons, a director may resign from his position. The provision related to Resignatio...

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Posted Under: Income Tax |

Promissory Estoppel on Govt. Clarifications, applied retrospectively in Public Interest

Union of India & Others. v/s V.V.F. Limited & Others (Supreme Court)

Union of India & Others. v/s V.V.F. Limited & Others (Supreme Court) Promissory Estoppel on Govt. Clarifications, applied retrospectively in the Public Interest (Supreme Court 3 Judge Bench Judgment) Decided on 22.4.2020 Questions Framed (Important Points) :- 1. Whether in the facts and circumstances of the case the subsequent not...

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Posted Under: Income Tax |

Non-compete fees paid to employee is part of salary & hence Not Taxable in India as per DTAA

The Director of Income-Tax Vs Sasken Communication Technologies Ltd. (Karnataka High Court)

The issue under consideration is whether the amount paid to the employees under the non-compete agreement is covered by the expression ‘salary/profits in lieu of salary’ or not? and If not then whether the TDS will be applicable or not?...

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Appeal filed by assessee dismissed due to ignorant attitude of assessee towards appeal

Raghuraj Singh Vs JCIT (ITAT Delhi)

Appeal filed by assessee dismissed due to ignorant attitude of the assessee towards appeal....

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Inquiry into Factual Situation required to determine Section 80P Deduction Eligibility

Peruvemba Service Cooperative Bank Limited Vs ITO (ITAT Cochin)

The issue under consideration is whether the AO need to conduct an Inquiry into Factual Situation as to activities of assessee society to determine eligibility of deduction u/s 80P?...

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TDS u/s 194J Applicable on Payments by TPA to Hospitals on behalf of Insurance Companies

Family Health Plan (TPA) Ltd. Vs ITO (ITAT Chennai)

The issue under consideration is whether TDS u/s 194J will be applicable on payments made by TPA to hospitals on behalf of insurance companies for settling medical or insurance claims?...

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No Section 54B exemption if new land not purchased within a period of 3 years

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune)

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune) The issue under consideration is whether CIT is correct in denial of exemption u/s 54B of the Act? In the present case, the case of assessee is selected for limited scrutiny under CASS for the reason of “Deduction claimed under the head capital gains”. After claiming deduction for […]...

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Fake ITC: HC modifies Bail Conditions considering COVID-19

A. Mohideen Vs The Senior Intelligence Officer (Madras High Court)

HC modify Conditions of Bail considering the inability of accused to comply with same due to COVID-19....

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Software Expenses on Upgradation allowed as Revenue Expense

Addl. CIT Vs TV Today Network Ltd. (ITAT Delhi)

The issue under consideration is whether the software expenses are allowed as revenue expenditure? Software Expenses incurred for Upgradation are Allowed as Revenue Expenditure....

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Bar Council eligible for Registration u/s 12AA & Exemption u/s 80G

Bar Council of Delhi Vs CIT (Exemption) (ITAT Delh)

The issue under consideration is whether the CIT is correct in rejecting the application filed by Bar Council of Delhi seeking registration u/s 12A (a) of the Income Tax Act?...

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Payment for VRS to employees prior to Section 35DDA Insertion fully allowed

Foseco India Limited Vs DCIT (ITAT Pune)

The issue under consideration is whether the payment made by the company to its employees under the Voluntary Retirement Scheme (VRS) is allowed as deduction?...

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Business Promotion Expenses for Precious items allowed partially considering nexus with Turnover

Rajeev Verma Vs ACIT (ITAT Delhi)

The issue under consideration is whether AO and CIT(A) are correct in disallowing the Business Promotional Expenditure declared by the assessee?...

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Stamp Duty to obtain Business Premises on Lease is Revenue Expense

Fiserv India Private Limited Vs ACIT (ITAT Delhi)

The issue under consideration is whether the stamp duty paid for obtaining the business premises on lease is deductible under section 37 of the Income Tax Act, 1961?...

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Aatma Nirbhar Bharat Package – Progress So Far

Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...

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Posted Under: Income Tax |

IBBI guideline on online Education by IPAs & RVOs

Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020...

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Posted Under: Income Tax |

Assessment Order passed on Dead Person is Void ab Initio

Late Shri Keshavlal Somnath Panchal Through Widow & Legal Heir Vs ITO (ITAT Ahmedabad)

Service of notice upon a dead person under section 142(1) would not authorise him to assume jurisdiction to pass assessment order on the L/Rs. also....

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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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Brief Order a must for ‘Advertisement before Acceptance’ of Trademark

Jai Bhagwan Gupta Vs Registrar of Trademarks & Ors. (Delhi High Court)

The Petitioner relied upon Section 9 and Section 11 of the Trademarks Act, 1999 and submitted that the Respondent should examine the trademark applications in an efficient and proper manner in order to ensure that none of the marks which are brought before the Respondent are similar to that which are already registered and not clear for a...

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Import of Blended edible vegetable oils without prior AGMARK certification not allowed

Instruction No. 12/2020-Customs (10/07/2020)

It has been clarified that import of Blended Edible Vegetable Oils (BEVO) without prior AGMARK certification is not allowed in India and further the Blended Edible Oils (BEVO) shall also comply with the rules and regulations made under FSS Act, The above mentioned compliance is to be ensured by the field formations....

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Requirement of Veterinary Certificate for Import of Milk and Milk Products into India

Instruction No. 11/2020-Customs (10/07/2020)

Compliance should be met regarding compulsory veterinary certificate issued by Competent Authority of exporting country under Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011....

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Automation Software expense allowable as Revenue Expense

Texas Instruments (India) Private Limited Vs Add. CIT (ITAT Bangalore)

The Agreement refers to the US parent company of the Assessee having acquired license to use EDA tools from the vendors and the right of the Assessee to use the same and the fact that billing will be done on the Assessee on the basis of actual use of the software by the Assessee. It is thus clear that the Assessee had acquired no right or...

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No Complaint under consumer Act for Delay in Passport issue

Regional Passport Office Vs. Gurpreet Singh Mangat and Others (State Consumer Disputes Redressal Commission, Punjab, Chandigarh)

Passport is not a commodity: No complaint under consumer Act for Delay in Issuance of Passport....

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Posted Under: Income Tax |

Transitional Credit- Delhi HC to hear the issue on 16.09.2020

Rehau Polymers Private Limited Vs Union of India (Delhi High Court)

Even in case the supreme court decide the above case in favour of assessee and make amendment section 140 of CGST Act, still that change will not allowed petitioner to claim Transitional Credit....

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Section 234B & 234C Interest on Book Profit Not Justified

PCIT Vs Mangalore Refnery & Petrochemicals Ltd. (Bombay High Court)

The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?...

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No Service Tax on construction of residential complex prior to 01.06.2010

Manjeera Constructions Ltd. Vs Commissioner of Central Excise, Customs & Service Tax (CESTAT Hyderabad)

The issue under consideration is whether service tax will be levied on promoters/builders/developers prior to 01.06.2010 in respect of the construction of the residential complex?...

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No service Tax on Down linking of Signals as same not falls under Definition of Broadcasting

Vedic Broadcasting Limited Vs Commissioner of Central Excise & Service Tax (CESTAT Delhi)

whether the charges paid for a service provided by Intelsat (situated outside India) to the Appellant covered under the head broadcasting service and tax in the hands of the Appellant under the reverse charge mechanism?...

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Section 69C- No addition on mere Sales Tax Department information

PCIT Vs Vaman International Pvt. Ltd. (Bombay High Court)

The issue under consideration is whether the Tribunal  was  justified in holding that provisions of section 69C of the Income Tax Act, 1961 are not applicable for assessee? ...

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HC permits to pay Tax Liability as calculated by Petitioner under SVLDR Scheme

Eureka Fabricators Pvt Ltd Vs Union of India & Ors. (Bombay High Court)

whether the rejection of petitioner's application under Sabka Vishwas (Legacy Dispute Resolution) Form No. SVLDRS-3 in respect of central excise duty payable is justified by law?...

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Post Incorporation Compliances of Private Company

PRIVATE LIMITED COMPANY: The Company shall be a private Company within the meaning of Section 2(68) of the Companies Act, 2013, limited by shares and having a minimum paid – up share capital as may be prescribed and shall: 1. restricts the right to transfer its shares; 2. Except in case of one person Company, limit […]...

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Posted Under: Income Tax |

Dispute Informed or Raised or Filed After issuance of Notice U/s. 8(1) of IBC, 2016

Dispute Informed or Raised or Filed After Issuance of Notice U/S 8(1) of Insolvency and Bankruptcy Code, 2016.  FIRST CASE- NO PRE-EXISTING DISPUTE, IF THE SAME WAS INFORMED AFTER ISSUANCE OF NOTICE U/S 8(1).  [In the matter of M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd. before NCLAT, NEW DELHI, […]...

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Posted Under: Income Tax |

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