How to proceed in case of negative liability: If table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to […]
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Must Read: RBI Revises Regulatory Restrictions Related to Loans and Advances
RBI/2021-22/72 DOR.CRE.REC.No.33/13.03.00/2021-22 July 23, 2021 All Scheduled Commercial Banks (excluding RRBs) All Small Finance Banks All Local Area Banks Madam / Dear Sir, Loans and Advances – Regulatory Restrictions Please refer to paragraphs 2.2.1.2, 2.2.1.4 and paragraph 2.2.1.5 of Master Circular on Loans and Advances – Statutory and Other Restrictions dated July 01, 2015. On […]
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Supreme Court’s Judgement in Vodafone Idea Ltd vs ACIT Case
COURT: Supreme Court CORAM: Uday Umesh Lalit J, Vineet Saran J SECTION(S): 143(1), 143(2), 241A GENRE: Domestic Tax CATCH WORDS: Refund COUNSEL: J.D. Mistri, Zoheb Hossain DATE: April 29, 2020 (Date of pronouncement) DATE: April 30, 2020 (Date of publication) AY: 2017-18 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Grant of refund u/s 143(1): Till AY 2016-17, if a scrutiny […]
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TDS Return Filed within Due Date but Processed with Demand on New Income Tax Portal
After the launch of new income tax portal on 7th June 2021, there are several glitches on the portal which are not resolved till date. Some are related to ITRs whereas others are related to other forms and activities. In the instant case, a professional named CA Abhas Halakhandi filed TDS return on 14th July […]
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Madras High Court’s Judgement on Section 143(3) of the Income Tax Act: Salem Sree Ramavilas Chit Company vs DCIT
COURT: Madras High Court CORAM: C Saravanan J SECTION(S): 143(3) GENRE: Domestic Tax CATCH WORDS: Assessment, E-Assessment COUNSEL: G. Baskar DATE: February 4, 2020 (Date of pronouncement) DATE: February 19, 2020 (Date of publication) AY: 2017-18 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 143(3): While E-Assessment without human interaction is laudable, such proceedings can lead […]
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Bombay High Court’s Judgement on Section 68 of the Income Tax Act: Ivan Singh vs ACIT
COURT: Bombay High Court (Goa Bench) CORAM: M. S. Jawalkar J, M. S. Sonak J SECTION(S): 68 GENRE: Domestic Tax CATCH WORDS: Section 68 cash credit COUNSEL: Dr. P. Daniel DATE: February 14, 2020 (Date of pronouncement) DATE: February 24, 2020 (Date of publication) AY: 2008-09 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 68- Bogus […]
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Bombay High Court’s Judgement on Bogus Cash Credits: PCIT vs Alag Securities Pvt. Ltd
COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 68 GENRE: Domestic Tax CATCH WORDS: Bogus Accomodation Entries COUNSEL: Suresh Kumar DATE: June 12, 2020 (Date of pronouncement) DATE: June 13, 2020 (Date of publication) AY: 2003-04 CITATTION: Section 68- Bogus Cash Credits: In the case of an assessee engaged in providing […]
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AAR Maharashtra’s Judgement on Entitlement of Input Tax Credit under the CGST/ SGST Act
Case: Sundharams Private Ltd. Dated: 18.03.2020 Query: Whether it is entitled to avail Input tax credit under CGST/SGST Act in respect of taxes to be paid on its purchase of Paver Blocks laid on the land? To Download the Judgement, Please Click Here
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AAR Maharashtra’s Judgement on Whether Supply of Goods and Services Qualify as Works Contract Under Section 2(19) of the CGST Act 2017
Case: Prasa Infocom & Power Solutions PVT LTD. Dated: 18.03.2020. Query: Whether supply of goods and service by Prasa Infocom & Power Solutions Private Limited to Cray Inc. (Cray) qualify as ‘works contract’ as defined under Section 2(19) of the Central Goods and Services Tax Act, 2017 (CGST Act)? [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To […]
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Karnataka High Court’s Judgement on Section 54F of the Income Tax Act: Navin Jolly vs ITO
COURT: Karnataka High Court CORAM: Alok Aradhe J, M. Nagaprasanna J SECTION(S): 54F GENRE: Domestic Tax CATCH WORDS: Exemption, Residential House COUNSEL: A. Shankar DATE: June 18, 2020 (Date of pronouncement) DATE: June 20, 2020 (Date of publication) AY: 2006-07 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 54F: In determining whether the assessee owns more […]
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Contribution Which is in Excess of Rs 7500 Received by RWA from Members is Only Taxable. The AAR and Circular is Contrary to the Entry in the Exemption Notification: Madras High Court
In the case of GREENWOOD OWNERS ASSOCIATION Vs THE UNION OF INDIA. 2021 (7) TMI 591 – MADRAS HIGH COURT, it was held as under: Interpretation of statute – threshold limit of contribution to RWA to claim exemption from payment of tax – validity of Circular No.109/28/2019 dated 22.07.2019 – applicability of N/N. 12/17CT dated […]
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AAR Maharashtra’s Judgement on Applicability of Notification and Admissibility of Input Tax Credit of Tax Paid or Deemed to be Paid
Case: M/s TATA Motors Limited. Dated: 25.08.2020. Query: Applicability of Notification and Admissibility of input Tax Credit of tax paid or deemed to be paid. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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Bombay High Court’s Judgement on Section 28(iv) of the Income Tax Act: Essar Shipping Limited vs CIT
COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 28(iv) GENRE: Domestic Tax CATCH WORDS: subsidy, waiver of loan COUNSEL: P. C. Chhotaray, P. C. Tripathi, Subhash S. Shetty DATE: March 5, 2020 (Date of pronouncement) DATE: June 26, 2020 (Date of publication) AY: 1984-85 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] […]
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Some Professionals want to Go Back to Earlier Income Tax Portal Whereas Some are Advising Government to Provide Cooling Period to Infosys
As new income tax portal is not fully operational since its launch on 7th June 2021, professionals are not able to file ITRs, other forms. Consequently, all stakeholders are in trouble due to new portal. So in this situation, some professionals want to go to earlier portal and some are advising government to provide cooling […]
Posted inGST
GSTN is Organizing Webinar on Recent Functionalities Related to Registration, Returns, Ledgers and Refunds Deployed on GST Portal
GSTN has recently implemented certain new functionalities on the GST Portal related to Registration, Returns, Ledgers and Refunds. For creating awareness amongst all the stakeholders, GSTN is holding webinar, as per details given below: Language: English Date and Time: 20th July 2021 at 4.00 PM You Tube Link to Join: https://youtu.be/QDtX-cnYi04 During these sessions, viewers […]
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Bombay High Court’s Judgement on Section 69C of the Income Tax Act: PCIT vs Vaman International Pvt Ltd
COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 69C GENRE: Domestic Tax COUNSEL: Akhileshwar Sharma DATE: January 29, 2020 (Date of pronouncement) DATE: July 3, 2020 (Date of publication) AY: 2010-11 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 69C- Bogus Purchases: (i) The onus is on the revenue to prove […]
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Big Issue! Infosys has not Yet Provided Access to Software Providers Where Lakhs of ITRs are Ready to File
Nearly 1.5 months are over since the launch of new income tax portal but Infosys has not yet provided access to software providers. On this issue, CA Atul Modani tweeted that “Nearly 1.5 months after launch of new income tax portal , Infosys has not given permission to software providers on which lakhs of ITRs […]
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This is Big: CA Regulation does not Authorize ICAI to Share Contact Details of Students/ Members to Central Council Members (CCMs) but CCMs are Sending Messages to Qualified CAs
A Recently Qualified CA Nagachandra Somu tweeted that a CCM messaged him after he qualified CA. After receiving the message, he filed an RTI application to know whether CCMs can have access to contact details of CA students/ members. Replying to the RTI application, ICAI said that there is no such CA Regulation/ Rule to […]
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See! How New Income Tax Portal is Showing Simple Calculation Mistakes in ITRs
The new income tax portal is in news after its launching on 7th June 2021. Sometimes it is getting very slow and sometimes it is rejecting filed returns. But now, a professional has tweeted that in ITR-2, the new income tax portal has showed the grand total of deductions u/s 16 as Rs. 1,00,000 instead […]
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AAR Gujarat’s Judgement on HSN Code and GST Tax Rate of ‘Geared Motor’
Case: M/s. Power Build Private Limited. Dated: 13.12.2017 Query: What is the HSN Code and GST Tax Rate of a product ‘Geared Motor’? [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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Bombay High Court’s Judgement on Reopening for Bogus Capital Gains from Penny Stocks
CASE: Gateway Leasing Pvt. Ltd vs. ACIT COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 10(38), 147, 148, 45 GENRE: Domestic Tax COUNSEL: Jas Sanghvi, Madhur Agrawal, Suresh Kumar DATE: March 11, 2020 (Date of pronouncement) DATE: July 13, 2020 (Date of publication) AY: 2012-13 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ […]
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Alert! New Income Tax Portal is Sending Panic Messages to Taxpayers
Few professionals tweeted in recent days that new income tax portal is rejecting TDS returns. Now, a professional named CA Sanjeev Lalan has tweeted that “now clients are getting messages that your CA has rejected the requests for form 10B, form 29B. And this for forms filed in 2014.” READ REGULAR BUSINESS NEWS? CLICK HERE TO […]
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AAR Gujarat’s Judgement on Classification of the Products Manufactured and Service Provided
Case: M/s. Docsun Power Pvt. Ltd. Dated: 20.03.2018 Query: Classification of the products manufactured and service provided by them. To Download the Judgement, Please Click Here
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Is Auditing a Crime in this Country, CA Amresh Vashisht Asks ICAI after Arrest of CA Alok Kumar Agarwal
Recently, Enforcement Directorate (ED) has arrested a delhi based CA Alok Agarwal in the ongoing investigations under PMLA Act, 2002. After his arrest, CA Amresh Vashisht tweeted and asked ICAI that “is auditing a crime in thia country? There should be a ICAI statement on every CA arrest.” The tweet can be accessed by clicking […]
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Shocking.! Infosys Claims 1 Lakh ITRs Filed on New Income Tax Portal, Income Tax Department Said No Any Data Available of ITR Filing at New Portal
Infosys recently claimed that 1 lakh ITRs were filed till 21st June 2021 on New Income Tax E-filing Portal. Against this claim of Infosys, a professional named CA Pallaav Parashar filed an RTI application seeking number of ITRs filed on new Income Tax E-filing Portal from 7th June 2021 to 21st June 2021. In response […]
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Bombay High Court’s Judgement on Section 68 of the Income Tax Act: CIT vs Sadiq Sheikh
COURT: Bombay High Court (Goa Bench) CORAM: Dama Seshadri Naidu J, M. S. Sonak J SECTION(S): 68 GENRE: Domestic Tax COUNSEL: Nikhil Pai, S. S. Kantak, Susan Linhares DATE: October 14, 2020 (Date of pronouncement) DATE: October 31, 2020 (Date of publication) AY: 2006-07 CITATION: Section 68- Bogus Cash Credits: The Revenue can examine the […]
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AAR Gujarat’s Judgement on Applicability of GST on Invoices Raised for Storage Charges for Storing Imported Agri Product in Godowns
Case: M/s. Rishi Shipping. Dated: 20.03.2018 Query: The applicability of GST for invoices raised to their clients for storage charges for storing their imported agri product in godowns at Gandhidham. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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Karnataka High Court’s Judgement on Section 90 of the Income Tax Act: DIT vs Autodesk Asia Pvt Ltd
COURT: Karnataka High Court CORAM: Alok Aradhe J, H. T. Narendra Prasad J SECTION(S): 90, Article 12 GENRE: International Tax COUNSEL: K. V. Aravind, T. Suryanarayana DATE: September 15, 2020 (Date of pronouncement) DATE: November 7, 2020 (Date of publication) AY: 2006-07 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Interpretation of statutes & DTAAs: The substitution […]
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Breaking: Calcutta High Court Grants Stay on Deduction of Tax at Source Under Section 194N of the Income Tax Act
In a writ petition filed in Calcutta High Court, a petitioner has challenged the constitution validity of Section 194N of the Income Tax Act 1961. Considering the facts submitted by the petitioner, the High Court grants stay on deduction of Tax at Source under the section till 30th September 2021. Order attached for your kind […]
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Bombay High Court’s Judgement on Vivad se Vishwas Scheme: Macrotech Developers Limited vs PCIT
COURT: Bombay High Court CORAM: Milind N. Jadhav J, Ujjal Bhuyan J SECTION(S): Vivad Se Vishwas Scheme GENRE: Domestic Tax COUNSEL: Jas Sanghavi, prakash Shah, V. Sridharan DATE: March 25, 2021 (Date of pronouncement) DATE: March 27, 2021 (Date of publication) AY: 2015-16 [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] CITATION: Vivad se Vishwas Act: The CBDT’s […]