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...
HC held that Voluntary Compliance Encouragement Scheme (VCES) was in the nature of an Amnesty Scheme and, therefore, its provisions have to be strictly interpreted. Infact, the scheme was a settlement between the assessee and the department and from the terms of the settlement neither party can be permitted to retract.
The ITAT bench of Mumbai in the above cited case held that investment in share capital of a subsidiary being an international transaction on capital account does not result in income as defined under section 2(24) of the Act, the Transfer Pricing provisions a would not be applicable to such transaction. Further, in the absence of thin capitalization rules, re-characterization of debt capital into equity or vice versa not allowed.
The ITAT Delhi in the case of DCIT vs. M/s Leroy Somer & Controls held that the internally generated documents by company without confirmation of the same by the other party are not sufficient to make a claim of discount.
The ITAT Kolkata in the case of M/s AT & S India P. Ltd. held that the reimbursement made to holding co. by its subsidiary towards the share technology services is not taxable in the hands of receiving co. (holding co.) because the reimbursement is not an income for the holding co.
The CESTAT Mumbai in the case of Vipul-S Plasticrafts P. Ltd. vs. Commissioner of Central Excise held that when the rule under which duty is sought to be demanded itself has been struck down as unconstitutional by various High Courts, the show-cause notice which are based upon rule 8(3A) cannot survive and are liable to be set aside.
The ITAT Delhi in the case of Raj Kumar Mangla vs. ACIT(Inv Circle), Gurgaon held that when a clear order transferring the jurisdiction is passed by a competent authority in law the AO from whose jurisdiction transfer was ordered can no longer assume his jurisdiction over the assessee.
The ITAT Mumbai in the case of M/s Goldfilled Mercantile Company vs. DCIT held that when the assessee shown lesser capital gain in its return of income under a bonafide belief of a deduction from it but paid due taxes then the assessee cannot be penalized u/s 271(1)(c) as there was no intention
The ITAT Delhi in the case of Shri Ashutosh Garg vs. ACIT held that when the assessee had produced his copy of bank accounts showing the advancing of loan to non-resident and its repayment collection along with affidavit filed both by non-resident and assessee
The CESTAT Mumbai in the case of M/s Aarti Industries Ltd. vs. CCEx, Thane held that wrong availment of Cenvat credit cannot be said to a willful attempt of suppression with the intent to evade the payment of duty when the matter has been interpreted in different manner by different tribunals and courts.
The ITAT bench of Pune in the case of M/s Thermotech Engineering held that where the assessee has earned exempt income and incurred expenditure by way of interest which is not directly attributable to any particular income
