CA Lalit Munoyat

Disallowance of Contribution of PF, ESIC etc u/s 36(1)(va) – A Comparative Study between Section 36(1)(va) Vs. Section 43-B

Income Tax - Section 36(1)(va) Vs. Section 43-B If the assessee fails to deposit the PF, ESIC etc Contribution before the due dates as per the respective Acts. Effect of Section 43B on unpaid liability towards contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act,...

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Reversal of GST ITC on Real Estate on Transition w.e.f. 01-04-2019- Complete Guide

Income Tax - GST on Real Estate under new regime from 01-04-2019 & Reversal of ITC for supply which has time of supply after 31-03-2019 GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

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Banning of Unregulated Deposit Schemes Ordinance, 2019: Detailed Analysis

Income Tax - Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and  Rose Vally Scam of West Bengal which has cheated 17 Lakhs ...

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Input Tax Credit under GST: Onerous Condition To Fulfill

Income Tax - An analysis of Section 16 of Central Goods and Services Tax Act, 2017 related to Eligibility and conditions for taking input tax credit....

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Form 3CB Reporting on GAAR

Income Tax - The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

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Members Regional Convention on International Taxation-2012

Income Tax - Vasai Branch of WIRC of ICAI is hosting  Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is  Friday 21st & Saturday 22nd December, 2012 a...

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MAT on depreciation on write back of excess depreciation provided in earlier 10 years & credited to P&L A/c of current year

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) - ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant h...

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S. 271(1)(c) No Penalty if returned and assessed income are same

Armoury International Vs ACIT (ITAT Mumbai) - Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.0...

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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Recent Posts in "CA Lalit Munoyat"

MAT on depreciation on write back of excess depreciation provided in earlier 10 years & credited to P&L A/c of current year

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai)

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant has rightly taken the books […]...

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Disallowance of Contribution of PF, ESIC etc u/s 36(1)(va) – A Comparative Study between Section 36(1)(va) Vs. Section 43-B

Section 36(1)(va) Vs. Section 43-B If the assessee fails to deposit the PF, ESIC etc Contribution before the due dates as per the respective Acts. Effect of Section 43B on unpaid liability towards contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act,...

Read More
Posted Under: Income Tax |

Reversal of GST ITC on Real Estate on Transition w.e.f. 01-04-2019- Complete Guide

GST on Real Estate under new regime from 01-04-2019 & Reversal of ITC for supply which has time of supply after 31-03-2019 GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

Read More
Posted Under: Income Tax | ,

Banning of Unregulated Deposit Schemes Ordinance, 2019: Detailed Analysis

Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and  Rose Vally Scam of West Bengal which has cheated 17 Lakhs ...

Read More
Posted Under: Income Tax |

S. 271(1)(c) No Penalty if returned and assessed income are same

Armoury International Vs ACIT (ITAT Mumbai)

Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.03.2013, wherein the amount of bogus purc...

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Input Tax Credit under GST: Onerous Condition To Fulfill

An analysis of Section 16 of Central Goods and Services Tax Act, 2017 related to Eligibility and conditions for taking input tax credit....

Read More
Posted Under: Income Tax |

Form 3CB Reporting on GAAR

The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

Read More
Posted Under: Income Tax |

Constitutional validity of Section 234F; Writ in Madras High Court

Presently the Madras High Court is seized of an application for Writ, challenging the constitutionality of Section 234F of the Income Tax (IT) Act, 1961, which prescribes a fee for delay in filing IT Returns. ...

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Posted Under: Income Tax |

Analysis of amendments in Form 3CD Tax Audit Report

Analysis of the amendments made in Form 3CD by Notification No. 33/2018-Income Tax dated 20 July 2018 w.e.f. 20th August 2018. As effective date of amended Tax Audit Report From 3CD is 20th August 2018. Hence, it appears that Tax Audit Reports in From 3CD furnished prior to 20 August 2018 need not include enhanced […]...

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Revised Form No. 3CD Tax Audit Report

Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers....

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Posted Under: Income Tax |

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