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Archive: 05 January 2021

Posts in 05 January 2021

Free Webinar: Invoice Management System from Oct 1, 2024 – Register Now

November 22, 2024 5154 Views 0 comment Print

Learn to manage GST invoices easily with the new IMS. Join our webinar on 24th Nov to improve ITC claims and error reduction. Register now!

Employee VRS Scheme amount entitled to simultaneous Section 10(10C)(viii) deduction & Section 89(1) relief

January 5, 2021 4218 Views 0 comment Print

V. Gopalan Vs CCIT (Kerala High Court) The appellant admittedly took voluntary retirement in the year 2001. He had also claimed deduction under Section 10 (10C) (viii) and relief under Section 89 (1) of the Income Tax Act while filing his return of income for the relevant assessment year. The claim came to be rejected […]

Depreciation eligible on Bus Terminal constructed on BOT basis

January 5, 2021 762 Views 0 comment Print

JCIT (OSD) Vs Rohan and Rajdeep Infrastructure Pvt. Ltd. (ITAT Pune) Assessee incurred expenditure in constructing Amritsar Bus Terminal on BOT basis and to recoup the said investment, the assessee was allowed to collect add a fees from the users of the said bus terminal. In our view, the said right is business or commercial […]

Is Concession in Law made by Counsel Binding on the Client?

January 5, 2021 7554 Views 0 comment Print

Kirti & Anr. Etc. Vs Oriental Insurance Company Ltd (Supreme Court of India) A very important issue recently came up before the Apex Court wherein the Court settled the controversy as to whether concession made by any counsel would bind the litigating  party. The Apex Court  in the case of Kirti vs. Oriental Insurance Company […]

Representation for further extension of CFSS 2020

January 5, 2021 24888 Views 2 comments Print

Due to the various ground realties the corporates have not been able to take benefit of the scheme. Therefore in these difficult times the extension of CFSS, 2020 is imperative and paying such hefty penalties & fines will not be in best interest of all stakeholders. Thus we request your good office to extend the CFSS, 2020 and other related relaxations till 31.03.2020 in the interest of all stakeholders.

Auditor cannot share client info with Credit Rating Agencies unless permitted: ICAI

January 5, 2021 7482 Views 0 comment Print

It is hereby clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client.

File representation with appropriate authority for Reimbursement of differential tax amount due to change in tax regime from VAT to GST: HC

January 5, 2021 1467 Views 0 comment Print

Kailash Chandra Bisoyi Vs State of Odisha (Orissa High Court)  The main issue involved in such matters is that the difficulty faced by the contractors due to change in the regime regarding works contract under GST. The grievance of the petitioner is that in view of the introduction of the GST, petitioner is required to […]

Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

January 5, 2021 3123 Views 0 comment Print

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Special Bench on the ground that the […]

Application u/s 9 of IBC, 2016 is maintainable irrespective of amount of claim

January 5, 2021 5574 Views 0 comment Print

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) Brief Facts: An application was filed under Section 9 of IBC and the Adjudicating Authority issued Notice but none appeared for Respondent. The Adjudicating Authority disposed of by directing the Respondent to settle the issue in question within a stipulated period while observing […]

Section 54F exemption allowable on sale proceed utilised for construction of residential property Within a period of 3 years

January 5, 2021 1218 Views 0 comment Print

Rajyalakshmi Reguraj Vs ITO (ITAT Bangalore) The A.O. had restricted the claim of exemption u/s 54F of the I.T.Act for the reason that the assessee had utilized only the sale consideration of Rs.1,75,83,000 out of the balance sale consideration of Rs.1,90,00,000 (Rs.2,40,00,000 – Rs.50,00,000) for the construction of a residential house. Accordingly, proportionately exemption u/s […]

Rule 86B of CGST Rules- Mysterious Puzzle

January 5, 2021 8634 Views 1 comment Print

With effect from 01.01.2021 vide Notification No. 94 /2020 – Central Tax, dated 22nd December 2020 a new rule i.e., 86B is inserted to curb the ongoing fake invoices transactions. 1. Legal Provision: Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledger to discharge […]

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