"08 October 2022" Archive

Discouragement of Cash Transactions under Various Laws in India

In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...

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Posted Under: Income Tax | ,

Final Opportunity to avail past credits of Service Tax, Excise & VAT into GST

At the time of implementation of the GST, the CGST Act 2017 (Section 140 read with the rules) had allowed the taxpayer a period of 90 days (which was further extended till 27.12.2017) to claim the input tax credit pertaining to the previous regime under the GST by filing GST Trans 1 & Trans 2. […]...

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Posted Under: Income Tax | ,

ITAT quashed Reassessment based on borrowed satisfaction & without independent application of mind 

Vishal Aggarwal Vs ITO (ITAT Delhi)

ITAT held that Income Tax reassessment initiated on the basis of borrowed satisfaction without any independent application of mind by Assessing Officer is liable to be quashed. ...

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Addition for undisclosed income justified if Assessee failed to file details of creditors

Arabinda Konar Vs ITO (ITAT Kolkata)

ITAT held that additions framed on account of undisclosed income being sustained in part is justified, where assessee was required to file complete details of such friends and relatives and also the details of sales but the same has not been done at any stage....

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Amended provisions of Section 154 cannot be applied with retrospective effect

A R Transport Vs ADIT (ITAT Jabalpur)

A R Transport Vs ADIT (ITAT Jabalpur) Amended provisions of Section 154 cannot be applied with retrospective effect in respect of an AY which precedes the year of amendment of the provisions ...

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Revocation of cancelled registration: HC directs dept for opening of GST portal for Tax payment & return filing

Shree Hari Printers Vs Commissioner, Commercial Taxes & GST (Orissa High Court)

Shree Hari Printers Vs Commissioner, Commercial Taxes & GST (Orissa High Court) HC issued direction to the department for opening of GST portal for payment of tax and other dues and to enable filing of GST returns so as to consider application for revocation of cancelled GST registration of the petitioner. FULL TEXT OF THE […]...

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How does RBI makes money to pay huge dividends?

Under Section 47 of the RBI Act, 1934, after making provisions for bad and doubtful debts, depreciation in assets, contribution to staff and superannuation funds and for all matters for which provisions are to be made by or under the Act or that are usually provided by bankers, the balance of the profits of the Bank is required to be paid...

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Posted Under: Income Tax |

Penalty on ITC under GST availed but not utilized

Recently, section 50 of the CGST Act was amended retrospectively from 1.7.2017 to provide that interest will be charged on ITC wrongly availed and utilized. Prior to the amendment, interest was chargeable on ITC wrongly availed or utilized. Thus, interest was chargeable on ITC wrongly availed but not utilized....

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Posted Under: Income Tax |

Form GSTR-9 (Explanation) for 2021-22

Author has given below format of Form GSTR-9 with comments on the same. Comments are given in red. Please note Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. FORM GSTR – 9 [See rule 80] Annual […]...

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Posted Under: Income Tax |

Supply From DTA To SEZ or SEZ To DTA Under GST

Section 7 of the IGST Act, 2017: – Inter-State Supply. As per Section 7(5)(b) of the IGST Act, 2017 says that Supply of goods or services or both made to or by a Special Economic Zone developer or a Special Economic Zone unit shall be treated to be a supply of goods or services or […]...

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Posted Under: Income Tax |

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