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CA Saurabh Chokhra

Latest Articles


Reversal of ITC attributable exempt supplies under Rule 42/43 of CGST Rules, 2017

Goods and Services Tax : Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (includin...

April 30, 2020 414714 Views 12 comments Print

ITC eligibility on works contract and construction activities

Goods and Services Tax : It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude t...

December 15, 2018 107583 Views 11 comments Print

Use of SUMIF function in excel

Goods and Services Tax : Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF i...

September 16, 2018 16263 Views 0 comment Print

Amendments made in GST laws- a conversation between CFO & Indirect Tax Manager

Goods and Services Tax : Let’s understand the amendments made in the CGST and IGST Act by way of CGST & IGST Amendment Act 2018 assented to by the Pr...

September 2, 2018 5808 Views 1 comment Print

Understanding Determination of place of supply and connected issues in GST

Goods and Services Tax : Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ ...

August 25, 2018 27165 Views 4 comments Print


Latest Judiciary


Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

Income Tax : HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the ...

January 28, 2017 2310 Views 0 comment Print

Non-supply of reasons to reopen assessment makes such notice bad in law

Income Tax : Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when a...

January 23, 2017 3613 Views 1 comment Print

Subvention amount received from parent company is not a revenue receipt

Income Tax : SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue r...

January 3, 2017 7042 Views 1 comment Print

Reference made to TPO without passing a speaking order is invalid

Income Tax : HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In th...

January 1, 2017 2662 Views 0 comment Print

Unintentional errors in filling appeal should be overlooked and be disposed -off on merits

Income Tax : Bombay HC held that an unintentional error on the part of assessee while filling an appeal, more so when the department also acte...

December 28, 2016 4066 Views 0 comment Print


Latest Posts in CA Saurabh Chokhra

Reversal of ITC attributable exempt supplies under Rule 42/43 of CGST Rules, 2017

April 30, 2020 414714 Views 12 comments Print

Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017.

ITC eligibility on works contract and construction activities

December 15, 2018 107583 Views 11 comments Print

It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude the activity from the scope of works contract or construction activity and will have impact of ITC eligibility or otherwise. The term has not been defined in GST law.

Use of SUMIF function in excel

September 16, 2018 16263 Views 0 comment Print

Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]

Amendments made in GST laws- a conversation between CFO & Indirect Tax Manager

September 2, 2018 5808 Views 1 comment Print

Let’s understand the amendments made in the CGST and IGST Act by way of CGST & IGST Amendment Act 2018 assented to by the President on 30.08.2018. A conversation between CFO and Indirect Tax Manager to discuss the amendments. Mr. Vinit, CFO of M/s Classic Care Limited a pharmaceutical company asked Mr. Vivek working as […]

Understanding Determination of place of supply and connected issues in GST

August 25, 2018 27165 Views 4 comments Print

Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]

Tax positions under GST on a few business transactions

August 19, 2018 13497 Views 11 comments Print

In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India.

GST- Streamlining Accounting of credit reversals, re-availments etc.

May 8, 2017 6189 Views 0 comment Print

Many Indian companies donot have proper tracking of their credit reversals and re-availments because of not properly accounting the credit reversals and reavailments in the books of accounts.

Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

January 28, 2017 2310 Views 0 comment Print

HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds.

Non-supply of reasons to reopen assessment makes such notice bad in law

January 23, 2017 3613 Views 1 comment Print

Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when assessee specifically asked for same would made reassessment notice bad in law.

Subvention amount received from parent company is not a revenue receipt

January 3, 2017 7042 Views 1 comment Print

SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by parent company to protect its investment made in subsidiary.

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