"21 November 2022" Archive

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

Trade Circular No. 1/2022 21/11/2022

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

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Benefit of Extended Time Limit to avail ITC till Nov 30

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....

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

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 o...

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

DCIT (LTU-I) Vs CMI FPE Ltd. (ITAT Mumbai)

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....

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Companies (Registered Valuers and Valuation) Amendment Rules, 2022

Notification No. G.S.R. 831(E). 21/11/2022

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...

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

Jahangir Alam Vs ITO (ITAT Delhi)

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....

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Excise Duty paid under protest adjustable against amount payable under SVLDRS 

Commissioner of Central Excise and service tax Vs Patanjali Ayurveda Ltd (Uttarakhand High Court)

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...

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

DCIT Vs Enexio Power Cooling Solutions India Pvt. Ltd. (ITAT Chennai)

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 [...

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

Athena health Technology Pvt. Ltd. Vs DCIT (ITAT Chennai)

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)....

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

Automark Industries (India) Pvt. Ltd. Vs Commissioner of Commercial Tax (Allahabad High Court)

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 [&h...

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