"16 November 2020" Archive

350 cases registered against fake GST invoice fraudsters

Notification No. D.O.No.41/CH(IC)/2020 16/11/2020

Last week saw a drive launched against the entire network of GST evaders including a few tax professionals. It includes all those who have been creating, supporting, servicing and advising fraudsters in setting up a web of fake companies to engage in bogus circular trading. Passing on ITC in contravention of law results in harming busines...

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Provisional bank account attachment during pendency of Section 67 search proceedings – SC stays Gujarat HC decision

Union of India & Anr. Vs Kushal Ltd. & Anr. (Supreme Court of India)

Supreme Court has stayed the Gujarat High Court decision in the case of Kushal Ltd. v. Union of India, wherein the High Court had set aside the provisional attachment of the bank account of the assessee observing that there was absence of pendency of any proceedings under Section 62, 63, 64, 67, 73 or 74 of the CGST Act, 2017....

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Depreciation on Imported Software Not Considered as Royalty & Not Liable for Disallowance u/s 40(a)(ia)

Wifi Networks Pvt. Ltd Vs DCIT (ITAT Bangalore)

The issue under consideration is whether depreciation on ‘imported software’ will be considered as royalty and liable for disallowance under section 40(a)(ia) for want of TDS?...

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To acquire section 153C Jurisdiction, Documents Seized must be Incriminating

ACIT Vs Realtech Construction Pvt. Ltd. (ITAT Delhi)

The issue under consideration is whether to acquire jurisdiction under section 153C is it require that the seized documents must be incriminating and must relate to the assessment year whose assessment were sought to be reopened?...

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Interest disallowance Justified if Commercial Expediency not established

DCIT Vs Alok Industries Limited (ITAT Mumbai)

DCIT Vs Alok Industries Limited (ITAT Mumbai) Issue raised is with respect to disallowance under Section 36(1)(iii) of the Act. The Revenue contends that assessee did not have adequate interest free funds, and that assessee could not establish commercial expediency. The disallowance in this regard has been done on the same reasoning as in...

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E-Way Bill generation blocking after 01.12.2020 applies to all

NA 16/11/2020

Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020 1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in […]...

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Concept of Own Risk Solvency Assessment (ORSA)

The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount [&hellip...

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Decoding Section 16(4) – ITC under GST– From Naked Perspective

In the recent times, the CGST Department has been aggressively issuing notices and advisory related to section 16(4) for late filing of GSTR 3B upto the March month of FY 2018-19, after due date of GSTR 3B of September Month. The Notice and advisory sent by the department is related to Reversing the ITC claimed […]...

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GST: Quarterly Return Monthly Payment Scheme with examples

Understanding the New GST Diwali Bonanza-Quarterly Return Monthly Payment (QRMP) Scheme with Practical Illustrations The Goods & Service Tax (GST), inspite of its PAN India roll-out as ‘One Nation One Tax’, w.e.f. 1.7.2017, has been looked upon with some reservations and apprehensions by the small and middle level businesses and t...

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