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The Income Tax Appellate Tribunal (ITAT), Pune Bench passed a ruling that no income tax can be levied on a transaction that has never materialized. Here, in this case, The assessee filed his income tax return declaring a total income of Rs.2,94,330/-. The Assessing Officer noticed that the assessee ventured into two Development Agreements for […]
The Income Tax Department, yesterday, stated that the news published on the web portal along with the headline ‘IT goes after hospitals over unaccounted cash is unsupported and unsubstantiated. Previously, the portal announced that the Finance Ministry has given direction to the income tax officials to further investigate those cash transactions that have been done […]
To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]
The Kerala High Court besides held that the ICAI upon the retired CA’s right to exercise rules that ICAI acknowledges the retirement of the CAs from his past firms and permits the enrollment of his new firm will disrupt his right to practice. The applicant was the working partner of 3 member partnership on will […]
The Gujarat Authority of Advance Ruling (AAR), last week (on Saturday) ruled that 12% GST shall be applicable on the Service of Work Contract that has been allocated by the sub-contractor effective from January 25, 2018. In the aforesaid case, the applicant Messrs Kunal Structure (India) Pvt. Ltd. got into a contract for the constructing […]
The Madhya Pradesh high court furnished that the failure to produce the needed credentials will go towards the revocation of the enrollment for the supply of goods. The petitioner is the owner of M/s Om Trading Company is a dealer registered under the Central Goods and Services Tax Act, 2017, and trades in selling and […]
Interestingly, It has been held by The UP bench of the Appellate Authority of Advance Rulings (AAAR) that though the parking fee paid by employees to the employer at the workplace is subject to GST as it comes within the domain of ‘supply of service’. However; subsequently, it put limitations to its statement. The reason […]
The Companies (CSR Policy) Amendment Rules 2021 has overhauled India’s Corporate Social responsibility (CSR) mechanism. The new rules have initiated new prerequisites like impact assessment of CSR contribution, the involvement of International Organisations for the purpose of CSR Projects in a limited manner, and so on. Concepts included within the domain of 2014 Rules, such […]
Through the present FY, a series of tax notices and summons has been sent to the assessee from the indirect tax council in Mumbai and some other tax zones in the country. The problems via letters and summons have related to the cases in which the assessee has chosen for the solution beneath the Sabka […]
