CA Saurabh Chokhra

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

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 (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....

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

Goods and Services Tax - 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....

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6 Suggestions on Revised Model Draft GST Law

Goods and Services Tax - As per draft law (revised draft),input tax credit to receiver shall be available only when the supplier has paid the tax on supplies made to receiver and the same get matched (i.e. matching of output supplies with input supplies declared by supplier and buyer respectively).Once the credit get matched it will reflect in electronic credit l...

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6 Quick thoughts on revised Model GST Law

Goods and Services Tax - Simple definition of capital goods has been given in revised draft which states that capital goods means goods, value of which is capitalized in books of accounts of person claiming credit and which are used or intended to be used in course or furtherance of business....

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Place of Supply Rules – Draft GST law- Case Studies

Goods and Services Tax - Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions...

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Section 234E Late TDS return fees invalid for periods prior to 01.06.2015

Sri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court) - HC held that since before 01.06.2015 section 234E providing for late fee for delay filling of TDS returns was not linked to / not referred under Sec 200A processing of TDS returns. As a result of this the late fee charge was invalid and illegal....

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

CIT vs. M/s D. Chetan & Co. (Bombay High Court) - 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....

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

CIT (LTU) vs. IDBI Ltd. (Bombay High Court) - 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. ...

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Subvention amount received from parent company is not a revenue receipt

Siemens Public Communication Network P. Ltd. vs. CIT (Supreme Court) - 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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Reference made to TPO without passing a speaking order is invalid

M/s Alpha Nipon Innovatives Ltd Vs. CIT (Gujarat High Court At Ahmedabad) - HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In the present case since, the reference was made without passing such a speaking order, the reference so made was invalid....

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Recent Posts in "CA Saurabh Chokhra"

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

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....

Read More
Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

Section 234E Late TDS return fees invalid for periods prior to 01.06.2015

Sri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court)

HC held that since before 01.06.2015 section 234E providing for late fee for delay filling of TDS returns was not linked to / not referred under Sec 200A processing of TDS returns. As a result of this the late fee charge was invalid and illegal....

Read More

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

CIT vs. M/s D. Chetan & Co. (Bombay High Court)

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....

Read More

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

CIT (LTU) vs. IDBI Ltd. (Bombay High Court)

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. ...

Read More

Subvention amount received from parent company is not a revenue receipt

Siemens Public Communication Network P. Ltd. vs. CIT (Supreme Court)

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....

Read More

Reference made to TPO without passing a speaking order is invalid

M/s Alpha Nipon Innovatives Ltd Vs. CIT (Gujarat High Court At Ahmedabad)

HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In the present case since, the reference was made without passing such a speaking order, the reference so made was invalid....

Read More

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

Prashanth Projects Ltd. vs. DCIT

Bombay HC held that an unintentional error on the part of assessee while filling an appeal, more so when the department also acted ignoring the error, would not result in rejecting assessee’s appeal being time barred....

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Service revenue need not to be include service tax-Sec 145A(a)(ii) not applicable to service revenue

CIT Vs Knight Frank India P. Ltd. (Bombay High Court)

Sec 145A(a)(ii) has no applicability on service revenue which follows that service revenue need to be inclusive of service tax. It also held that service tax which has not even been claimed as deduction cannot be disallowed by recasting profit and loss account of assessee....

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ALP not to be tested with growth in business rather by applying suitable method to transaction itself

Knorr-Bremse India Pvt. Ltd., vs. ACIT (ITAT Delhi)

ITAT Delhi held that as to whether a transaction is entered into at an Arm’s Length Price or not must depend upon the facts of each case relating to the transaction per-se i.e. the transaction itself as the profit is only a possibility of the desired result with or without the aid of international transaction....

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Posted Under: Income Tax |
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