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Archive: 08 October 2022

Posts in 08 October 2022

Block Input Tax Credit – Motor Vehicle – Section 17(5) of CGST Act, 2017

October 8, 2022 6972 Views 0 comment Print

Understand the implications of Section 17(5) of CGST Act, 2017 on Input Tax Credit (ITC) for motor vehicles. Explore scenarios where ITC is not available, such as works contracts, personal consumption, and gifts. Stay informed to optimize your tax credit utilization.

Complete Guide on e-invoice vs E-way bill

October 8, 2022 14901 Views 0 comment Print

Unlock the essentials of E-invoice vs E-way bill with this comprehensive guide. Get easy-to-understand FAQs and step-by-step instructions for Tally Prime users. Learn about the compulsory scenarios, accounting software changes, and the key differences between E-invoice and E-way bill. Stay compliant and make informed decisions for your business. Connect for further assistance!

Liability to tax premium on redemption of preference shares arose when the same was actually received

October 8, 2022 19692 Views 0 comment Print

While holding that the premium on redemption of preference shares was exigible to tax under the head Income from Capital Gains, the ITAT held that the revenue authorities were not justified in making the additions to the assessees income on the ground of notional premium receivable on preference shares.

Assessment completed after proper inquiry cannot be reframed without fresh evidence

October 8, 2022 1095 Views 0 comment Print

ITAT Jaipur held that assessment which are already completed after making proper inquiries cannot be allowed to again reframed merely based on the search without any fresh evidence. Addition unsustainable

Criminal proceedings can be initiated by bank even after SARFAESI proceedings

October 8, 2022 3351 Views 0 comment Print

Karnataka High Court held that once an account is declared to be a fraud, bank can initiate criminal proceedings even after initiation of proceedings under SARFAESI Act and having a recovery certificate

TP adjustment deleted in absence of written agreement to incur expense between assessee and AE

October 8, 2022 543 Views 0 comment Print

ITAT Bangalore held that in the absence of no written agreement exists between the assessee and its AE requiring the assessee to incur advertisement, marketing and promotion (AMP) expenses, the same cannot be regarded as an international transaction at all and hence TP adjustment not sustainable

Arbitrator assigning other person for interest quantification is against principle of natural justice

October 8, 2022 1155 Views 0 comment Print

Calcutta High Court held that an arbitrator cannot shun away his responsibilities and leave the work of quantification of awarded interest on chartered accountant. Accordingly, held that arbitration award suffers infirmity.

Remuneration to trustee cannot be ground to cancel registration of trust

October 8, 2022 4851 Views 0 comment Print

ITAT Hyderabad held that payment of remuneration to the trustees could result into disallowance of excess expenditure and the same cannot be a ground to cancel the registration of trust

Addition unsustainable once onus adequately discharged by assessee

October 8, 2022 822 Views 0 comment Print

ITAT Ahmedabad held that addition solely on the basis of investigation wing report unsustainable as onus was discharged by the assessee as PAN card and bank statements were duly submitted

ESOP expenditure allowable as deduction u/s 37(1) of the Income Tax Act

October 8, 2022 978 Views 0 comment Print

ITAT Bangalore held that expression expenditure also includes loss and therefore the difference between the price at which the shares are issued to the employees and the market value of the shares would be expenditure incurred for section 37(1) of the Income Tax Act

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