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Archive: 16 January 2023

Posts in 16 January 2023

Advisory on taxpayers facing issue in filing GSTR-3B

January 16, 2023 7074 Views 0 comment Print

According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022.

Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns

January 16, 2023 6489 Views 2 comments Print

If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’

CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)

January 16, 2023 765 Views 0 comment Print

CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962 vide Notification No. […]

AO venturing outside the scope of limited scrutiny without prior approval is bad in law

January 16, 2023 1683 Views 0 comment Print

ITAT Delhi held that as per CBDT Instruction nos. 20/2015 and 5/2016 read with DGIT(Vigilance) letter dated 30th November, 2017 before venturing into other issues outside the scope of limited scrutiny, the Assessing Officer should have taken prior approval of PCIT/CIT. Failure of prior approval would render the assessment order bad in law.

Income recorded on estimated basis supported with possible evidence is acceptable

January 16, 2023 1542 Views 0 comment Print

ITAT Cochin held that agricultural income recorded on estimated basis needs to accepted as it was supported by all the possible evidence for estimating income. Revenue has not brought anything on record to show the income estimated and the percentage of expense claimed is not correct.

TDS not deductible on salary, bonus, commission or remuneration credited by firm to partners

January 16, 2023 2955 Views 0 comment Print

ITAT Gauhati held that TDS not required to be deduct by the partnership firm on salary, bonus, commission or remuneration given/ credited to the partner of the firm.

Part of manufacturing by outside agency cannot be reason for disallowance of deduction u/s 80IB

January 16, 2023 981 Views 0 comment Print

ITAT Mumbai held that disallowance of deduction under section 80IB of the Income Tax Act merely because part of manufacturing activities are being done from outside the unit is unsustainable in law.

Assessee not required to establish that debt has become irrecoverable for writing off bad debts

January 16, 2023 2001 Views 0 comment Print

ITAT Bangalore held that it is not necessary for assessee to establish that the debt, in fact has become irrecoverable; it enough if bad debt is written off as irrecoverable in the hooks of accounts of assessee.

Interest on capital accounts of partners to be calculated on actual duration basis

January 16, 2023 14232 Views 0 comment Print

ITAT Allahabad held that the interests on the credit balance in the capital account of the partners of the firms has to be calculated on the actual duration of the credit remains in the capital account and not on opening or closing day of financial year.

Supply already undertaken- Application for advance ruling not maintainable

January 16, 2023 594 Views 0 comment Print

In re Vyom Food Craft Private Limited (GST AAR Rajasthan) As per Section 95 of CGST Act, 2017; this authority shall decide on matters or on questions specified in sub-section (2) of Section 97, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken, by the applicant […]

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