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Archive: 02 October 2022

Posts in 02 October 2022

Understanding Important Tax Audit Reporting Clauses with Funny QAs

October 2, 2022 12168 Views 0 comment Print

Understand important tax audit reporting clauses with funny Q&As. Learn and enjoy the Form 3CD Annexure in the Tax Audit Report (TAR) in a humorous and useful way.

Can an Insolvent company be classified as a Going Concern entity?

October 2, 2022 1422 Views 0 comment Print

Understanding the concept of a going concern entity in insolvency. Learn about the legal aspects and recovery prospects for lenders in corporate liquidation.

Common Non-Compliances of Financial Reporting (Part – 1)

October 2, 2022 2142 Views 0 comment Print

Learn about the common non-compliances in financial reporting observed by the Financial Reporting Review Board (FRRB). Part 1: Assets.

Input Tax Credit Provisions Section 16(2) CGST From 01-10-2022

October 2, 2022 129075 Views 3 comments Print

Understand the Input Tax Credit provisions under Section 16(2) of CGST Act from 01-10-2022. Learn about the conditions for entitlement and how to claim tax credits.

Constitutional Validity of condition Nos. 4.3 & 4.7 of Circular No. 180/12/2022-GST

October 2, 2022 2577 Views 0 comment Print

Analyzing the Constitutional Validity of condition Nos. 4.3 and 4.7 of CBIC Circular No. 180/12/2022-GST and its impact on Transitional Credit.

Indexation benefit on installments paid allowed from flat date allotment

October 2, 2022 25362 Views 1 comment Print

Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the fact that assessee had paid installments over a period of time subsequent to the date of allotment.

Input Credit Availment Criteria-GSTR 3B Return

October 2, 2022 3276 Views 0 comment Print

Understand the criteria for availing input credit in GSTR 3B return. Ensure you have proper documentation, valid invoices, and reflected credit.

Income from operating & maintaining IT Park is taxable as business income

October 2, 2022 690 Views 0 comment Print

Income from letting out of premises/developing space along with other facilities in an industrial park, SEZ is taxable under business income

LTCG cannot be treated as turnover to deny benefit of Section 47(xiiib)

October 2, 2022 1173 Views 0 comment Print

ACIT Vs AVA landmark LLP (ITAT Delhi) The capital assets held by erstwhile company transferred to assessee as LLP were considered as transfer and the Assessing officer made addition of Rs.11,37,40,244/- to the return income on allegation of non-compliance of Section 47(xiiib) of the Act. However, the Ld. CIT(A) observed that there is no violation […]

ITAT declines to Condone Delay as no justification for delay furnished

October 2, 2022 441 Views 0 comment Print

Shri Abdul Hakeem Vs ITO (ITAT Delhi) ITAT notice that the assessee has filed the appeal belatedly where the number of days delayed has not been specified. The delay in our understanding is about 14 months 10 days. No explanation worth the name has been provided to justify the delay. It is trite that the […]

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