It is now fairly well settled that goodwill being an intangible asset, depreciation has to be allowed. In view of the aforesaid, we direct the Assessing Officer to allow assessee’s claim of depreciation of on goodwill.
High Court held that by prescribing the formula in Sub-rule 5 of Rule 89 of the CGGST Rules,2017 to exclude refund of tax paid on ‘input service’ as part of the refund of unutilised input tax credit is contrary to the provisions of Sub-section 3 of Section 54 of the CGST Act,2017 which provides for claim of refund of ‘any unutilised input tax credit’.
Non-appearance or non-response of creditors could not be sole ground to draw an adverse inference against assessee, when assessee had filed necessary evidence to prove that liability was genuine in nature, which was subsequently paid back by converting said liability into share application money.
The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?
. Conjoint reading of Section 2(6) and 2(13), which defines export of service and intermediary service respectively, then the person who is intermediary cannot be considered as exporter of services because he is only a broker who arranges and facilitate the supply of goods or services or both.
The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?
State of Gujarat Vs Advanced Systek Private Limited (Gujarat High Court) It appears that when the assessee has sold the goods on the price, which is inclusive of tax, the turnover is to be calculated as per the formula provided in Section 8A of the CST. In the facts of the case the rate of CST applicable for the […]
SC confirmed One Year Rigorous Imprisonment for Revenue Officer for Demanding Bribe of Rs 300
The issue under consideration is whether prosecution u/s 138 of Negotiable Instrument Act can be levied for dishonour of a cheque on cheque having difference in the amount in figures and words?
Rajasthan High Court Grants Interim Relief To J.K. Cement Ltd. From Being Exposed To High Tax Demand Under Rajasthan Vat Act And Central Sales Tax Act.
