Loesche India Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose […]
Deepak Fertilisers and Petrochemicals Corporation Ltd. Vs The State of Maharashtra (Bombay High Court) The only question that we have to consider is whether this concessional rate of duty could be availed of by the petitioner from 24.08.2017 to 13.10.2017. The intervening period where the taxable person under MGST Act does not continue to be […]
South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry.
KYC Review means steps taken to ensure that documents, data or information collected under the due-diligence process are kept up-to-date and relevant by undertaking reviews of existing records on a periodical basis. FPIs shall be subject to KYC review as and when there is any change in material information / disclosure.
The bank can claim priority sector status in respect of its share of credit while engaging in the co-origination arrangement. However, the priority sector assets on the bank’s books should at all times be without recourse to the NBFC. Further, the loans extended by foreign banks under the co-origination framework shall be restricted only to loans qualifying as priority sector assets.
Assessee has failed to disclose the identity of the recipient of gifts either during the assessment proceedings or during the appellate proceedings. The ld. CIT(A) has also examined the records and found that the assessee also failed to establish the business exigencies of the appellant vis-a-vis the aforesaid gifts.
E-Commerce industry had unique place in GST regime. TCS (Tax collected at source) provisions were incorporated into the GST act, however the provisions were not actively notified.
Apparently there appears to be an attempt to shrink the ambit and scope of Transactional Provision and it requires immediate attention considering the wide impact it is going to have on the persons who have rightly availed the CENVAT Credit of the Service tax and bonafidly carried forward with the advent of the GST regime.
M/s Indus Projects Limited Vs UOI (Gujarat High Court) 1. Petitioner has to pay GST dues of Rs.3.85 crores (rounded off), for which, due to its financial difficulties, the petitioner has applied to the authority for installments. Such request came to be turned down by the impugned order dated 30.08.2018 without assigning reasons. Counsel for the petitioner submitted that […]
Tribunal, on examination of facts, has come to the conclusion that the investment made by the shareholders is not hit by Section 68 of the Act. It records, that the entire basis of the Revenue’s case is based on surmise that the respondent was taking bogus purchase bills and cash was introduced in the form of share capital without any evidence in support. Therefore, the view taken by the impugned order of the Tribunal on facts is a possible.
