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The income tax addition of Rs. 1.61 crores has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT), because the seized documents lack information as to the date and mode of receipt of “on money.” The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has remarked that the entries […]
The sale of residential units of the project is not a sale of immovable property but a sale of services and GST is subject to be levied. Once, the GDA rejects the Completion Certificate to the applicant, the Completion Certificate cannot be stated to be considered approved, Uttar Pradesh Authority for Advance Ruling (AAR) ruled. […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
Section 16(4) of the Goods and Services Tax (GST) is the attractive provision permitting assessees to avail the ITC lessening the cascading effect that is in the VAT regime which came with the influential catches and setbacks levied in the form of the conditions to be fulfilled transferring the vested ITC nature to a conditional […]
The Madras High Court, in the case of East Coast Constructions and Industries Ltd. v. Assistant Commissioner [W.P. No. 26457 of 2023 dated September 11, 2023], granted the writ petition, overturning the Impugned Order. The Court directed the matter back to the Appellate Authority, emphasizing that the Petitioner hadn’t received a fair chance due to […]
The Indian government enacted the Goods and Services Tax Act on March 29, 2017, which took effect on July 1 of the same year. This act stands as the singular domestic indirect tax law applicable across the country, known as the Goods and Services Tax (GST). GST is a comprehensive tax imposed on both goods […]
The Madras High Court (Madurai Bench) recently made a significant ruling in the case of M/s. Tvl. Diamond Shipping Agencies Pvt. Ltd. vs. Assistant Commissioner, Tuticorin [W.P. (MD) 6874 of 2023 dated August 29, 2023]. The court approved the writ petition and ruled that an assessment order cannot be issued without serving proper GST notice […]
The Goods and Service Tax (GST) Act was inaugurated at midnight on July 1, 2017. This legislation’s primary objective is to provide a framework for imposing and collecting taxes on the intra-state supply of goods or services, or both, by the central government and related matters. Under the GST Act of 2017, 13 distinct types […]
The Madras High court ruled, the dealer holds with 2 choices: refund or carry forward the Input tax credit to the GST regime. A single bench of Justice M. Sundar, the dealer could not be forced to choose one of the two i.e refunds or carry forward Input tax credit to the GST regime. The […]
