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Finance
No Penalty u/s 271(1)(c) can be imposed on estimated additions
At times additions are made by Income Tax Department on estimated basis without having any clear evidence or iota of evidence on record to show that any particular entries in books of accounts were...
Income Tax
Submission in cases of Alleged Bogus Purchases
In many instances, there are allegations from Income Tax Department that the tax payer has made BOGUS PURCHASES in order to reduce the Income Tax Liability although the assessee has furnished the invoices which...
GST
Full ITC cannot be availed when payment is netted off against receivables for the supplies made between Branch and HO
Authority for Advance Ruling (AAR Tamilnadu) pronounced in case of M/s. Sanghvi Movers Ltd. that full ITC cannot be availed by registered branch office for the services procured from HO where payments are netted off...
Income Tax
Is the present State of Economy manmade or Natural ?
If the whole world is looking upto India as their prospective market, then how can our Indian economy crash?Is the slow down of economy man-made or natural ?
During Demonetisation , I had tried to...
Income Tax
Taxability in case of Insurance Policies in the nature of Pension Fund
In FY 2018-19 and 2019-2020, many taxpayers have received notices from Income Tax Department proposing to tax the total surrender value received on account of Designated Unit linked insurance policies in the nature of...
GST
Circular clarifying GST impact on transactions related to outsourcing of IT enabled services by overseas entities
Central Board of Indirect Tax & Customs (CBIC) issued circular no. 20/06/03/2019-GST dated 18th July, 2019 clarifying implications under GST related to Information Technology enabled services (ITes) outsourced to Indian entities by overseas companies (i.e. call centres,...
GST
GST Circular clarifying treatment of goods sent/taken out of India for exhibition or on consignment basis and procedural aspects under GST
Central Board of Indirect Tax and Customs clarified through circular No.108/27/2019-GST dated 18th July, 2019 about procedures, documentation and implications under GST on transaction with respect to goods sent/taken out of India for exhibition or on...
GST
High Court allowed set-off of credit availed on construction of an immovable property against GST payable on rent income
Safari Retreats Private Limited (“Company”) Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court)
The Company is mainly carrying on business activity of constructing shopping malls for the purpose of letting out...
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