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Archive: 01 January 2021

Posts in 01 January 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6996 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Rule 86B Restriction on use of amount available in Electronic Credit Ledger

January 1, 2021 57366 Views 2 comments Print

1. GST registration can be cancelled or suspended under CGST Rules, 2017 21A at the discretion of the tax officer in certain cases; 2. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2021- recipients can claim provisional Input Tax Credit (ITC) in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month;

1 जनवरी 2021 से जीएसटी कानून में कुछ बड़े बदलाव

January 1, 2021 93234 Views 1 comment Print

महान ग्रीक दार्शनिक हेराक्लिटस  का एक कथन है – ‘परिवर्तन इस दुनिया में एकमात्र स्थायी चीज है’। परिवर्तन होना तय है । भले ही यह जीवन का कोई  अप्रत्याशित मोड़ हो या ब्रह्मांड की सामान्य घटना से जुड़ा हो। जीएसटी कानून में भी हम परिवर्तन पिछले तीन वर्षो से लगातार देख रहे है। हम सब […]

GST: Writ petition not maintainable if alternative remedy available- HC

January 1, 2021 4104 Views 0 comment Print

When a statutory form is created by law for redressal of grievance, a writ petition should not be entertained ignoring the statutory dispensation. Therefore, assessee had not only have efficacious remedy, rather alternative remedy under the GST Act, and therefore, the present petition was not maintainable.

When sales not doubted, 100% disallowance for bogus purchase cannot be done

January 1, 2021 3534 Views 0 comment Print

In my considered opinion, disallowance of 12.5% of the bogus purchase as reduced by the gross profit already disclosed by the assessee would meet the end of justice. It does not need to be reiterated that if the gross profit already shown is more than 12.5%, no disallowance is required.

Reserve Bank of India introduces RBI-Digital Payments Index

January 1, 2021 2334 Views 0 comment Print

As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.

Section 153A Assessment: Addition without incriminating Seized Material is not sustainable

January 1, 2021 3246 Views 0 comment Print

Dinesh Salecha Vs DCIT (ITAT Mumbai) It was expounded that in case of assessments which have attained finality no addition under section 153A can be done without seized incrementing material. We are aware that in these cases earlier assessments were not done u/s 143(3). In our considered opinion, the Hon’ble Jurisdictional High Court has never […]

Corporate and Bank Guarantee’ are ‘International Transaction’ for Transfer Pricing

January 1, 2021 915 Views 0 comment Print

PCI Limited Vs ACIT (ITAT Delhi) The Assessing Officer made the addition of Rs.73,69,830/-qua Transfer Pricing Adjustment on account of providing corporate guarantee by the Assessee to its overseas associated enterprises companies, namely, PCI Asia Pacific Pvt. Ltd. and PCI Middle East FZE by treating the interest rate of 1.3% based on average fees charged […]

No reassessment based on wrong, non-existing & incorrect facts

January 1, 2021 3759 Views 0 comment Print

AO had recorded incorrect, wrong and non-existing reasons for reopening of the assessment and also failed to verify the information received by him before recording the reasons for reopening of the assessment. Thus, there was clearly non-application of mind on the part of AO to initiate the re-assessment proceedings. Thus, the reopening of assessment could not be sustained in Law.

Govt announces dates of CBSE Board examinations- 2021

January 1, 2021 702 Views 0 comment Print

Union Education Minister announces the dates of CBSE Board examinations- 2021. Class 10th and 12th Board Examinations to be held from 4th May 2021 to 10th June, 2021 – Shri Ramesh Pokhriyal ‘Nishank’. Results of Class 10th and 12th Board Examinations to be declared by 15th July, 2021 – Shri Ramesh Pokhriyal ‘Nishank’ Practical exams of Class 12th  to start from 1st March, 2021 – Shri Ramesh Pokhriyal ‘Nishank’

Income Tax Department conducts searches in Kolkata

January 1, 2021 927 Views 0 comment Print

The Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

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