"13 October 2022" Archive

Land appurtenant to building – No rider under section 54 on size of land

DCIT Vs Sh. Kanwal Mohan Singh Sehgal (ITAT Delhi)

Section 54 does not put any rider that deduction in respect of investment in acquisition of land appurtenant to building will not quality for exemption....

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Delayed payment of employees contribution towards PF/ESIC not allowable: SC

Checkmate Services P. Ltd Vs CIT (Supreme Court of India)

Checkmate Services P. Ltd Vs CIT (Supreme Court) The factual narration reveals two diametrically opposed views in regard to the interpretation of Section 36(1)(va) on the one hand and proviso to Section 43(b) on the other. If one goes by the legislative history of these provisions, what is discernible is that Parliament’s endeavour in i...

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Webinar on Recent critical developments in GST & Customs

Webinar on 'GST & CUSTOMS – Recent critical developments & way forward for Industry October 2022' on 15th October 2022 at 11:00 a.m. ...

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Posted Under: Income Tax | ,

GST ITC refund Scam: HC grants Bail to Gurugram CA

Gaurav Dhir Vs Central Goods and Services Tax (Punjab and Haryana High Court)

In the present case, he had been paid professional fee for uploading of the refund of Input Tax Credit. The petitioner and his co-accused Sunil Mahalawat were colleagues, as such the UDIN was borrowed by the petitioner from him for uploading and issuance of the CA certificate....

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Cost Auditing Standards and Review of Cost Audit Reports by MCA

The concept of compliance with Cost Audit Standards has started gaining momentum with the MCA issuing notices for review of Cost Audit Reports. The company is normally required to comply with 24 Cost Accounting Standards (whichever applicable) and 19 Standards on Cost Auditing (Lists already communicated earlier/available on icmai.in) Gov...

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Posted Under: Income Tax | ,

Analysis of SC verdict on allowability of delayed payment of Employee PF Contribution

Short Write Up on Impact Analysis of Hon’ble Apex court recent verdict in case of : CHECKMATE SERVICES PVT LTD VS CIT-1 in CIVIL APPEAL 2833/2016 order dated 12 October 2022 On issue of : Allowability/treatment of ‘delayed’ Employee PF Contribution payment in hands of assessee under provisions of Income Tax Act (PGBP/Bus...

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Posted Under: Income Tax |

TDS on various incomes of Non-Resident Individual

TDS on salary income of a non-resident individual shall be deducted u/s 192 of the Income Tax Act, 1961 at the applicable slab rates. Tax liability for the whole year shall be calculated on the prospective salary income of the non-resident and such determined tax shall be then deducted from the payment to be made of salary, in twelve mont...

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Posted Under: Income Tax |

Levy of GST on Non Alcoholic Beverages

Liquor manufacturing companies in India and world over, do manufacture alcoholic drinks or beverages, bear and even non-alcoholic drinks / beverages. While alcoholic beverages are outside the scope of levy of Goods and Services Tax (GST), non-alcoholic beverages-whether malt based on non-malt based are liable to levy of GST as these are n...

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Posted Under: Income Tax |

Related Party Transactions as Per CA, 2013

Related Party Transaction  The Related Party Transaction is explained below purely on the basis of Companies Act, 2013, the Accounting Standards, Listing regulations are not considered while drafting this Article.  As per Section 2(76) of the Companies Act, 2013 “related party”, with reference to a company, means— But as p...

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Posted Under: Income Tax

The Classification controversy around paratha’s

Parathas supplied by appellant are different from Plain Roti or Chapatti and cannot be treated as or covered under category of Plain Roti or Chapatti....

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Posted Under: Income Tax |