"28 December 2020" Archive

GST Rate & HSN Code must be mentioned on tender/bid document: HC

Bharat Forge Limited Vs Principal Chief Materials Manager Diesel Locomotive Works (Allahabad High Court)

Bharat Forge Limited Vs Principal Chief Materials Manager Diesel Locomotive Works (Allahabad High Court) The HSN code (Harmonized System of Nomenclature) is provided for each product/service by GST Council to specify the rate at which GST would be applicable. The suppliers have to quote HSN Code of the product to be supplied by them in [&...

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Cash Credit Account cannot be attached to recover GST dues

Vinodkumar Murlidhar Chechani Proprietor Of M/S Chechani Trading Co. Vs. State of Gujarat (Gujarat high Court)

Cash Credit Account cannot be ordered to be attached. In other words, the Cash Credit Account is an account, which enables the assessee to borrow the money from the bank for the purpose of its business. Any money, therefore, which the bank may make available to the assessee would necessarily be in the nature of a loan or cash credit facil...

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GST Updates And Deadlines Jan 2021

1. GST PORTAL UPDATES 1.1. GSTR-9 of FY 2019-20 is available now Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return. 1.2.  Auto population of details in Form GSTR-3B from […]...

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Detention of goods justified if route described in e-way bill not matches with Actual Transport route

K.M.Oil Industries Meenpatty Vs Assistant State Tax officer (Kerala High Court)

It is seen that the reason for detention was that the route described in the e-way bill did not match with the route by which the goods were actually being transported. It is therefore that the stand of the respondent that the transportation of the goods was not supported by a valid e-way bill....

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GST me Naya Saal, Aur Taxpayer Behaal!

Arjuna, the year 2020 has seen a large number of false transactions & malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system....

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No Section 195 TDS on Payment for software licence to non-resident

Reliance Corporate IT Park Ltd. Vs DCIT (ITAT Mumbai)

Reliance Corporate IT Park Ltd. Vs DCIT (ITAT Mumbai) Payment for software, by no stretch of logic, can be treated as a payment for “a process” liable to be taxed as royalty. When database access by itself does not result in taxation as royalty, such database access being coupled with software licence cannot bring the [&hellip...

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Section 115JB applies to banking companies after 2012 amendment

Bank Of India Vs ACIT (ITAT Mumbai)

Bank Of India Vs ACIT (ITAT Mumbai) We find that Section 11 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, provides that ‘for the purposes of the Income Tax Act, 1961, every corresponding new bank shall be deemed to be Indian company and a company in which public is substantially interested’. Th...

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Higher profit rate cannot be estimated merely based on suspicion & conjectures

Sayqul Islam Vs ITO (ITAT Guhahati)

Assessee produced all books of account, vouchers, bills and other documents but AO without pointing out any mistake and error in the bills/vouchers and without rejecting books of account, made addition @8%. On basis of suspicion and conjectures that assessee might be inflating its expenses and showing net profit ratio at a very low rate. ...

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9th Instalment of Rs.6,000 crore released to States

Release ID: 1684149 (28/12/2020)

9th 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.54,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 lakh crore granted to the States...

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IRDAI: De-notification of All India Fire Tariff, 2001 for certain risks

F. No. IRDAI/Non-Life Insurance/5/171/2020. (28/12/2020)

This notification issued in terms of Section 64 ULA (1) of the Insurance Act, 1938 provides for de-notification of the rates, advantages and terms and conditions laid down by the Tariff Advisory Committee under Section 64 UC of the said Act which were deemed to continue to be in force until such de-notification....

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March 2021