AO recording reasons on same returned income considering escaped assessment but making various other additions of other than accepted returned income declared invalid and deleted in light of Explanation 3 and held issuance of fresh notice u/s 148 on other issues is mandatory.
The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]
The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New Act will come into force on such date as the Central Government may so […]
It is now fairly well settled that goodwill being an intangible asset, depreciation has to be allowed. In view of the aforesaid, we direct the Assessing Officer to allow assessee’s claim of depreciation of on goodwill.
Government to continue with the existing and improved GST Return System, dumps new system of filing returns The government plans to improve existing GST return filing system instead of rolling out a new GST Return filing model. The new GST return filing system was supposed to be launched on 1st 2020. Information is shared by […]
Reversal of ITC related to Fabric accumulated due to inverted duty structure According to natural law of justice if you are paying something you must get something in return or benefits out of it. In GST law, if a registered person paying for something to a registered person he must get the benefit of input […]
Performance Measurement is generally defined as Regular Measurement of outcomes and results, which generates reliable data on the Effectiveness and Efficiency of Performance. Performance indices are derived based on the trade-off between a constraint and the free variable. Performance Index is a measurable value that demonstrates how effectively a company or functional department is achieving key business objectives. Procurement Performance analysis sets […]
Today, the Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial […]
Simplified GST SERIES –Section 75-77 /CGST ACT 2017– Article explains Section 75- General provisions relating to determination of tax, Section 76 – Tax collected but not paid to the Government and Section 77- Tax wrongfully collected and paid to Central or State Government . Section 75- General provisions relating to determination of tax- (1) Where […]
