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Archive: 21 November 2022

Posts in 21 November 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6705 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Mandatory furnishing of ineligible / blocked ITC & reversal thereof in Form GSTR-3B – instructions

November 21, 2022 23451 Views 1 comment Print

Mandatory furnishing of correct and proper information of ineligible / blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B – instructions

Benefit of Extended Time Limit to avail ITC till Nov 30

November 21, 2022 32373 Views 1 comment Print

On 28th September 2022, CBIC issued a notification to extend the time limit for completion of major compliances of previous financial year 21-22 under GST Act till 30th November 2022 or furnishing of the relevant annual return (GSTR-9), whichever is earlier.

Mandatory furnishing of correct ineligible ITC & reversal thereof in Form GSTR-3B

November 21, 2022 16500 Views 0 comment Print

Mandatory furnishing of correct and proper information of ineligible Input Tax Credit and reversal thereof in Form GSTR-3B That CBIC circular no. 170/02/2022- GST has highlighted incorrect reporting of ineligible Input Tax Credit by Taxpayers. In this context, it has been observed that large portion of unclaimed IGST ITC has led to loss of revenue […]

Assessee cannot be faulted if seller is not traceable or his name appears in list of non-genuine dealer

November 21, 2022 4866 Views 0 comment Print

Assessee cannot be faulted if the seller is not traceable and also that it is not the burden of assessee to investigate genuineness of seller or their business transaction.

Companies (Registered Valuers and Valuation) Amendment Rules, 2022

November 21, 2022 3801 Views 0 comment Print

Partnership entity or company, already registered as valuers, on the date of commencement of the Companies (Registered Valuers and Valuation) Amendment Rules, 2022, shall comply within six months of such commencement with the conditions specified under this clause

Principle of natural justice should be given due consideration while adjudicating tax dispute

November 21, 2022 2406 Views 0 comment Print

It is well settled that no one should be condemned unheard. Therefore, principle of natural justice should be given due consideration while adjudicating the tax dispute.

Excise Duty paid under protest adjustable against amount payable under SVLDRS 

November 21, 2022 720 Views 0 comment Print

Amount deposited has no specific colour since the amount was deposited under protest and even before the crystallisation of the liability of the respondent-assessee as Central Excise Duty or as interest

ITAT allows recognition of Retention Money as revenue in year of receipt

November 21, 2022 1380 Views 0 comment Print

DCIT Vs Enexio Power Cooling Solutions India Pvt. Ltd. (ITAT Chennai) It could be seen that the nature of assessee’s work is such that a part of the contract amount is retained by the customers and the same is released on satisfactory performance of the project. Therefore, the assessee, following consistent method of accounting, defer […]

Gratuity cannot be disallowed merely for inconsistent entries in explanation of section 143(1)(a)

November 21, 2022 2082 Views 0 comment Print

Deduction of gratuity is available in substantive law and it cannot be disallowed merely by reference of inconsistent entries in explanation of s. 143(1)(a) of Income Tax Act being a procedural provisions, it shall not take away right confirmed in s. 37 r/w s. 40A(7) and s. 36(1)(v).

Notice by Commercial Tax Tribunal not served: Allahabad HC allows fresh Revision

November 21, 2022 696 Views 0 comment Print

Automark Industries (India) Pvt. Ltd. Vs Commissioner of Commercial Tax (Allahabad High Court) One of the main planks of the arguments submitted by the revisionist before this Court is that their matter was remitted to the Tribunal for decision afresh in pursuance to which the impugned order has been passed. It has been submitted that […]

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