In Circular No. 19/2017, paragraph 3, the CBDT has also held that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word advance in Section 2(22)(e) of the Act.
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT), while allowing tax exemption under section 11 of the Income Tax Act to Kalinga Cultural Trust, held that the activity of letting out of marriage hall by the assessee- trust would not constitute commercial activity for the purpose of denying tax relief to them.
I would like to request you all to continue vigorously with the GST outreach programmes. Consequent to the GST Council meeting, the stakeholders need to be updated on any decision taken. Therefore, I would like rigorous efforts to be made under your personal supervision to disseminate clear and updated information to both the officers and staff of the department and the stakeholders.
The Brand promotion fee was not taxable until Negative list came into effect from 01.07.2010 and hence there cannot be any liability upon the Respondent till that period.
Attention of all officers and concerned staff is invited to the Standing Order No. 70/2016 dated 25.11.2016 on the above subject. The following entry shall be added immediately after Sr.No.7 to the Standing Order No. 70/2016 dated 25.11.2016.
In reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bona fide belief that accounts are not required to be issued under section 44AB of the Act.
This Court while deciding a Reference needs to keep in mind the limitations of its role. It does not sit in appeal over the decision making process of the Disciplinary Committee and the recommendations so made by the Council of the Institute. Hence in examining the Report and the recommendation of the Council it cannot re-appreciate the evidence on record or assess the findings of the Committee as an Appellate Authority.
Under GST, suppliers of goods and services must pass on any reduction in the rate of tax or the benefit of Input Tax Credit to consumers by way of commensurate reduction in prices.
It is held that as the provision of Section 69C of the Act is not mandatory in nature, the Assessing Authority has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles
M/s. MIDC Industries Association (MIDC-IA), is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential).
