In re Ushabala Chits Private Limited (GST AAAR Andhra Pradesh) For the record, it may be noted that under Section 15(2)(d), the said interest or late fee or penalty for delayed payment of any consideration is for any supply. It is not necessary that it flows out of a ‘taxable supply’. Further the word “consideration” […]
In re ID Fresh Food (India) Pvt. Ltd (GST AAAR Karnataka) We find that Section 100 of the CGST Act provides for an appeal to be filed by any party who is aggrieved by the advance ruling given by the lower Authority. In this case, the Department is not aggrieved by the ruling given by […]
Computer Age Management Services Limited (CAMS) is set to launch it’s IPO on 21st September, 2020, the IPO will be open for subscription to the public for 3 days i.e 21-09-2020 to 23-09-2020.
ACIT Vs. Nicholas Piramal India Ltd. (ITAT Mumbai) We notice that assessee has incurred consultancy charges to list the ‘ADR’ in ‘NYSE’ and later dropped this project. The AO treated the expenditure as capital and disallowed the same and simultaneously, invoked provision of section 40(a)(i) and 195 of the Act. We notice that in the […]
Atul Gupta Vs ACIT (ITAT Delhi) It is an undisputed fact that the instant case was picked up for ‘Limited Scrutiny’ on two specific issues as reproduced in Para 2.0 above. It is also an undisputed fact that neither any permission was sought by the AO to expand the scope of limited scrutiny in the […]
Sudhir Chandra Datt Vs ACIT (ITAT Jabalpur) It is an admitted fact that the Township project, work-in-progress (WIP) of which it claims as undervalued, is on the outskirts of Jabalpur, as opposed to the other two, located in the midst of the city. Land cost is a substantial part of a real estate project cost. […]
Representations were received from certain exporters on the inability to file reward Shipping Bills where the UQC of the export item in the corresponding DEEC/EPCG license was other than the prescribed standard UQCs since System has a check that the item UQC in the Shipping Bill and that in the license should be the same.
Schott Glass India Pvt. Ltd Vs. ITO (ITAT Mumbai) We notice that assessee is in the business of manufacturing glass tubes and in the manufacturing, the melted glass has to pass thru feeder/nozzles in the furnaces. The temperature in which the melted glass is passed through feeder or nozzles at 1600 degree or more. It […]
Vodafone India Ltd. Vs PCIT (ITAT Mumbai) It was argued by the ld. AR that the learned Principal Commissioner of Income-tax [‘PCIT’] erred in assuming jurisdiction and initiating proceeding under section 263 of the Income-tax Act, 1961 (‘Act’) since the order passed by the Assessing Officer (‘AO’) was neither ‘erroneous’ nor ‘prejudicial’ to the interest […]
Find out how Section 80C & Sec 10(10D) allows you to save taxes and get a financial cover with life insurance. Learn about the deduction, exemption, and implications of surrendering the policy.
