"06 January 2023" Archive

Levy of penalty u/s 271(1)(c) unsustainable as matter debatable

 Atul Limited Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that in an identical matter, jurisdictional High Court ruled the matter in favour of the assessee, however, later on Apex Court held otherwise. Accordingly, the issue was debatable do to which levy of penalty u/s 271(1)(c) of the Income Tax Act is unsustainable....

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Direction of higher authority is binding upon lower authority

Perfect Importers And Distributors (India) Pvt. Ltd. Vs Union f India (Gujarat High Court)

Gujarat High Court held that it is settled legal position that the directions given by the higher authority is binding upon the lower authority and therefore, such directions cannot be ignored on any count....

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Disturbing concluded assessment in search assessment without incriminating material is untenable

Essel Mining & Industries Limited Vs DCIT (ITAT Mumbai)

Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material....

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Project Implementing Agency making supplies to State Govt Dept/ Directorate is required to issue tax invoice on contract value

In re West Bengal Agro Industries Corporation Limited (GST AAR West Bengal)

AAR ruled that assessee acting as Project Implementing Agency, making supplies to State Government Department is required to issue tax invoice on contract value as determined by Department in spite of the fact that there is no value addition in supply....

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GST on health care services to senior citizens at their door step

In re Snehador Social & Health Care Support LLP (GST AAR West Bengal)

In re Snehador Social & Health Care Support LLP (GST AAR West Bengal) Whether the services rendered by the applicant for health care to senior citizens at their door step comes under exemption category and what will be the classification of such services? Services of regular medical monitoring along with other logistic support as prov...

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Welding of railway tracks along with labour services is a ‘Composite Supply’ taxable at 18% GST

In re Purple Distributors Pvt Ltd (GST AAR West Bengal)

AAR held that welding process on railway tracks along with supply of labour services shall be treated as ‘Composite Supply’ of services falling under Tariff 995429 and shall be taxable at the rate of 18% vide serial number 3(xii) of Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017...

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Transfer of business qualify as a ‘going concern’ if not have Intention or necessity of liquidation or of curtailing materially the scale of operations’

In re Jayesh Popat (GST AAR West Bengal)

In re Jayesh Popat (GST AAR West Bengal) Whether the transaction of transfer of business by the applicant shall be treated as a supply of services and would be covered under Serial No. 2 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017? It therefore appears that to qualify as a ‘going concern’, the business ...

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Notice to be served to assessee before carrying out physical inspection of business premises

Aditya Narayan Ojha (Amit Associates) Vs Principal Commissioner, CGST & Anr. (Delhi High Court)

HC held that notice is needed to be served to assessee under Rule 25 of Central Goods and Services Tax Rules, 2017 (CGST Rules) before physical inspection is carried out....

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Disallowance of PF ESIC vide 143(1) intimation is correct: ITAT-Pune

Cemetile Industries Vs ITO (ITAT Pune)

Cemetile Industries Vs ITO (ITAT Pune) These appeals by different assessees are directed against the confirmation of disallowance u/s.36(1)(va) of the Income-tax Act, 1961 (hereinafter also called ’the Act’) made in the Intimations issued u/s.143(1) of the Act or thereafter its confirmation in the respective rectification orders for t...

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Complete Process to Convert Physical Shares to Demat

The Indian stock market has grown to offer more facilities and straightforward trading to modern investors. Investors had to physically be present at the stock exchanges to purchase and sell shares when the Indian stock market employed the open outcry mechanism. The basis for buying and selling was the use of actual share certificates tha...

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January 2023