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While discovering that the taxpayer has a valid reason to acknowledge the payments for ‘transactional charges’ to be not covered u/s 194J(1)(ba) of the Income Tax Act, the New Delhi ITAT ordered to deletion of the penalty order passed by the CIT(A) u/s 271C. Under Section 194J(1)(ba) of the Income Tax Act, any payment made […]
Section 249(4)(b) of the Income Tax Act, 1961 does not apply when there is no question of advance tax payment in the income tax reassessment proceedings, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held. The taxpayer M/s. Nine Globe Industries Pvt. Ltd. furnished its income return dated 29.09.2012 for AY 2012-13 declaring […]
The Madras High Court in a ruling permitted it to challenge the order on a 10% pre-deposit condition as agreed by the applicant for the case of misplacement of Input Tax Credit ( ITC ) in GSTR-3B. The court also marked the petitioner’s submission that he was not able to respond to notices as uploaded […]
The matter of Sunil Khaitan vs. DCIT (ITAT Kolkata) is concerned with the taxation of cash deposits incurred at the time of the demonetization period. Sunil Khaitan, the appellant, filed his ITR for the AY 2017-18, reporting a total income of Rs. 40,48,000/-. However, his case was appointed for scrutiny under the Computer Aided Scrutiny […]
Gen Assist is a next-gen chatbot specifically for complete customer support and exclusive services to clients for their tax software. The complexities while going through tax software is a tedious task and we completely understand it therefore we came up with a great idea of a Gen Assist with both subjective as well as technical […]
News Introduction: In the case of R.A. International (Through Its Proprietor Rakesh Mittal) vs. Commissioner of CGST, the Delhi High Court addressed procedural issues of the issuance of Show Cause Notices for GST registration cancellations. The court’s order to a GSTN officer to furnish a detailed affidavit on the operation of the GST portal highlights […]
Overview The Madras High Court in a judgment addressed the legality of the provisional property attachment u/s 83 of the CGST Act 2017. The same blog explores the court’s decisions for the matter of TVL Maxtile AAC Block Vs State Tax Officer, stating key aspects of tax demand and recovery procedures. Context We know about […]
Certain relief to the fertilizer companies is on the cards as the GST council seems to suggest the issuance of the circular for releasing the refunds due to the inverted duty structure and subsidy. After the general elections, the council is anticipated to meet. Inverted Duty Structure (IDS) is directed to a higher duty on […]
The Centre wishes to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it, Finance Minister Nirmala Sitharaman cited. The Finance Minister cited that when MSMEs need an extended payment duration then they could provide the representations for the acknowledgement in the forthcoming budget in July. The minister in […]
