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...
Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business
Delhi HC held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. Thus, non-checking of the same would be gross negligence on his part while performing professional duties.Accordingly, he is liable to face the charge of professional misconduct under clause 7 of the First Schedule of the CA Act, 1949.
A CA may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act Similarly , in the instant case , the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by him the respondent was not acting as a Chartered Accountant. He was not discharging any function in relation to his practice as a Chartered Accountant.
P&H HC held that guarantee commission by itself does not bring into existence any asset of an enduring nature. Therefore, guarantee commission is allowable as revenue expenditure.
Delhi High Court in the case of Agya Ram vs. CIT held that there is difference between lease income and license income and when the deed of agreement specifically worded that income will be license income for assessee’s factory premises given on rent then the treatment made by the assessee of considering the same as business income to be prevailed over the general view of the AO that assessee is earning rental income assessable as Income from House Property.
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
ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments are made to suppliers through proper banking channels.
HC held that photocopying the selected or even substantial parts of purchased books by the University to be used by the students and teachers in educational activity shall not be infringement of copyright as per Sec 52(1)(i).
Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which received assent of President on 13.8.2009).
ITAT Kolkata held that the consequence, which were to be fall on account of non-observation of section 40A(3) must have nexus to the failure of object of introducing of the provision. Therefore, no disallowance can be made if the transactions do not defeat the object of Sec 40A(3) in as much as there genuiness is not challenged and they can be tracked end to end.
