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ITAT upheld Penalty u/s 271AAB(1) on Undisclosed Investment

July 24, 2020 1407 Views 0 comment Print

Pawan Mundra Vs DCIT (ITAT Jaipur) The issue under consideration whether AO is justified levying penalty under section 271AAB on failure to offer explanation about the source of the undisclosed investment in land? ITAT states that during course of post search proceedings, assessee admitted an income of Rs. 6,00,000 on account of undisclosed investment in […]

No Service Tax on Octroi Collection in discharge of Sovereign Privilege

July 23, 2020 2055 Views 1 comment Print

The issue under consideration is whether the service tax is applicable to the collection of Octroi for entry of goods in the discharge of sovereign privilege?

Date of applicability of Consumer Protection Act 2019 provisions wef 24.07.2020

July 23, 2020 1197 Views 0 comment Print

Central Government hereby appoints the 24th day of July, 2020 as the date on which the following provisions of Consumer Protection Act, 2019 shall come into force

Section 50C cannot be invoked in respect of TDR Rights

July 22, 2020 3270 Views 0 comment Print

whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rights as the same would not come within the meaning of “immovable property”?

No section 271(1)(c) Penalty on Income Surrendered Voluntarily during Assessment

July 22, 2020 1965 Views 0 comment Print

The issue under consideration is whether Penalty u/s 271(1)(c) can be levied in the case where the assessee surrendered the income voluntarily during the course of the assessment?

Delhi HC grant Refund along with Interest in case of Zero Rated Supply after 15 days

July 22, 2020 3927 Views 0 comment Print

The issue under consideration is whether the non issuance of refund after 7 days from the date of acknowledgment in case of zero rated supply u/s 90 is justified in law?

COVID-19: HC allows 6 Month to pay tax dues: Defreezes bank account

July 22, 2020 672 Views 0 comment Print

High Court states that by taking into consideration the situation of COVID-19 pandemic, court directed officer to de-freeze the bank account maintained by the petitioner.

HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

July 22, 2020 1113 Views 0 comment Print

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?

Why did I decide to invest in fixed deposits to save tax?

July 22, 2020 1530 Views 0 comment Print

Almost three years ago, I finished engineering and got a well-paying job. I was really proud to have become a taxpayer. But choosing the right investment option to save tax was difficult as there are innumerable options. Though a friend suggested me to invest in mutual funds, I was not very interested as my father […]

Form GSTR-4 (Annual Return) (FY 2019-20 Onwards)- FAQs

July 22, 2020 87297 Views 17 comments Print

FAQs > Filing Form GSTR-4 (Annual Return) (for FY 2019-20 Onwards) Q. 1 What is Form GSTR-4 (Annual Return)? Ans. Form GSTR-4 (Annual Return) is a yearly return to be filed once, for each financial year, by taxpayers who have opted for composition scheme during the financial year, for were in Composition scheme for any […]

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