"22 February 2021" Archive

CBIC provides facilitation for exporters having IGST refund issues

CBIC has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error....

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Posted Under: Custom Duty |

Exclusion of small scale ice cream manufacturers from composition scheme benefit to be reconsidered by GST Council

The Hon’ble Delhi High Court in Del Ice Cream Manufacturers Welfare’s Association v. Union of India and Anr. [Writ Petition No. 5252/2019 and others dated February 9, 2021] directed the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Composition Scheme under Section 10(1) of the Cen...

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Posted Under: Custom Duty |

Leave Travel Concession Section (LTC/LTA) 10(5) of Income Tax Act, 1961

The Income Tax Act 1961 provides certain exemption from salaries apart from deduction from Chapter VI A. Exemptions refers to certain part of salary is not considered as a income while calculating taxable Income. Deductions means a certain amount of saving or Expenditure for Specific reason is allowed to deduct from your Gross Taxable Inc...

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Posted Under: Custom Duty |

Electronic Commerce operator in GST regime

Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both including digital products over the digital or electronic network. Electronic Commerce Operator has been defined in Sec. 2(45) of the CGST Act, 2017 to mean any person who owns, operates or manages the digital or electr...

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Posted Under: Custom Duty |

Provisional Attachment under GST- Caution to be Exercised

Now a days we have seen that  the GST department is frequently using the powers which is envisaged to it in the sec.83 of the CGST act w.r.t. to provisional attachment of the properties of the tax payer . Now voices have arose against frequent and general use of the such harsh powers even in […]...

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Posted Under: Custom Duty |

GST RULE 86B Restrictions on use of amount available in electronic credit ledger

In order to avoid fake invoicing and curb tax evasion the Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021 wherein the registered person shall be required to pay 1% of GST liability in cash […]...

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Posted Under: Custom Duty |

Direction to UOI & CBDT – Exercise of power under CGST Section 83

Direction to Union of India (UOI) and CBDT for issuing appropriate instructions or guidelines to the exercise of power under Section 83 of the CGST Act, 2017 Generally, in each and every matter in which proceedings under Section 67 of the CGST Act, 2017 are initiated, an order of provisional attachment of the bank accounts […]...

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Posted Under: Custom Duty |

Addition justified for unexplained deposit into bank account

Karan Sharma Vs ITO (ITAT Bangalore)

Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such [...

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Addition cannot be made on the basis of mere diary jottings

D.S. Suresh vs ACIT (ITAT Bangalore)

D.S. Suresh vs ACIT (ITAT Bangalore) In the present case, the addition is based on the diary jottings found during the course of search action in the case of RNSIL on 16.02.2012. We have carefully gone through the diary jottings recorded earlier part of this order. It contains the entry No.5 – MLA Tarikere Rs.27 […]...

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No SVLDRS benefit if department not quantifies amount during investigation

Karan Singh Vs Designated Committee Sabka Vishwas Legacy Dispute Resolution Scheme And Another (Delhi High Court)

Karan Singh Vs Designated Committee Sabka Vishwas Legacy Dispute Resolution Scheme and Another (Delhi High Court )  Since quantification has co-relation and is interlinked with tax relief under the scheme, and the Petitioner has not made a voluntary disclosure, but has rather approached for settlement in respect of case under investigati...

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