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On statutory disallowances u/s 40(a)(ia) 40A(3) there cannot be any penalty u/s 271(1)(c) especially when assessee not claimed deduction of these expenses ABCAUS Case Law Citation: ABCAUS 3016 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. Manjunatha Cotton & Ginning Factory, 359 ITR …
GSTN clarifies issues reported in filing Form GSTR-9 and GSTR-9C – Steps to be taken. GSTN has issued clarifications on problems reported by taxpayers. Clarification on GSTR-9: 1. Some taxpayers have reported that figures of Input Tax Credit (ITC), as pre-populated in table 8A of Form GSTR-9, do …
CBDT fixes mandatory 24 hours participation in seminar, discussion etc. by Officers. Participation may be taken into consideration in transfer/postings. In March, 2019, the CBDT had decided to fix certain mandatory minimum hours in a year which each officer shall devote for participation in seminar, discussion etc. Such …
IGST refunds-Procedure for verification of IGST payments for goods exported out of India due to fraudulent ITC claims by some exporters. Circular No. 16/2019-Customs Circular No. 16/2019-CustomsF. No. 450/119/2017-Cus-IV(Pt.I)Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Indirect Taxes& Customs)**** Room No. 227B, North BlockDated June 17, 2019 …
Repairs to preserve and maintain already existing asset and to improve its longevity eligible eligible as current repairs ABCAUS Case Law Citation: ABCAUS 3015 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. M/s MAC Charles (India) Ltd. CIT vs. TS Tech Sun India …
AO not required to issue draft rectification order for assessment completed u/s 144C. Only a proposed “order of assessment” can be challenged before DRP ABCAUS Case Law Citation:ABCAUS 3014 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:CIT Vs C Sam India Pvt Ltd Dimension Data …
Draft Assessment order u/s 144C with demand and penalty notice is illegal as it partakes the character of final assessment order – ITAT ABCAUS Case Law Citation: ABCAUS 3013 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Pr. CIT Vs. Lionbridge Technologies Pvt. Ltd. International …
Exemption u/s 54B available even if part of land is in cultivation, there is no requirement that entire land should be in cultivation for claiming benefit. Merely because of admission to disallowance, assessee can not be denied the benefit to which he is eligible ABCAUS Case Law Citation: …
CBDT revises Guidelines for Compounding of Offences under Direct Tax Laws, 2019 Section 279(2) of the Income Tax Act, 1961 (the Act) provides that any offence under Chapter XXII of the Act may, either, before or after the institution of proceedings, be compounded by the Pr. CCIT/CCIT/Pr. DGIT/DGIT. …
Presumptive Tax u/s 44ADA-reduce tax rate, increase threshold says ICAI in its Pre-Budget Memorandum-2019 on Direct Taxes and International Tax to the Government The Finance Act, 2016 has inserted a new section 44ADA which provide for special provision for computing profits and gains of profession on presumptive basis. …