"14 December 2020" Archive

Due date of GST compliance by Authority extended to 31.03.2021

Notification No. 91/2020-Central Tax [G.S.R. 759(E).] (14/12/2020)

Notification No. 91/2020 – Central Tax dated 14.12.2020 Seeks to extend due date of compliance by any authority and for actions in respect of anti-profiteering measures under GST which falls during the period from 20.03.2020 to 30.03.2021 till 31.03.2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND C...

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DGGI unearthed 4689 fake GSTINs & arrested 141 persons

No. D.O.No.45/CH(IC)/2020 (14/12/2020)

On the anti-evasion front, DGGI formations and the CGST zones have continued their drive against fake invoice usage. They have, so far in the month-long operation. unearthed 4689 fake GSTINs and arrested 141 persons and booked cases involving wrongly availed credit of Rs.13447.95 crore....

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Section 263 order based on ‘cut & paste’ reasoning was Invalid: ITAT Kolkata

Ritin Lakhmani Vs PCIT (ITAT Kolkata)

Ritin Lakhmani Vs PCIT (ITAT Kolkata) In this case The ld. Pr. CIT has simply cut and pasted para 5 to para 5.12.3 and also para 6 from the orders he had passed u/s 263 of the Act from the order of the Pr. CIT passed u/s 263 of the Act in the case of […]...

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7th Instalment of Rs. 6000 crore released to States to meet GST compensation shortfall

Release ID: 1680565 (14/12/2020)

7th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.42,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 granted to the States....

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Addition on matters not related to reasons recorded for reassessment based on fishing enquiry not valid

Anil K. Shah (Huf) Vs ITO (ITAT Mumbai)

Anil K. Shah (Huf) Vs ITO (ITAT Mumbai) In the case of Ranbaxy Laboratory Ltd. vs. CIT (supra), the Hon’ble High Court has explained the effect of Explanation 3 to section 147 inserted by Finance Act, 2009 which empowers the AO to assess the any income which comes to his notice subsequently even though no […]...

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No Service Tax on amount collected towards bouncing of cheque charges

Rohan Motors Limited Vs Commissioner of Central Excise (CESTAT Delhi)

Rohan Motors Limited Vs Commissioner of Central Excise (CESTAT Delhi) The demand of service tax in respect of the amount collected on account of bouncing of cheques and cancellation of orders is also not sustainable. These amount are penal in nature and not towards consideration for any service. In this connection reliance can be placed [...

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Reversal of Input Tax Credit for Sellers Fault: Can Innocent Buyer be punished?

Seamless Input Tax Credit is basic foundation of GST laws. However, Section 16(2)(c) of the CGST Act makes provision that ITC can be taken only when GST has actually been paid by the supplier. This article is an attempt to examine the provision and understanding the ambit of the provision. Purpose of Credit under GST: […]...

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GST Audit 2019-20, & Lots of Issues

The facility to file an annual return in form GSTR-9 for FY 2019-20 is now available. The form is enabled for taxpayers whose table 8A computation has been completed. Computation of table 8A of the said return for auto-population from returns is under progress which is likely to be completed soon. Taxpayers need to ensure that all applica...

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Provisional attachment order valid if Assessee not filed objection against Notice

R.J. Exim And Another Vs Principal Commissioner Central Goods And Service Tax (Allahabad High Court)

R. J. Exim And Another Vs Principal Commissioner Central Goods And Service Tax (Allahabad High Court) From the perusal of Section 74(5) of the Act, it is evident that a person chargeable with tax may, before service of notice under sub-section (1), pay the amount of tax and interest under Section 50 and penalty @ […]...

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Share Transfer by assessee to its wholly owned subsidiary cannot be considered as a Gift

PCIT Vs Redington (India) Limited (Madras High Court)

PCIT Vs Redington (India) Limited (Madras High Court) These appeals have been filed by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) challenging the common order dated 07.07.2014 passed by the Income Tax Appellate Tribunal ‘D’ Bench, Chennai (for brevity “the Tribunal...

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