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Archive: May, 2021

Posts in May, 2021

Important issues of the traders related to GST

May 28, 2021 8601 Views 2 comments Print

we invoke your kind attention to the following burning core issues for discussion in the meeting of the GST Council with a request to please take immediate action in order to relieve the traders from compliance of the same temporarily.

Two new CA Foundation Exam center opened at Patan & Malegaon

May 28, 2021 558 Views 0 comment Print

Important Announcement regd. ICAI Foundation Exams – June 2021 – Patan (Gujarat) & Malegaon (Maharashtra) are added to the list of cities where the Foundation Examinations-June 2021 are scheduled to be held on June 24th, 26th, 28th & 30th 2021 Examination Department The Institute of Chartered Accountants of India 27th May, 2021 IMPORTANT ANNOUNCEMENT No. […]

Department should not have attached bank account once it came to know of appeal with mandatory pre-deposit

May 28, 2021 1215 Views 0 comment Print

J.S. Grover Autos Pvt. Ltd. Vs Commissioner of Central Goods & Services Tax (Punjab & Haryana High Court) It is undisputed fact that petitioner has filed an appeal before First Appellate Authority against the assessment order, whereby demand was created. It is also undisputed that Board Circulars are binding on department and as per Circular […]

Credit cannot be denied on the basis of faulty investigation

May 28, 2021 1035 Views 0 comment Print

Explore the CESTAT Chandigarh ruling in Bansal Steel Power Limited vs. Commissioner of CE & ST, Rohtak, highlighting the flawed investigation leading to the denial of credit on returned goods. Uncover crucial insights for businesses dealing with similar issues.

Section 263 need not be invoked for computational error: ITAT

May 28, 2021 621 Views 0 comment Print

Manoj Singhal Vs PCIT (ITAT Delhi) On going through the details, we find that the deduction claimed u/s 54F was Rs.6,12,10,100/- whereas the deduction eligible was Rs.6,11,19,500/-. Thus, there is a computational difference of Rs.90,600/- in the claim of deduction u/s 54F which could have been rectified u/s. 154. The provisions of section 263 need […]

HC allows Filing of GST Form TRAN-1 or TRAN-2 online/manually

May 27, 2021 3096 Views 0 comment Print

R.R. Distributors Pvt. Ltd Vs Commissioner Of Central Tax, GST (Delhi High Court) In our view, the non- filing of part 7B of table 7(a) and table 7(d) of TRAN-1 Form cannot impair the rights of the petitioner to claim transitional ITC, if he is otherwise eligible. This Court has observed in numerous decisions that […]

GST Saga on Health Care Services – Classification of various items used by Healthcare Industry

May 27, 2021 3726 Views 1 comment Print

Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmaceuticals and medical […]

Govt appoints 3 new officers as Members of CBDT

May 27, 2021 2055 Views 0 comment Print

The Appointments Committee of the Cabinet has approved the appointment of the following officers as Members, Central Board of Direct Taxes (CBDT): (i) Ms. Anu J. Singh, IRS (IT:85034) (ii) Shri J.B. Mohapatra, IRS (IT:85031) (iii) Anuja Sarangi, IRS(IT:85053)

Faceless Assessment – A Step Way Forward or Way Backward | PART II

May 27, 2021 1185 Views 0 comment Print

The principles of natural justice are based on the following rules: 1. Rule Against Bias — No one should be a judge in his own cause. 2. Justice should not only be done, but manifestly and undoubtedly be seen to be done. 3. The Rule Of Fair Hearing – Hear the Other Side 4. No […]

Delhi HC allows filing of rectified TRAN-1 Form & TRAN-2 Form subsequently

May 27, 2021 1395 Views 0 comment Print

R. R. Distributors Pvt. Ltd. Vs Commissioner of Central Tax (Delhi High Court) 1. The taxpayers were not provided sufficient time to upload the data in TRAN-2 Form. 2. On 4 th January, 2018, when the Petitioner attempted to load TRAN-2 Form, no time had been specified under the Rules, which could be deemed to […]

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