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...
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...
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...
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...
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. ♠ ...
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 ...
Income Tax : Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when a...
Income Tax : SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue r...
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...
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...
The ITAT Amritsar bench in case of Sh. Dushiant Kumar vs. ITO held that it is not the responsibility of the assessee to prove the source of funds in the hands of lender so long as he produce the lender before the AO who confirm the fact of lending money to assessee.
The ITAT Hyderabad in the case of Shri G. Mahesh Babu vs. DCIT held that if any material gathered by AO proposed to be utilized in the course of assessment proceedings then it is the duty of AO to inform the assessee about the same and provide an opportunity to be heard.
The ITAT Bangalore in the case of Nanda Gokula vs. CIT held that denial of registration u/s 12AA by the CIT by considering only the ancillary objects is unfair, because it is the main objects of the trust which are required to be tested for their charitable nature.
The ITAT Bangalore in the case of Karnataka Food and Civil Supplies Ltd. held that the excess expenditure incurred in earlier previous years can be set off against the income of trust for the current year as an application of income because Section 11(1)(a) does not contain any words of limitation
The ITAT Chennai held that payments made by the assessee in the nature of webhosting and marketing expenses to US based service provider could not be taxed as Fees for technology services because there were not transfer of technology involved in render of services such that the services could be continuously used by the Indian company without recourse to the service provider.
The ITAT Ahmedabad in the case of Waves Food Private Limited vs. DCIT held that reopening of assessment to disallow provision for damaged goods returned is not valid as the issue had been specifically dealt by AO during the course of regular assessment and such disallowance by reopening
The CESTAT Ahmedabad in the case of M/s Quippo Energy Private Ltd. vs. Commissioner of CE & ST held that the activities carried on by the assessee on imported gensets results into existence of a more functional & operational product catering the needs of industrial consumers
The ITAT Ahmedabad in the case of Parul Bhupendra Patel vs. ITO held that reopening of the assessment on the basis of doubting certain information filed in the return of income and reopening assessment on that basis is not valid in law as AO had not obtained any new tangible material to believe that income had escaped assessment.
The ITAT Ahmedabad in the case of Gemstone Glass Pvt. Ltd vs. JCIT held that when an associated enterprise is taken as comparable then CUP method cannot be adopted for determining Arm Length Price irrespective of the fact that the associated enterprise taken as comparable is resident or non-resident.
The ITAT Delhi in the case of Fashion Design Council of India vs. Assistant DIT held that accumulation of income for utilization in future is allowable as deduction when the same is accumulated for meeting an object stated in trust’s charter document AND AO cannot treat the same as accumulation for general & indefinite purpose merely because that object had been most pursued one by the trust.
