Case Covered: Interglobe Aviation Limited Versus Commissioner of Customs Facts of the Case: The Appeals seek the quashing of the 346 orders passed by the Commissioner of Customs (Appeals) that uphold the orders of assessment of Bills of Entry, as a result of which all
Case Covered: M/s. Maansarovar Motors Private Limited Versus The Assistant Commissioner Facts of the Case: This batch of writ petitions revolves around the interpretation of Section 50 of the Central Goods and Services Tax Act, 2017 (in short ‘Act’), particularly the effective date of application of
QR – 70 ITR & Audit Further Extension 30th December 2020 & 31st December 2020 and 31st January 2021 {As per CBDT Press Release dated 24.10.2020} {The necessary notification in this regard shall be issued in due course – says press release} Regarding further extension
Input Tax Credit under Section 16 (2) – The Etymology of Double/Triple Jeopardy (???) Informally, it is called the “Double Whammy” or the “Triple Whammy” – I write this article to put forth an instance of Double/Triple Jeopardy in connection with Input Tax Credit under
Issuance of notice u/s 131 (1A) of the Income Tax Act 1961 after the conclusion of Income Tax Search and Seizure u/s 132 of the Income Tax Act 1961 – Legal Paradox Introduction: Ever since the enactment of the original Income-tax statute of 1922, the
Case Covered: Madhav Motors Versus State Tax officer Facts of the Case: The petitioner is a dealer in automobiles and was registered as such under the erstwhile Kerala Value Added Tax Act (hereinafter referred to as ‘the KVAT Act). With the introduction of the GST
Case Covered: M/s. Magma Fincorp Limited Versus State of Telangana Facts of the Case: Challenging the rejection of transitional relief in terms of sections 73 and 74 of the Telangana Goods and Services Act, 2017 (for short ‘the Act’) read with Rule 121 thereto, and
Section 44AD – Presumptive Taxation for small businesses Section 44AD – Presumptive Taxation for small businesses.This is special scheme for small businesses. They can pay tax easily with simplified return. No need to calculate the profit. It is fixed on a percentage. Although they can
Presumptive Taxation for small professionals – Section 44ADA SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF PROFESSION Applicability Section 44ADA shall apply if all the following conditions are satisfied: The assessee is resident in India and he is engaged in a specified profession (i.e. legal,
Regarding furnishing of Quarterly TCS statement in Form No. 27EQ u/s 206C(3) of the Income Tax Act, 1961 & Rule 31AA of Income Tax Rules, 1962 for the financial year 2020-21 1. Section 206C(3) of the Income Tax Act, 1961 provides that any person collecting
