Central GST department has been issuing Show Cause Notices (SCNs) for differences in receipts as per Service tax returns & Income tax returns for different FYs- 14-15, 15-16 and so on. It seems Crores of rupees tax notices have been issued to taxpayers without proper evaluation, and even fulfilling the required law mandates. This is a critical topic to discuss upon.
State of Odisha & Ors. Vs Sunanda Mahakuda (Supreme Court of India) Looking to the period of delay and the casual manner in which the application has been worded, we consider appropriate impose costs of Rs.25,000/- to be deposited with the Supreme Court Advocates On Record Welfare Fund. The amount be deposited in four weeks. […]
Read about the court’s inquiry order in Ansari Construction vs Additional Commissioner GST (Appeals) case. System responsibility for harassment, liability fixation awaited
An overview of the fiduciary duties of Directors under Indian law. Section 166 of the Companies Act, 2013 lays down the fiduciary duties of Directors. They owe these duties not to individual entities of the Company e.g.- shareholders, creditors, etc.; but solely to the Company. These are- (i) Director should be acting in accordance with […]
Rule 86B :- Restrictions on use of amount available in electronic credit ledger [notification no. 94/2020 dated 22/12/2020] ♦ Notwithstanding anything contained in these rules, the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax ♦ in excess of 99% of such tax liability, in […]
What is an ‘e-Proceeding’? e-proceedings is an electronic platform for conducting proceedings in an end to end manner created by the Income Tax department. The objective here is to bring about transparency and efficiency in the income tax related proceedings. All the notices/intimations/letters from the department are made available under e-Proceedings where the assesse would […]
Section 12 is applicable when both the location of supplier of service and location recipient of service is in India. Section 13 will be applicable when either of the location of supplier of service or location of recipient of service is outside India. So, in the given situation section 13 is applicable as the location of recipient is outside India.
Late Fees U/s 234 F As per section 234F if any assessee who is liable to file return u/s 139 fails to file return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F. Analysis of section 234F: Liable Assessee : Any assessee who is liable to file […]
National Internet Exchange of India Vs ACIT (ITAT Pune) National Internet Exchange of India (NIXI) is engaged in carrying out running of internet exchange and registration of domain name. For running of internet exchange, the assessee is charging membership fees, connectivity charges, data transferred differential. For registration of domain name, the assessee the charges registration […]
Karnataka Power Corporation Limited Vs ACIT (ITAT Bangalore) Hon’ble jurisdictional High Court in the case of M/s. Kothari Industrial Corporation Limited v. The Agricultural Income Tax Officer reported in 230 ITR 306 had held that the period of limitation for a second rectification should be reckoned from the date of original order, if subject matter […]
