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Archive: 15 January 2023

Posts in 15 January 2023

Essence of tweaks to input tax credit rules by GST council

January 15, 2023 3111 Views 1 comment Print

Understand the essence of key changes to Input Tax Credit rules with GST Council. Know what Rule 37A in GST implies for taxpayers? Find out here!

Whether slump sale will attract GST?

January 15, 2023 6096 Views 1 comment Print

GST on slump sale? Understand how the Central Board of Indirect Taxes & Customs view slump sale & why GST should not apply.

No ad hoc addition should be made for bogus purchases

January 15, 2023 3228 Views 0 comment Print

No ad hoc addition for bogus purchases should be made. Addition should be made to the extent of difference between gross profit rate on genuine purchases and GP rate on hawala purchases

Additions cannot be made merely on the basis of Form 26AS

January 15, 2023 4290 Views 0 comment Print

Sureshkumar K Kataria Vs DCIT (ITAT Rajkot) ITAT notes that there was mismatch in the gross income reported by the assessee viz a viz the income reflecting in form 26AS for an amount of Rs. 4,13,081.00 only. As such, the assessee has shown less income by the impugned amount, therefore concurrent view was taken by […]

Fine for overloading paid to RTO is an allowable expenses under Section 37

January 15, 2023 2250 Views 1 comment Print

Kiran Roadlines Vs ACIT (ITAT Rajkot) The assessee is a registered firm in the business of transportation. It appears that for A.Y. 2004-05 & 2005-06 identical penalty debited to P&L account has been allowed by he Ld. CIT(A). In appeal preferred before the ITAT by the Revenue dated 06.03.2009, the Hon’ble Bench has been pleased […]

ITAT restore issue of claim of brought forward loss to CIT(A) for passing speaking order

January 15, 2023 762 Views 0 comment Print

Shivdham Industries P. Ltd Vs DCIT (ITAT Guwahati) It has been stated before us by the ld. Counsel for the assessee that in the return of income filed in Form no. ITR­-6 in Schedule CFL, the assessee has furnished ‘details of loss to be carried forward to future years’ totaling to Rs. 82,89,050/- which included […]

HC can entertain Writ Petition to Examine if Conditions to issue Section 148 Notice are Satisfied: SC

January 15, 2023 2526 Views 0 comment Print

Red Chilli International Sales Vs ITO (Supreme Court of India) We with the petitioner that the impugned judgment rejecting the writ petition on the ground of alternative remedy does not take into consideration several judgments of this Court, on the jurisdiction of High Court, as writ petitions have been entertained to be examined whether the […]

Transfer of PAN is consequential to Order of transfer of jurisdiction

January 15, 2023 2070 Views 0 comment Print

ITAT held that transfer of PAN is consequential to Order of transfer of jurisdiction & that it is a PAN, which follows jurisdiction & not vice versa

Valuation of Stock Transfers under GST

January 15, 2023 14559 Views 1 comment Print

Uncover the implications of supply of goods or services between related or distinct persons for Valuation of Stock Transfers under GST. Learn more with this blog post!

GST: HC Grants Bail to accused as he already paid amount of alleged tax evasion

January 15, 2023 723 Views 0 comment Print

Vikas Bajoria Vs Union of India (Rajasthan High Court) In present case, the petitioner is in custody since 08.11.2022, investigation as against him is complete, the amount of alleged tax evasion has already been deposited with the revenue by the recipient(s). This Court is in respectful agreement with the law laid down in the cases […]

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