Where assessee duly deducted tax at source under section 194C at the end of the year and remitted the same to Government account, the penalty imposed under section 271C for assessee’s failure to deduct tax at source and remittance to Government account, would not be sustainable.
Where assessee, in order to get a bank loan, submitted a bogus audit report from CA and showed fake turnover in his return of income, imposition of penalty under section 271B for non-compliance of section 44AB was justified.
ACIT Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad) Any person responsible for collecting taxes (TCS) under section 206(1) need not to do so if he obtains a declaration from the buyer that he is purchasing the goods for re-use in manufacturing process or producing article or things. It does not say that such […]
Assessee was eligible to claim tax credit both federal as well as state taxes paid on the income earned during the year as section 91 did not discriminate between State and Federal taxes, and in effect provides for both the types of Income-taxes to be taken into account for the purpose of tax credits against Indian Income-tax liability.
Pr. CIT Vs Narang Construction & Finance (P) Ltd. (Delhi High Court) The materials on record showed not mere superficial details like PAN, ROC, etc., but further facts relating to the bank accounts of the share applicants were also there. The share applicants were entering into proper commercial transactions and were not per se forged, bogus or […]
Jilmon John Vs State of Kerala (Kerala High Court) I am of the considered view that, there is a stipulation contained under clause 44 of Ext.P1 that, the Sales Tax as per Rules from time to time is liable to be paid by the petitioner and the rates quoted for various items remain unaffected by […]
:- The question/issue before Your Honor is eligibility of Notification 01/2018-Central Tax (Rate) dated 25.01.2018 which provides for concessional rate of GST @ 12% on supply of works contract service in respect of Original Works pertaining to construction of a Low Cost House in an Affordable Housing Project’ (AHP).
Pr. CIT Vs Moonstar Securities Trading & Finance Co. (P) Ltd. (Delhi High Court) In this case for both years, the assessee had offered amounts as disallowance claiming them to be expenditure for tax exempt income. The assessing officer merely proceeded to reject such amount as expenditure and straightaway applied rule 8D without adducing any […]
AO was justified in making addition under section 68 of credit balance showing in assessees books of accounts against the Nil balance shown by the creditors in their books of accounts as on verification of the books of accounts of the creditor it was found that there was no balance outstanding against assessee and the same indicated that the credit balance shown in the books of the assessee was bogus.
In re Association of Inner Wheel Club of India (GST AAAR, West Bangal) Goods and Services Tax is levied on intra-State and inter-State supply of goods and services. According to Section 7 of GST Act, the expression ‘supply’ includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, […]
