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Archive: 04 January 2021

Posts in 04 January 2021

Section 14A provisions cannot be imported into MAT provisions

January 4, 2021 3048 Views 0 comment Print

Sobha Developers Ltd. Vs DCIT (Karnataka High Court) From perusal of the relevant extract of Section 115JB, it is evident that Sub-Section (1) of Section 115JB provides the mode of computation of the total income of the assessee and tax payable on the assessee under Section 115JB of the Act. Sub-Section (5) of Section 115JB […]

GSTR-1 cannot be amended after expiry of time- Condonation not possible: HC

January 4, 2021 1572 Views 0 comment Print

he petitioner thereafter made an application seeking rectification of the GSTR-1 Form for the period of January 2018 to March 2018. This application was rejected on the ground that the period for making such an application expired at the end of September 2018 as per Section 37 of the West Bengal Goods and Services Tax Act, 2017.

GST: Stop mechanical & Casual bank account attachment: HC

January 4, 2021 3024 Views 0 comment Print

We have noticed over a period of time that in each and every matter in which proceedings under Section 67 of the Act are initiated, an order of provisional attachment of the bank accounts under Section 83 of the Act would follow.

Operational Creditors not entitled to same treatment as given to Financial & Secured Creditors

January 4, 2021 3009 Views 0 comment Print

Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) Brief Facts: The version of appellants says that they were kept unaware of the Corporate Insolvency Resolution Process qua the Corporate Debtor, thus being wholly unaware of the progress of Resolution Process with no details provided by the Resolution […]

Supreme Court directed for installation of CCTV Systems at investigation agencies offices & police stations

January 4, 2021 3870 Views 0 comment Print

The Hon’ble Supreme Court in the case of Paramvir Singh Saini vs. Baljit Singh & Others [Special Leave Petition (Criminal) No. 3543 of 2020 dated December 2, 2020] directed installation of CCTV- Camera at investigation agencies offices and police stations. Facts: The Hon’ble SC vide Order dated April 3, 2018 in the case of Shafhi […]

ITC under GST of ex-Director cannot be blocked to recover VAT Dues of Company

January 4, 2021 1335 Views 0 comment Print

Nipun A Bhagat Vs State of Gujarat (Gujarat High Court) Whether Rule 86A of the CGST Rules, 2017 can be exercise for the purpose of blocking the input tax credit available in the credit ledger account of the writ applicant for the purpose of recovering the dues of Dolphin Metals (India) Limited. At the outset, […]

Due date Extension put Taxpayers under Duckworth Lewis Situation

January 4, 2021 26931 Views 0 comment Print

Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus it is the shortest extension provided in history over time.

Advisory for RoDTEP (Remission of Duties and Taxes on Exported Products) Incentive Scheme

January 4, 2021 8019 Views 1 comment Print

A new scheme, RoDTEP (Remission of Duties and Taxes on Exported Products) has been launched by the government for exporters. The scheme provides for rebate of Central, State and Local duties/taxes/ levies which are not refunded under any other duty remission schemes. The broad provisions are as under: I. To avail the scheme exporter shall […]

Reopening to seek Investigation of facts is not permissible

January 4, 2021 804 Views 0 comment Print

Sujay Pankajbhai Shah Vs ACIT (ITAT Ahmadabad) A bare glance of the reasons recorded gives an unflinching impression that powers exercised under section 147 of the Act was to enable the AO to carry out detailed verification of the various aspects of such matter in reference made to the AO herein by the office of […]

RoDTEP the New incentive scheme for Exporters

January 4, 2021 24345 Views 2 comments Print

Chartered Accountant with more than 15 years of practice. Specialized in the field  of Indirect taxation and Foreign Trade Policy. GST consultant for various companies. Assisted many Exporters in documentation and in obtaining the Export Incentive from the DGFT. RODTEP SCHEME A new scheme RoDTEP has been introduced from 1.1.2021 instead of MEIS scheme which […]

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