Inox Air Products Private Limited Vs ACIT (ITAT Pune) The issue in the present appeal relates to the subsidy received by the assessee company is whether in the nature of capital or revenue. There is no need to extract the schemes of the subsidy policies of the respective States as the Assessing Officer had set […]
According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Section 194Q of the Act by their communication at Ext.P7 which unequivocally states that buyers are supposed to deduct tax at source within the sale consideration payable to the Oil Companies.
In re Shivam Agro Industries (GST AAAR Gujarat) AAAR confirm the Advance Ruling No. GUJ/GAAR/R/79/2020 dated 17.09.2020 to the extent it has been appealed, by holding that the products ‘Zn EDTA’ and ‘Fe EDTA’ being supplied by M/s. Shivam Agro Industries are classifiable under heading 38.24 (Tariff Item 3824 99 90) of the First Schedule […]
In re Global Vectra Helicorp Limited (GST AAAR Gujarat) In terms of the valuation provisions under GST legislation, amount recovered as reimbursement by the appellant M/s. Global Vectra Helicorp Ltd. from the customer, for the fuel procured for use in the helicopter provided on rent to customer is required to be included in the value […]
Sudarsanan P. S. Vs CIT (Kerala High Court) The last question that was argued by Adv.Arun Raj related to the claim under Section 69C of the Act for the payment of Rs.3,26,380/-. As mentioned earlier, when satisfactory explanation is not offered by the assessee, the assessing officer is entitled to draw inferences. The expenditure to […]
KNOWLEDGE SERIES-ANSWER ON ANSWER-I ANALYSIS OF THE GST ON DEVELOPMENT RIGHTS, TDR, PAID FSI BEFORE APRIL 2019 AND THEREAFTER Real estate industry is going through lot of changes since last 5 years. There are major reforms like Demonetisation, GST, RERA etc. which transform the real estate industry but it was not much favourable for initial […]
Amendment in Time Limit for Making Application for Revocation of Cancellation of Registration in GST Section 30 of the CGST Act, 2017 deals with ‘Revocation of Cancellation of Registration’. Finance Act, 2020 made a significant amendment in this Section, w.e.f. 1st January 2021, vide notification No. 92/2020- Central Tax, dated 22nd December 2020, which increased […]
The Insolvency and Bankruptcy Code 2016 (IBC) has proved to be one of the landmark legislations paving a way to rescue the businesses which are potentially viable however, are in the turmoil because of the incapacity of the management.
Mr. Rahul and Mrs. Ragini Shah planning to buy a property from Mr. Kamal Nahta and lawyer ask for the original documents from owner. Mr.Nahta informed Mr. Shah that original documents are unable to trace and listening to this Mr. Shah requested Mr. Nahta to consult his lawyer and find the better solution and below […]
GST registration is a simple online process. However, it get’s rejected, the most common reason of rejection/objection is defect in proof of principal place of business. This article analyses and explains the admissible proof of place of business for GST registration. As per GST REG-01 PART B of CGST Rules, 2017 read with Rule 8 […]
