"22 August 2022" Archive

GST on supply of fortified wholemeal flour to Food & Supplies Department

In re Maa Laxmi Enterprise (GST AAAR West Bengal)

AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West Bengal will fall under entry no. 3A of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and exempt from taxation....

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Addition u/s 68 sustained as onus to prove identity & creditworthiness of creditors not discharged

Ghaus Memorial Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Allahabad)

Held that assessee failed to explain identity and creditworthiness of the creditors and genuineness of the transaction. Accordingly, addition u/s 68 sustained....

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Know Your Rights and Duties in Summons under GST

GST Investigation Wing issued Instruction No. 3/2022-23 for providing guidelines on issuance of summons under section 70 of CGST Act, 2017 CBIC has noticed a significant trend in officers that summons under section 70 of the Act are issued very casually to anybody in the organization including top officials of the organization even for as...

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Pension is deferred salary, akin to property under Article 300A

Abhilash Kumar Vs Kerala Books And Publication Society (Kerala High Court)

Held that pension is deferred salary, akin to property under Article 300A of the Constitution of India. The right to pension is a constitutional right....

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Failure to deposit interim compensation not take away right to cross-examine witness

Noor Mohammed Vs Khurram Pasha (Supreme Court of India)

Held that right to cross-examine the witnesses examined on behalf of the complainant cannot be denied to an accused for his failure to deposit interim compensation....

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12 Advantages of Investing in Mutual Funds Over Equities

#AD Most investors think replicating a mutual fund portfolio and creating their own portfolio with the same stocks is quite easy. It is the greatest misconception ever. Trying to replicate the fund’s portfolio and aim to generate similar returns is next to impossible. Mutual funds are managed by experts (professional fund managers) ...

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Clause 44 Clarifications – As Per New Tax Audit Guidance Note – AY 22-23

Article explains Clause 44 of Tax Income Tax Audit Report as applicable to Assessment Year in view of Recent ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 AY 2022-23. Clause 44 deals with Break-up of total expenditure of entities registered or not registered under GST....

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Liability to pay excise duty was on job-worker for Unloading Chemicals from tankers, repacking & labelling In Small Drums

Dow Chemical International Pvt. Ltd. Vs C.C.E.-Kutch (CESTAT Ahmedabad)

Since the job worker had carried out all the activities which, as per the department, amounted to manufacturing therefore, the job worker was alone to pay the excise duty....

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No wilful mis-statement or suppression of facts in case capital gains tax was paid on profit/compensation received

Bhaskar Steel and Ferro Alloys Pvt. Ltd. Vs Commissioner of CGST & Excise (CESTAT Kolkata)

Since the whole case of Revenue was based on the balance sheets of assessee who had declared all the transactions in their records and had even paid capital gains tax on the profit/compensation received, therefore,  it could not be said that assessee had resorted to wilful mis-statement or suppression of facts or had contravened of any o...

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Writ can be filed before High court where AO passing the order is situated

PCIT Chandigarh Vs ABC Papers Limited (Supreme Court of India)

Held that appeals against every decision of the ITAT shall lie only before the High Court within whose jurisdiction the Assessing Officer who passed the assessment order is situated. The principle remains the same even if the case of an assessee are transferred in exercise of power u/s 127....

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November 2022