Get Ready : Stricter audit norms on the cards for Auditors

Notification No.91/2019 Central Board of Indirect Taxes and Customs (N.T.)

Section 50C does not apply to transfer of land and building, being leasehold property

Deeming fiction of section 50C cannot be considered for purpose of exemption under section 54EC

Allowability of depreciation if car is purchased by firm in the name of one of its partner

Go Live of SAP based Filing of Appeal Applications under MVAT and CST Act Dated 30.11.2019

Waiver of loan does not amount to cessation of trading liability

Rajasthan HC taking serious view against order passed by AO despite its instructions to keep it on hold

Determination of the Tax Liability in filling of GST Return

Applicant / accused is involved in fraudulent evasion of taxes and wrongful availing of the input tax credit by way of issuing bogus invoices

Whether the CIT was justified in invoking revisionary jurisdiction u/s 263 of the Act

Re-opening of assessment is not permissible for mere verification or for fishing inquiry

TDS Default : Provisions of section 271C are applicable for not only failure to deduct tax but also failure to remit tax deducted to Government account.

Consequences of the non­ compliance of Section 20D(2) with respect to the acquisition proceedings

CIT(A) erred in deleting the addition made on account of capitalization of share listing expenses and deleting the disallowance made on account of community Development (Donation) expenses u/s 37(1) of the Income Tax Act, 1961.

There is no “transfer” under Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act ,if possession is delivered to a developer in his capacity as licensee for the development of property and not in his capacity as transferee.

GST : Short summary of Major Decisions by GST Council in its Meeting Dt: 18th Dec 2019

GST : ITC restrictions further tighten. Margin without reflecting in GSTR 2A, reduced From 20% to 10% .