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Archive: 19 August 2020

Posts in 19 August 2020

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5859 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4713 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

FY 2019-20: GST Compliance – Action Points – Part II

August 19, 2020 3765 Views 0 comment Print

In part I of the article we have discussed, Key consideration to comply within the timelines for FY 2019-20. In this part, i.e. Part II of this article we would discuss Procedures to be followed for the compliance of above-mentioned consideration and Practical challenges/caution to comply with the above-mentioned provisions. I. Procedures to be followed for […]

FY 2019-20: GST Compliance – Action Points – Part I

August 19, 2020 18639 Views 0 comment Print

We are all aware that COVID 19 pandemic has a great impact on the economy and non-compliance under any tax law due to cash flow has led to the payment of interest, late fee, and penalty. Generally, September is the compliance month for tax laws such as Income tax or GST law (previous financial year […]

AO cannot be solely guided by proposal given by Enforcement Wing Officers

August 19, 2020 918 Views 0 comment Print

M/s Jain Granites and Projects Pvt. Ltd. Vs Assistant Commissioner (CT) (Madras High Court) Assessing Officer cannot be solely guided by the proposal given by the Enforcement Wing Officers and that the Assessing Officer has to independently consider the same, without being influenced by such proposals of the higher officials. Some of the decisions in […]

Declaration filed by petitioner in Form SVLDRS-1 is final: HC

August 19, 2020 978 Views 0 comment Print

Jagadish Advertising Vs Designated Committee (Karnataka High Court) The petitioner in this petition has sought for quashing of the statement issued by the Designated Committee in Form Nos. SVLDRS-2 & SVLDRS-3 and is seeking for a direction to the Designated Committee to accept the declaration made by him in Form No.SVLDRS- 1 as final. In […]

Disallowance for plugging profit leakage cannot be supported: ITAT

August 19, 2020 516 Views 0 comment Print

ITAT states that, anyhow disallowing 10% of the expenditure on the ground that profit leakage has to be plugged cannot be supported. Keeping in view the facts and circumstances of the case, some disallowance of a random amount of 5 lakhs, in our view, would meet the end of justice. In the result, the balance disallowance is deleted and the appeal of the assessee is allowed in part.

GST: 3 important takeaways from a recent Tribunal order…

August 19, 2020 11667 Views 0 comment Print

 It is an ongoing debate since Service tax days that which functions of the Government are taxable and which are exempt. Recently Bangalore bench of the Tribunal has analysed this complex issue and here are the three major takeaways from the landmark decision on this issue…

Absence of incriminating material during search- No Addition in Section 153A Assessment

August 19, 2020 1257 Views 0 comment Print

If in relation to any assessment year, no incriminating material is found, no addition or disallowance can be made in relation to that assessment year in exercise of power under section 153A.

AE cannot be considered for the purpose of comparable

August 19, 2020 2532 Views 0 comment Print

Lonsen Kiri Chemical Industries Ltd. Vs DCIT (ITAT Ahmadabad) Once the comparable company becomes the AE of the assessee in the year under consideration, then such company cannot be considered for the purpose of comparable. Case Summary: – Facts of the case: The assessee is a joint venture of two companies namely Well Prospering Ltd […]

SC allows CBI probe into Sushant Singh Rajput Death Case

August 19, 2020 609 Views 0 comment Print

Rhea Chakraborty Vs State of Bihar & Ors. (Supreme Court) Supreme Court in a deserving case, can invoke Article 142 powers to render justice. The peculiar circumstances in this case require that complete justice is done in this matter. How this is to be achieved must now be decided. As noted earlier, as because both […]

Change in rules for opening current account with banks

August 19, 2020 17097 Views 4 comments Print

In India many reforms are taking place. Another reform is to safeguard the banks money and reduce NPA of accounts. Business houses often take CC/OD facility from one bank, open current account in another bank and perform all the business transactions in that current account.

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