"20 November 2020" Archive - Page 2

No addition for Share application money if Recipient company proves identity, genuineness of transactions & creditworthiness of parties

Network Synthetics Pvt. Ltd Vs DCIT (ITAT Mumbai)

Network Synthetics Pvt. Ltd Vs DCIT (ITAT Mumbai) It is observed that the assessee has discharged its initial onus to prove the identity, genuineness of the transaction and creditworthiness of the parties by filing all these documents. The Tribunal in assessee’s group cases while deleting the additions made u/s. 68 of the Act observed a...

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GSTN issued Advisory on E-Invoicing

The Goods and Service Tax Network (GSTN) had issued the updates on e-invoicing. E-Invoicing is basically a standard format of the invoice suggested by the GSTN for the GST registered suppliers. E-Invoicing includes that the businesses would generate the invoice at their system and report it to e-invoice portal (also recognized a...

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Posted Under: Income Tax |

Details about MSME-1 FORM

The Government of India had enacted the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 in which it had defined the micro, medium, and small enterprises. As per section 7 of the MSMED Act, 2006, the micro, small and medium and enterprises are defined as: Manufacturing Sector Service Sector Enterprises Investment in P...

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Posted Under: Income Tax |

Pre-filled ITR forms to make tax compliance more convenient

The Pre-filled Income Tax Return (ITR) forms are going to be available for taxpayers. This measure has been adopted in order to make the tax compliance convenient for the individual taxpayers, as notified by the Finance Minister, Nirmala Sitharaman....

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Posted Under: Income Tax |

Validity of Unloading of goods after expiry of E-way bill which reached destination before expiry of E-way Bill

Hemanth Motors Vs State of Karnataka (Karnataka High Court)

The dispute in the present case lies within a narrow compass. It is undisputed that the petitioner ensured transportation of the vehicles under appropriate e-way bills that were valid from 31.12.2018 at 10.37 pm to 1.1.2019. The petitioner contends that the conveyance carrying the vehicles reached the place of destination on 1.1.2019 befo...

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CSR – Mandatory or Recommendatory

Objective Author in this article discusses the probable reasons that spending of Corporate Social Responsibility expenses is not mandatory in nature. Structure-: The article gives authors own analysis. This article is based on a judicial pronouncement and is divided into following parts. 1 Objective 4 Broad characteristics of CSR 7 Whethe...

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Posted Under: Income Tax |

Gujarat HC Denies Integrated GST Rebate to Advance Authorization License Holders – Is It Fair?

CA Navjot Singh Cosmo Films India Vs Union of India & Ors. (Gujarat High Court) Holders of advance authorization licenses were entitled to import raw materials without payment of integrated GST and rebate of IGST. The government changed the rules in September 2018 – retrospectively from July 2017 – prohibiting the entitlement if b...

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Posted Under: Income Tax |

GST cannot be levied on estimated by-products value treating as part of consideration

Shiridi Sainadh Industries Vs Deputy Commissioner ST INT (Andhra Pradesh High Court)

Shiridi Sainadh Industries Vs Deputy Commissioner ST INT (Andhra Pradesh High Court) Whether the impugned assessment order levying GST on the estimated by-products value, treating such by-products as part of the consideration for milling, is legally sustainable under the provisions of CGST/APGST Act, 2017 or not? POINT: As can be seen, Cu...

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New GST Return Regime- Seems good but falling short of expectations

With effect from 01st January, 2021 the new GST returns regime will be rolled out. Pursuant to the central government’s constant jostling with adverse, trying and demanding economic situations, an effort is being made to provide the small taxpayers some breathing space and easing the compliance burden, quarterly GSTR-3B filing is being ...

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Posted Under: Income Tax | ,

Availment of exemption on temporary import of durable Containers – reg.

Circular No. 51/2020-Customs 20/11/2020

A representation has been received in Board regarding the eligibility of the exemption available under No. 104/94-Cus. dated 16.03.1994, for durable containers which do not conform to the standard marine container dimensions, but which are intended for temporary import and eventual re-export....

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