Held that the machines which are cleared after utilization cannot be treated as machines cleared as such. Accordingly, duty equal to cenvat credit not payable as prescribed under rule 3(5) of CCR, 2004
Held that it is settled that the government dues against the assessee cannot be recovered from the owner of the property which was leased out to the assessee against whom the dues are pending
Held that no part consideration of acquisition of asset/property was paid on alleged execution of possession-cum-Satakat and there is no other corroborative evidence to substantiate the claim of assessee. Capital gain treated as STCG instead of LTCG.
It is settled position of law that AO cannot levy penalty on charges different from the charges for which penalty proceedings were initiated
Held that the allegation of clandestine production and removal has to be established against any person by independent and tangible evidence. No demand exists in absence of such evidence.
Important update for taxpayers: CBDT allows condonation of delay in filing Form 9A, Form 10, Form No. 10B & 10BB for AY 2018-19 and subsequent years. Circulars No. 15, 16, and No. 17 dated 19th July 2022 provide details and conditions. Stay informed for smooth compliance.
With the advent of Insolvency and Bankruptcy Code, 2016 (IBC), there has been a transformative turnaround in the corporate insolvency resolution framework in India. However, the IBC does not accommodate and provide for specific arrangements or contains any provision for group insolvency as the legislation itself is still evolving and is designed for a single economic entity.
Renting of an immovable property is considered a supply of service under GST as per schedule II of the CGST Act 2017. Till 17th July 2017, renting of residential dwelling for use as residence was exempted whereas services by way of renting for commercial use (SAC Code –997212) was taxable @ 18%. However, the dynamics of renting of residential property under GST has changed from 18th of July 2022.
Explore ITR-U for corrections and updates in cases like unfiled returns, incorrect reporting, and more. Be aware of conditions where ITR-U cannot be filed. Pay attention to additional taxes and interest for timely compliance.
Resolution 1: No more refund rejection on ground that export of services by one establishment of a person in India to another establishment of the same person outside India, considered as establishments of distinct persons as per Explanation 1 of section 8 of IGST Act
