GST : ITC restrictions further tighten. Margin without reflecting in GSTR 2A, reduced From 20% to 10% .
Profit arising from sale of shares to assessee was to be regarded as business income where more than 200 transactions of sale and purchase of shares took place throughout year through various share brokers
ITAT held that Section 24(b) and Section 48 are covered under different heads and neither of the sections exclude operation of the other
Scheme containing the terms and conditions for the Empanelment of Chartered Accountants for the office of the Official Liquidator attached to the High Court of Gujarat Effective from 3.12.2019
Penalty under Section 76 of the Finance Act, 1994 can be imposed for mere default/delay in payment of Service Tax in addition to the penalty under Section 78 and these penalties are mutually exclusive and even if offences are committed in the course of same transaction or arise out of same act, penalty is imposable for ingredients of both offences.”
Tariff Notification No. 90/2019-Customs (N.T.) dated 13.12.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Arecanut, Gold & Silver
CIT ‘s order is contradictory to the provisions of section 119(2)(b) of the Income-tax Act by allowing the appeal of the assessee without appreciating the legal position that, if the return was not selected for the scrutiny assessment u/s. 143 of the Income tax Act
Section 56(2)(viia) cannot apply to a foreign company as Rule 11U(b)(ii) (prior to 01.04.2019) which defines “balance sheet‟ was not applicable to a foreign company.
The Respondent has denied the benefit of Input Tax Credit( ITC) to the buyers of the flats being constructed by him is in contravention of the provisions of Section 171 (1) of the CGST Act, 2017
Interesting case: Capital gain Exemption if Payments towards purchase of plot is done prior to one year of capital gain exemption
