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 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 the seller is not traceable and also that it is not the burden of assessee to investigate genuineness of seller or their business transaction.
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
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.
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
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 […]
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).
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 […]
ACIT Vs Amit Tiwari (ITAT Indore) The submissions of the assessee are that penalty proceedings u/s 271AAB as initiated is bad in law on account of firstly penalty notice so issued is defective as it does not disclose specific charge and secondly there is no concealed income as search took place prior to due date […]
