"20 February 2021" Archive

Extended Power to Provisional Attachment under GST by Finance Bill, 2021

It is submitted that Section 83 of The Central Goods and Services Tax, Act, 2017 (“CGST Act, 2017”) is proposed to be amended via clause 106 of Finance Bill, 2021. Please note that these proposals will come into effect from a date to be notified later. It is stated that Sections 2 to 79 of […]...

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Budget 2021- Recovery of self-assessed tax under GST

This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 105 of the Finance Bill, 2021 with respect to recovery of self- assessed tax....

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Hidden Features of Tally

Tally Definition Language (commonly known as TDL)- Simply put, TDL is a language, using which a person can talk with Tally. It can help an organization in significantly reducing the time taken to post entries related to sales, purchase, receipt and payment....

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Interest on Net Tax Liability under GST | Budget 2021| Section 50 | CGST Act

Clause No. 103 of the Finance Bill, 2021 provides charging of interest on Net Tax Liability u/s 50, CGST Act, 2017 by substituting proviso to sub-section 1 retrospectively, w.e.f. 1.7.2017. Section 50(1) of the CGST Act after the proposed amendment, if implemented, will read as under;  “50. Interest on delayed payment of tax.─(1) Eve...

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Presumptive Taxation Scheme For Professionals – Section 44ADA

Article explains Concept of Presumptive Taxation For Professionals, Applicability of Presumptive Taxation For Professionals, Presumptive income from Profession under Section 44ADA, Expenses not allowed against Income deemed as Presumptive under Section 44ADA, Maintenance of books of account for professionals Opting for Presumptive Taxatio...

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AO cannot Simultaneously Reject & Rely Audited Books & Make Additions

Nilkantha Saha Vs ITO (ITAT Kolkata)

Nilkantha Saha Vs ITO (ITAT Kolkata) AO Cannot Simultaneously Reject and Rely Audited Books And Make Additions Under Section 68 For Cash Deposit During Demonetisation Period Out Of Cash Sales From a perusal of the cash deposits/ banking transactions, the Ld. A.R drew our attention to the fact that as per the audited books, especially [&he...

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Reassessment Invalid if Objection to reopening not disposed by Separate Speaking Order

Admach Auto Limited Vs DCIT (ITAT Delhi)

Admach Auto Limited Vs DCIT (ITAT Delhi) Disposal Of Objection To Reasons In Assessment Order Itself Without Separate Speaking Order Makes Entire Reassessment Invalid We have also gone through the objections dated 27.12.2016 filed by the assessee before the AO in which the assessee has specifically objected the initiation of proceedings u...

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TDS not deductible on EDC charges- section 271C Penalty not leviable

M/s Perfect Constech Pvt. Ltd. Vs ACIT (ITAT Delhi)

M/s Perfect Constech Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty not leviable for non deduction of TDS under section 271C for EDC charges paid to HUDA as it is non statutory contractual liability It is seen that in Para 4.3.2, subparagraph (iv) of the order passed u/s 271C of the Act, the AO has himself […]...

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Section 68 addition cannot be made for duly explained credits

ITO Vs Sh. Sunil Nayyar (ITAT Delhi)

ITO Vs Sh. Sunil Nayyar (ITAT Delhi) In the instant case, the AO has not pointed out any accounting defects in the books of accounts. Rather he is summarily ignored the books of accounts but has proceeded to invoke section 145(3) which is bad in law.” 14. The ld. CIT (A) held that there is […]...

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Reopening based on inquiries conducted without the authority of law is Invalid

Shri Parmod Kumar Sahai Vs ITO (ITAT Delhi)

Shri Parmod Kumar Sahai Vs ITO (ITAT Delhi) No reopening permissible on basis of invalid enquiry made under section 133 without approval of competent authority when no proceedings were pending We have perused second paragraph of the assessment order which refers to the inquiry made by the Assessing Officer before issue of notice u/s 148 [...

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February 2021