"14 February 2021" Archive

CMA institute to initiate process for Formation of Multidisciplinary Partnership Firms

CMA Institute is in the process of initiating formation of Multi-disciplinary Partnership Firms for practicing members of the Institute with members of other professional bodies as per the CWA Act and Regulations....

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Posted Under: CA, CS, CMA |

Addition for understatement of debtors not sustainable if Sales not disputed

DCIT Vs Sheth & Sura Engineers Private Ltd. (ITAT Pune)

DCIT Vs Sheth & Sura Engineers Private Ltd. (ITAT Pune) It is an undisputed fact that the entire turnover of the assessee is exclusively from Government Department and the said turnover has not been disputed by the Assessing Officer. The Assessing Officer has also not considered the debtors of other divisions and only considered debto...

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Cash found short cannot be treated as income of assessee

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh)

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]...

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SC grants protection from coercive action on deposit of 10% of disputed GST amount

C. Pradeep Vs Commissioner Of Gst And Central Excise Selam & Anr (Supreme Court)

C. Pradeep Vs The Commissioner Of Gst And Central Excise Selam & Anr (Supreme Court of India) Learned counsel for the petitioner submits that indisputably assessment for the relevant period has not been completed by the Department so far. In which case, invoking Section 132 of the Central Goods and Services Tax Act, 2017 does [&hellip...

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GST Charcha on Union Budget 2021: GST leviable on services provided by Club or Association to its members?

GST Charcha on Union Budget 2021: GST leviable on services provided by Club or Association to its members? The Hon’ble Finance Minister, in Budget 2021-22, hailed as a ‘development-oriented’ and ‘visionary’ budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax (GST) fr...

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Posted Under: CA, CS, CMA |

Procedure for Name Application of Company through Spice+

Name Application for a Company could be made through SPICe+ Part A under New Application. From 23rd February, 2020 filing of WEB Based Form RUN for Name Application has been discontinued for Name Application. Now, Form RUN WEB Based is used only for Change of Name of an existing Company. 1. DETAILED PROCEDURE FOR NAME […]...

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Posted Under: CA, CS, CMA |

Option to choose between QRMP scheme vs. Monthly GSTR 3B?

Which option to choose between QRMP scheme v/s. Monthly GSTR 3B system? This article explains various aspects of comparison of newly introduced QRMPs scheme versus Monthly GSTR 3B system (QRMP v/s. Monthly 3B) To reduce tax compliance burden on MSME entities, Govt. has introduced QRMPs w.e.f 01/01/2021. Since this is new scheme launched b...

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Reconsider decision of exclusion of Ice Cream from Composition Scheme: HC directs GST Council

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi)

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble High Court direct the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Section 10(1) of the Act, including on the aforesaid two parameters i.e. the components ...

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HC grants Bail to person allegedly Importing Contraband Goods

Ahmed Hassan Muhammed Vs Customs (High Court Of Delhi)

Ahmed Hassan Muhammed Vs Customs (High Court Of Delhi) The fact of the present case is that prosecution has mixed all the packets and thereafter, sent to FSL for examination, which is contrary to the procedure prescribed under the law. This Court is informed that the petitioner is a Somalian National resident and his Refugee […]...

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