"23 June 2021" Archive

Export of Services and Implications under GST/ FEMA

The term Export generally refers to Exports of Goods but that reference is a passé now. Export of Services is the emerging trend as it widens the scope of exports, bringing in the diversification and increasing India’s Foreign Exchange Earnings. The Indian Economy has witnessed a major boost in the last decade in the services […...

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All About ITC & RCM on Purchase / Hiring of Motor Vehicle

Section 17 Sub-Section 5 of CGST Act has made it clear that even though a Vehicle is used in business, still Tax-Payer will not be entitled to claim Input Tax Credit (ITC) on purchase or hiring of the same. Before 01-02-2019, Tax Payers were restricted from availing ITC on purchase of all type of Motor […]...

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Residential Status of people unable to leave India due to COVID-19

Indian Government has issued a Circular No. 2 of 2021 dated 3rd March, 2021 (Circular 2021) for determination of residency of individuals for the current tax year (PY 2020-2021) for individuals who were forced to remain in India due to suspension of international flights in light of the Novel Corona Virus (COVID-19). Circular 2021 comes [...

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No GST on Training to Students Sponsored by State Govt: AAR Haryana

In re Sachdeva Colleges Limited (GST AAR Haryana)

In re Sachdeva Colleges Limited (GST AAR Haryana) 1. Advance Ruling by Haryana Authority holding that Company imparting Training to students sponsored by SC and BC Department Haryana is not liable to GST or Registration under the Act. 2. The training imparted by IWs Sachdeva colleges Ltd. to the students selected through Directorate of Ha...

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Graduates & Post Graduates exempted from appearing in CSEET: ICSI

Granting exemption to Graduates and Post Graduates from the recognized Universities from appearing in CSEET and enabling them to take direct admission in CS Executive Programme....

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Cabinet approves Agreement with Saint Vincent for Tax Information exchange

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved anAgreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes....

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Who can use the acronym ICAI- HC to hear the matter on 27th July, 2021

The Institute of Chartered Accountants of India Vs The Institute of Cost Accountants of India (Delhi High Court)

Institute of Chartered Accountants of India Vs The Institute of Cost Accountants of India (Delhi High Court) Institute of Chartered Accountants of India has filed a writ with the Delhi high court against use of acronym ICAI by Institute of Cost Accountants of India. The Result will be of Interest to the Members of both […]...

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HC stays assessment order passed during lockdown

Ketan Ribbons Pvt Ltd Vs National Faceless Assessment Centre Delhi (Delhi High Court)

Ketan Ribbons Pvt Ltd Vs National Faceless Assessment Centre Delhi (Delhi High Court) Counsel for the petitioner says that since the lockdown was imposed in Delhi on 19.04.2021, the petitioner was not able to step out. It is stated that the petitioner was required to collate documents from third parties, as regards. Furthermore, learned c...

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ITAT deletes addition for Bogus LTCG for Violation of principles of natural justice by AO

Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai)

Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai) The authorities below have not doubted the documentary evidence produced by the assessee to prove the genuineness of the transaction of sale and purchase of the shares in question. Further, the authorities below have not pointed out any evidence on record to hold that the assessee has obtained [&...

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ITAT remanded case back to CIT(A) for denovo adjudication

Yash Raj Films Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Yash Raj Films Pvt. Ltd. Vs ACIT (ITAT Mumbai) Since, ex-parte order has been passed by the learned CIT(A), this is a fit case for remanding the appeal before the learned CIT(A) to give more effective opportunity to the assessee and the assessee is also directed to cooperate with the expeditious disposal of the appeal […]...

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