There are various provisions in the Act which give exemptions and deductions with the sole intention of promoting Social Development & Scientific Research which contributes in the overall growth of the Nation. Section 35(1)(ii) of the IT Act is one of such provision. This article is a small effort to explain how these provisions are being mis- utilised and frauds committed and the state is deprived of its genuine taxes. This information will guide the Assessing Officers when they come across any such Cases.
Kerala State Screening Committee Vs IFB Industries Ltd. (National Anti-Profiteering Authority) The Respondent further objected that no methodology and procedure for determining the anti-profiteering amount had been prescribed by Legislature and the provisions of Section 171 of the CGST, Act and Rule 122 to 137, being part of a taxing Statute cannot be enforced in […]
In re Macro Media Digital Imaging Private Limited (GST AAR Andhra Pradesh) 1. Whether the transaction of printing of content provided by the customer, on poly Vinyl Chloride banners and supply of such printed trade advertisement material is supply of goods? The applicant in the instant case takes up the supply of trade advertising material […]
Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2019/152 December 10, 2019 All Mutual Funds (MFs)/ Asset Management Companies (AMCs)/ Trustee Companies/ Board of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir / Madam, Subject: Review of investment norms for mutual funds for investment in Debt and Money Market Instruments Group Level […]
In re Sri Venkata Vijaya Durga Traders (GST AAR Andhra Pradesh) Whether Tamarind Seed attracts Nil Rate under HSN Code 1209 (Forest Trees Seed) or not? The Tamarind Seed as referred by the applicant is classified under schedule -I as per Sl-No. 70 of Chapter / Heading/ Sub – Heading/ Tariff Item of 1207 as […]
Krishnasa Bhute Vs ITO (ITAT Bangalore) ITAT held that when considering Rule 6DD(e)(i) of the Income Tax Rules, 1962, and when the payment was made by cash exceeding Rs. 20,000/-, it was permissible if the same was paid for purchase of agricultural produces. If there are entries in the books of accounts and payment is […]
Nidhi Gupta Vs Union of India and Anr. (Delhi High Court) In view of Rule 3 of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, which is floated under the provisions of Finance Act, 2019, and looking to the definition of “amount in arrears”as stated herein above, by no stretch of imagination it can be […]
The issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assessments, otherwise sound on facts and merits, suffer adverse consequences due to opportunity of cross examination not being provided to the assessees.
Pawan Kumar Vs S3 Buildwell LLP (National Anti-Profiteering Authority) Provisions of Section 171 of the CGST Act, 2017 are aimed at ensuring that the recipients get the commensurate benefit, in the form of reduction in prices, in case of any tax rate reduction and/or incremental benefit of ITC which has become available to them due […]
Chicken meat is used as a filling in most of the above products where bread or baked flour is used as the base. The baked product (sandwich, puff, patty, burger etc.) as distinct food preparations will survive even if the chicken meat is excluded from the filling. They are, therefore, not food preparations based on chicken meat. Such bakers’ wares cannot, therefore, be classified under HSN 1601.
