"02 January 2023" Archive

Hiring of goods transportation vehicle by GTA is exempted from GST

In re Prahallad Ray Rekhraj Agrawal (GST AAR Chhattisgarh)

AAR ruled that no GST will be chargeable on the hiring of a transportation vehicle by a Goods Transportation Agency (GTA) and also has no liability under Reverse Charge Mechanism (RCM)....

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Concessional GST rate of 12% on composite supply of works contract to be applied prospectively

In re Dee Vee Projects limited (GST AAR Chhattisgarh)

AAR ruled that the Notification amending the tax rate from 18% to 12% on Composite Supply of Works Contract can only be applied prospectively, if an enactment does not expressly provides that it should be deemed to have come into effect form a past date....

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ICAI President’s Message – January 2023

ICAI being a prominent and world class educational institution actively works towards expanding the ecosystem for development of Commerce education in the country and to attract the best talent to the profession through Career Counselling, as also build the capacity and competency of the CA students through various interactive initiatives...

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Summary of compliance for related party transactions

Steps and precautions while auditing related party transactions (In case of private limited company) This article will help in ensuring compliance of SA 230 with respect to related party transactions. Section 188: Related party transaction Specified transactions Threshold Audit documentation Sale, purchase or supply of any goods or materi...

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Scope of section 143(1)(a) for delayed deposit of employees’ contributions for pre amended period

Scope of section 143(1)(a) for the delayed deposit of employees’ contributions for the pre amended period in view of decision in the case of ITAT Mumbai –P.R. Packaging Service v. ACIT (Mum.)(Trib.)- (ITA No. 2376/Mum/2022, dt. 7-12-2012) (AY. 2019-20) Sections 2(24)(x), 36(1)(va) and 37(1) of the Income Tax Act deal with the dedu...

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Concept of deemed registration of trust not prevailing under Income Tax Act

Domadia Raiyaben Muljibhai Charitable Trust Vs CIT(Exemption) (ITAT Surat)

ITAT Surat held that there is no specific provision in the Income Tax Act that non-deciding the registration application under Section 12AA within a period of six months there shall be a deemed registration....

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Typographical error should be rectified via rectification application u/s 154

Manjush Kumar Vs ACIT (ITAT Delhi)

ITAT Delhi held that typographical error is to be rectified by filing a rectification application under section 154 of the Income Tax Act and not by preferring an appeal....

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Penalty u/s 271(1)(c) not leviable as tax assessed is equal to TDS deducted

Karnail Singh Vs JCIT (ITAT Chandigarh)

ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act....

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Resolving Conundrum Surrounding Applicability of Moratorium under Section14(1)(a) of IBC

One of the ultimate goals of the Insolvency and Bankruptcy Code, 2016 (IBC) is to provide a mechanism for the timely resolution of corporate debtor’s insolvency in order to maximize the value of its assets, to facilitate credit facility and to strike a balance between the interest of all the stakeholders. To achieve this goal, […...

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Cancellation of GST Registration Without Specifying Reasons is against Principles of Natural Justice

Dee Cubes Diamonds Pvt. Ltd Vs State of Gujarat (Gujarat High Court)

HC held that SCN that does not contain reason to justify cancellation of registration therefore, is violative of principles of natural justice and needs to be quashed....

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January 2023