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Archive: 17 January 2022

Posts in 17 January 2022

Income from House Property- Points to remember

January 17, 2022 2427 Views 0 comment Print

Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on by […]

Bombay HC to impose heavy cost on lawyers if they Get Non-Urgent Matters Listed

January 17, 2022 1113 Views 0 comment Print

It is found that taking undue advantage of the previous Notice, by which parties’ Advocates were permitted to indicate the date of listing without mentioning for circulation, a large number of matters in which there is no urgency are being listed.

ICAI Empanelment as Resource Person/ Subject Matter Expert in Social Sector

January 17, 2022 654 Views 0 comment Print

Draft of Social Audit Standard for Impact Reporting and specific Social Audit Standards with respect to sub – themes of social impact, for example, poverty, nutrition etc covering aspects such as scope, engagement acceptance, basic principles, audit procedures, assurance report, documentation etc.

GST payable on Reimbursement of electricity expenses if not on actual basis: AAAR

January 17, 2022 2259 Views 0 comment Print

In re Harish Chand Modi (GST AAAR Rajasthan) Reimbursement of electricity expenses had not been made on actual basis by the lessee to lessor as it has been collected in advance with rent and further adjusted by raising the invoice by the lessor. Further, the appellant has failed to establish themselves as pure agent. Reimbursement […]

Rodent Feed classifiable under HSN 23099010 & not falls under exemption notification

January 17, 2022 3660 Views 0 comment Print

In re Hylasco Bio-technology Private Limited (GST AAR Telangana) 1. Whether the product Rodent Feed can be classified under the HSN 2309 90 10 or not? Yes. But not covered under the exemption notification. 2. If No, HSN applicable for the specified product? Please refer above. 3. As HSN 2309 is exempt under the Serial […]

CPU, Memory & Storage with onscreen display of output fall under HSN 8471

January 17, 2022 2301 Views 0 comment Print

In re Next Education India private limited (GST AAR Telangana) The goods sold by the applicant has a Central processing unit (CPU), memory & storage with an onscreen display of output which is based on the input supply by the user. Therefore in view of the notes to Chapter 84 and also the HSN entries […]

Section 263 Revisional Jurisdiction cannot be Invoked for mere Change of Opinion

January 17, 2022 1446 Views 1 comment Print

Jaydeep J. Patel (HUF) Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Bench in an identical case where revisionary powers were exercised for directing detailed inquiry on agricultural expenses incurred, held that where the AO had accepted agricultural income after conducting due inquiries no revision u/s 263 can be done and that it tantamount to mere change […]

MahaGST: GST scrutiny parameters & issues in return scrutiny

January 17, 2022 38622 Views 1 comment Print

To ensure the correct and completeness of the compliance made by registered taxpayers the statutory mechanism of scrutiny of returns has been provided in section 61 of the GST Act(s). The guidelines for undertaking return scrutiny and subsequent actions thereto are issued vide above referred Internal Circular.

Section 263 jurisdiction cannot be exercised in twin conditions not satisfied

January 17, 2022 2232 Views 0 comment Print

CIT Vs Manna Trust (Rajasthan High Court) The respondent Trust is a registered charitable trust. The assessing officer for the assessment year 2016-17 accepted the return filed by the trust and granted exemption as applicable under law. The Commissioner, Income-Tax took the said order in revision under Section 263 of the Act and held that […]

Implementation Guide to Standard on Auditing (SA) 210), Agreeing the Terms of Audit Engagements

January 17, 2022 4830 Views 0 comment Print

Implementation Guide to Standard on Auditing (SA) 210, Agreeing the Terms of Audit Engagements is one such Guide. The Implementation Guide has been written in simple and easy to understand language in Question-Answer format containing frequently asked questions (FAQs) on SA 210 and their responses.

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