"11 March 2021" Archive

Reinstate Audit Provisions Under GST Laws

One of the changes proposed in the budget vide Section 101 & 102 of the Finance Act. 2021 is deletion of sub-section (5) of Section 35 of the CGST Act 2017 and substitution of Section 44 of the CGST Act 2017. Before this amendment was proposed, it was mandatory for every registered person whose Aggregate turnover exceeded Rs. 2 Crores in ...

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CBDT notifies Head-quarter of PCIT/CIT (Central), Guwahati wef 03.01.2020

Notification No. 14/2021-Income Tax/S.O. 1160(E) 11/03/2021

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 14/2021-Income Tax New Delhi, the 11th March, 2021 S.O. 1160(E).—In exercise of the powers conferred by sub-sections (1) and (2) of Section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the followin...

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Time period for claiming refund of excess Service Tax paid under TRAN-1, to be counted from date of it’s reversal

CESTAT Ahmedabad, set aside the order passed by the Commissioner (Appeals) rejecting the refund claim of excess paid Service Tax of INR 1,61,203/- on the ground of time barred. Held that, the time period for claiming the excess Service Tax paid under GST TRAN-1 is to be counted from date of its reversal. Hence, the same is not time barred...

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Legal Proceedings under Goods and Services Tax

Section 69 read with Section 132: Provision pertaining to arrest under the CGST Act, 2017 Penal provisions always attract in case of violation of Provisions and Rules framed in an Act. GST Act is no exception to this statement,Section 69 read with Section 132 of the GST Act,2017 and rules made thereunder deals with provision […]...

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Reopening without bringing any fresh material on record is invalid

DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad)

DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad) On perusal of the reasons recorded by the AO, we find that the AO at the threshold has recorded that it is seen that the assessee is having substantial share in ‘JPIL’ which has advanced loan to the companies namely M/S Gujarat Mall Management Pvt. Ltd, and M/S […]...

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ITAT: Bank crisis ‘reasonable cause’ for not producing documents during assessment

ITO Vs M/s Ishika Foods (P) Ltd. (ITAT Jaipur)

Where the business of assessee was discontinued and the premises had been taken over by the Bank as part of its recovery proceedings, the crisis being faced upon consequent action taken by Bank was the reasonable cause which prevented assessee from submitting the requisite information/documents on the notices issued by AO and for remainin...

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17 States implement One Nation One Ration Card system

Seventeen (17) States have successfully operationalised One Nation One Ration Card system with Uttarakhand being the latest State to complete the reform....

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Reassessment justified in case there was enough material before AO

Hiteshkumar Babulal Ramani Vs ACIT (Gujrat High Court)

Reassessment by AO was justified as it could not be said that there was no material before AO to re­open the assessment and he proceeded mechanically based on the sole information received from the Investigation Wing and the impugned notice was without jurisdiction and contrary to Section 147....

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IBBI extends validity of Educational Course Guidelines

IBBI extends the validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 till 30th September, 2021....

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All about e-Invoicing under the GST Law

Roadmap for e-Invoicing was laid down with approval of GST Council in its 37th meeting and issue of notification by the Government bearing number 68/2019 CT to 72/2019 CT in December 2019. Due to Global pandemic, implementation of e-Invoicing deferred from April 2020 to October 2020. One of the myths among traders is that e-invoice [&hell...

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May 2021