"09 October 2021" Archive

How to Report Stock Market Capital Loss in ITR 2

1. Investments in Stock Market may sometime turn negative value and the investor has to book losses and move on. In such circumstances, Income Tax Act provides relief to the investor from tax point of view. There is an option to set off such losses against gain in the same financial year. If a person […]...

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Posted Under: Income Tax | ,

Refund of GST Paid under Incorrect Head – Issues & Clarifications

The dual model of GST (i.e. CGST/SGST + IGST) coupled with the issues related to the identification of the correct place of supply can result in situations wherein the taxpayer ends up charging and paying the tax under an incorrect head (e.g. he may pay CGST/SGST where IGST was payable or vice-a-versa)....

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Posted Under: Income Tax |

Cash seizure of over Rs. 142 crore in Income Tax searches in Hyderabad

The Income Tax Department carried out search & seizure operations on 06.10.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations....

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Posted Under: Income Tax |

Order passed following SC decision not become erroneous if Larger SC bench held SC decision per incurium

Union of India and 4 Ors. Vs Keshari Industries (Gauhati High Court)

Union of India and 4 Ors. Vs Keshari Industries (Gauhati High Court) Order passed following the Supreme Court decision cannot be termed as erroneous simply because subsequently the said decision of the Supreme Court is held to be per incurium by a larger bench FULL TEXT OF THE JUDGMENT/ORDER OF GAUHATI HIGH COURT All these […]...

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HC quashes summary revised GST demand for not giving Fair opportunity of hearing

Manoj Kumar Vs State of Bihar (Patna High Court)

Manoj Kumar Vs State of Bihar (Patna High Court) Quashed summary revised GST demand cannot be made without giving the assessee a reasonable opportunity to be heard Patna High Court has held that a demand made under GST laws on the basis of orders passed where the assessee was not given a reasonable opportunity to […]...

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Tripura VAT: HC Quashes order passed in Violation of principal of Natural Justice

ITC Limited Vs State of Tripura (Tripura High Court)

ITC Limited Vs State of Tripura (Tripura High Court) We cannot appreciate the stand of the department that even during the time when the Corona Virus was at its peak, the administrative and legal representatives of the assessee company must appear before the Assessing Officer physically for conducting the hearings. Across the country cour...

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No fault of bank for non deduction of TDS relying on CA Certificate

State Bank of Patiala Vs ITO (ITAT Amritsar)

State Bank of Patiala Vs ITO (ITAT Amritsar) Admittedly the issue pertaining to exemption of I.K. Gujral Punjab Technical University Jalandhar, it is pending adjudication before the Hon’ble High Court of Punjab and Haryana. Nonetheless the certificate was issued by the chartered accountant of I.K. Gujral Punjab Technical University Jala...

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GST Registration Cancellation not valid if SCN not issued in Prescribed Template

Suresh Trading Corporation Vs The Asst. Commissioner (Circle) of SGST (Madras High Court)

Suresh Trading Corporation Vs The Asst. Commissioner (Circle) of SGST (Madras High Court)  Petitioner has filed this petition challenging the order dated October 10, 2019 in which the GST certificate of the Petitioner was cancelled. However, it is to be noted that SCN which preceded the same was not been issued in the prescribed template...

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Son-In-Law has no Legal Right In Father-In-Law’s Property

Davis Raphel Vs Hendry Thomas (Kerala High Court)

Davis Raphel Vs Hendry Thomas (Kerala High Court) This Regular Second Appeal has been filed by the defendant in the civil suit challenging the judgment and decree dated 22.2.2019 in A.S.No.58/2016 of the Sub Court, Payyannur (hereinafter referred to as ‘the first appellate court’) by which judgment, the first appeal of the def...

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A Stormy GST Circular for the Kitchen’s cloud

Restaurant service is taxed under GST vide Sl. No.7 of Notification No. 11/2017-Central Tax (Rate), wherein the existing rate chargeable is specified @ 2.5%, with the condition that “credit of input tax charged on goods and services used in supplying the service has not been taken”. Further an explanation is also applicable on the abo...

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Posted Under: Income Tax |

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