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Archive: 15 July 2022

Posts in 15 July 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7167 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

ITAT denied Section 11 & 12 exemptions for failure to File Form No. 10B Electronically

July 15, 2022 2454 Views 0 comment Print

Ahmedabad ITAT dismisses Ambica Trust’s appeal as it failed to electronically file Form 10B for exemptions under sections 11 and 12 of the Income Tax Act.

ITR and Bank Statements are sufficient to prove creditworthiness under Section 68: ITAT

July 15, 2022 14313 Views 0 comment Print

In present facts of the case, the Hon’ble ITAT held that ITR and bank statements were sufficient to prove the genuinety and for creditworthiness under Section 68 of Income Tax Act.

Gratuity exemption u/s 10(10) available to employee holding civil post under a state

July 15, 2022 1203 Views 0 comment Print

Held that an employee holding a civil post under a state is eligible for exemption towards amount of gratuity received under section 10(10) of Income Tax Act

Proceedings concluded due to no tax dues and zero tax effect

July 15, 2022 3054 Views 1 comment Print

Held that as the issue in question is in the academic interest and as there is no revenue implication as there are no tax dues and therefore there is zero tax effect, we close the present proceedings keeping the larger question on the Common Parlance Test open

Limitation period of provisional attachment not extended based on SC order post pandemic

July 15, 2022 2577 Views 0 comment Print

Held that the 180 days window in Section 5 contemplates an end-point whereas the Supreme Court in the Suo Motu writ petition sought to protect the starting-point, which was at the risk of being defeated by reason of the pandemic.

Time limits, based on circumstance, can be compelling guidelines or mandatory prescription

July 15, 2022 960 Views 0 comment Print

Held that time limits placed by the legislature intends to enforce discipline in governance and could therefore be compelling guidelines or even mandatory prescriptions. Matter referred to three judge bench.

Set off of brought forward business loss & unabsorbed depreciation not available to ingenuine demerger

July 15, 2022 1404 Views 0 comment Print

Held that benefit of carried forward business losses and unabsorbed dep. u/s. 72A available only if the amalgamation/demerger is genuine

Revenue needs proper evidence to reject classification done by assessee

July 15, 2022 1080 Views 0 comment Print

Held that Revenue needs to adduce proper evidence to show that the goods are classifiable under a different heading than that claimed by the assessee. The onus is on the Revenue to establish that the item in question falls in taxing category as claimed by them.

GST on supply of Ayurvedic products under AYUSH Department licenses

July 15, 2022 6912 Views 1 comment Print

In re Incnut Lifestyle Retail Private Limited (GST AAR Telangana) The applicant claims to be manufacturing Ayurvedic products under licenses issued by AYUSH Department of Government of Telangana. The applicant therefore is of the opinion that all the products manufactured by the applicant can be classified as Ayurvedic medicaments under chapter sub-heading ‘30049011’ @12% under […]

GST on printing of leaflets for clients pertaining to pharmaceutical sector

July 15, 2022 609 Views 0 comment Print

The applicant is printing leaflets and packing materials of his clients pertaining to pharmaceutical sector. The leaflet contains the literature pertaining to said medicine. Applicant wishes to know rate of tax including HSN code for printing of leaflets?

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