CA Deepak Aggarwal

Services Tax Provisions under Budget 2016 in Q & A Format

Income Tax - Question - What is Krishi Kalyan Cess? Answer - An enabling provision is being made to levy Krishi Kalyan Cess on all taxable services @ 0.5% with effect from 1st June, 2016, to finance and promote initiatives to improve agriculture....

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Input Tax Credit in Model GST Law, 2016

Income Tax - ♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax means the IGST, CGST or SGST/ IGST and CGST/ IGST and SGST charged on any supply of goods/ services which are used, or are to be used, in the course or furtherance of business....

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The Integrated Goods and Services Tax Act, 2016 (IGST)

Income Tax - This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies of goods/services in the course of Inter-state trade or commerce. State includes Union Territory. However a supply of goods/services in the course of import in India shall be deemed to be an Inter-state supply...

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Old provisions as per Negotiable Instrument Act, 1881 with amended provisions by Negotiable Instrument Amendment Act, 2015

Income Tax - a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure system with digital signature (with or without biometrics signature) and asymmetric crypto system or with electronic signature, as the case may be...

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Quick Review of Model Goods and Services Tax Act, 2016

Income Tax - This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SGST, to the respective state. CGST/SGST will be levied on all intra-state supplies of goods/ services. Goods mean every kind of moveable property other than actionable claim and money but includes securities, gr...

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No capital gain on unaccrued contingent deferred consideration

CIT Vs Mrs. Hemal Raju Shete (Bombay High Court) - Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula prescribed in the agreement itself makes it clear that the deferred consideration to be received by the assessee in the four years would be dependent upon the profits made ...

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S. 263 Revision for starting fishing & roving enquiries not valid

M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. Vs CIT (ITAT Mumbai) - ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in the present case, the order of AO may be brief but that by itself is not a sufficient reason to hold the order of assessment as erroneous and prejudicial to the interest of...

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Sec.153A Addition without incriminating material w.r.t. completed assessments not valid

M/s DMA Investment Pvt. Ltd. Vs DCIT (ITAT Delhi) - It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of sear...

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S.244A Interest payable on refund of excess self assessment tax

CIT Vs Birla Corporation Limited (Calcutta High Court) - Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescribes interest on refund from the date of payment of tax in cases which are not covered by Section 244A (1) (a). Necessarily, it will cover interest on refund of excess se...

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Sec.69/69A- Addition cannot be challenged on mere denial of transaction

Hassan Ali Khan Vs DCIT (ITAT Mumbai) - ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transfer instructions, no transfer of funds had, however, been effected, would be of little moment in-as-much as the addition is toward unexplained money or bank deposit....

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Recent Posts in "CA Deepak Aggarwal"

No capital gain on unaccrued contingent deferred consideration

CIT Vs Mrs. Hemal Raju Shete (Bombay High Court)

Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula prescribed in the agreement itself makes it clear that the deferred consideration to be received by the assessee in the four years would be dependent upon the profits made by M/s. Unisol in each of the years. ...

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S. 263 Revision for starting fishing & roving enquiries not valid

M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in the present case, the order of AO may be brief but that by itself is not a sufficient reason to hold the order of assessment as erroneous and prejudicial to the interest of the revenue. ...

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Sec.153A Addition without incriminating material w.r.t. completed assessments not valid

M/s DMA Investment Pvt. Ltd. Vs DCIT (ITAT Delhi)

It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not alread...

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S.244A Interest payable on refund of excess self assessment tax

CIT Vs Birla Corporation Limited (Calcutta High Court)

Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescribes interest on refund from the date of payment of tax in cases which are not covered by Section 244A (1) (a). Necessarily, it will cover interest on refund of excess self-assessment tax paid by the assessee....

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Sec.69/69A- Addition cannot be challenged on mere denial of transaction

Hassan Ali Khan Vs DCIT (ITAT Mumbai)

ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transfer instructions, no transfer of funds had, however, been effected, would be of little moment in-as-much as the addition is toward unexplained money or bank deposit....

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TP- Unrelated Internal comparable supersede External comparable

M/s. Intergarden (India) P. Ltd. Vs ACIT (ITAT Bangalore)

ITAT held that Revenue has not disputed the fact that effective rate of interest paid by assessee in India was 6.62% on loans whereas Interest paid by assessee on loans taken from AE abroad was 5%. This was below the rate of interest assessee was paying on loans taken within India....

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Simultaneous penalty on firm & partners restricted to abetment

M/s. Amritlakshmi Machine Works Vs The Commissioner of Customs (Import) (Bombay High Court)

Bombay High Court held that Simultaneous penalty can be imposed both on the partners and partnership-firm under Section 112 (a) where the charge on the firm is of acting or omitting to act rendering the goods liable for confiscation and the notice issued to the partner makes out a separate case of abetment on his part. ...

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S. 172 No TDS on payment to non-resident shipping companies

CIT Vs V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court)

Bombay High Court held that there was no obligation to deduct tax at source in respect of payment made towards demurrage charges in cases where section 172 of the IT Act applies. The Revenue did not dispute in the present case that section 172 applied....

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Assessment of holding company with notice to subsidiary is invalid

Techpac Holdings Ltd. Vs DCIT (Bombay High Court)

High Court held that as the issue of service of notices under sections 148, 142(1) and 143(2) are concerned, it is an admitted position that the said notices were never served on the Petitioner. The Revenue seeks to justify service of these notices on the Petitioner by contending that they have served the said notices on the last known a...

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No TDS on payment to non-resident which not taxable in India

M/s. Sesa Resources Ltd. Vs DCIT/Union of India (Bombay High Court)

Bombay High Court held In the case of M/s. Sesa Resources Ltd. vs. DCIT/Union of India that in the Judgment of the Division Bench in the case of Gujarat Reclaim & Rubber Products Ltd. Income Tax Appeal No.169/2014 dated 08.12.2015, it was held that before effecting deduction at source one of the aspects to be examined is whether such inco...

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