News Update

RCM - whether applicable only to renting of MV and not Transport of passenger Service?Lumpsum disallowance is permitted u/s 68 in case of mutual contradictory findings and failure of assessee in discharging onus cast on him to prove liability: ITATRemaining balance of agreed compensation paid for removing encumbrance and to get clear title, is revenue in nature: ITATTaxpayer is eligible for TDS credit in same AY in which such income is assessable in terms of Rule 37BA(3)(i): ITATIncome tax return-filing in fiscal 2018-19 - 11.3 lakh HUFs + 5.5 lakh individuals + 8.4 lakh companies + 12.7 lakh firms + 2 lakh AOP / BOICommerce Minister calls for discipline in Cooperative SectorRCM on Rent a cabST - For the earlier period, assessee opted for VCES Scheme and paid dues, therefore, his not paying tax for subsequent period is intentional - no benefit u/s 80 of FA, 1994: CESTATCus - Reliance on a Notification which has been rescinded is not tenable in law: CESTATST - Lease rent from property owned by co-owners accrues to individual co-owners and not to any AOP - threshold exemption is available for each individual co-owner: CESTATCX - Whether charges recovered from customer for delayed payment by issuance of debit note is to be added to the assessable value being in the nature of additional consideration - No: CESTATST - Definition of WCS under CST Act cannot be applied under service tax since statutory provisions of Service tax has exclusive definition of 'Works Contract': CESTATPr CIT can exercise power u/s 263 to revise assessment order if AO fails to conduct proper enquiry on deduction claims: ITATSimply because valuation report based on beneficial provision of sec 55(2)(b) does not depict fair value, it cannot be rejected for lack of evidence: ITATOnce AO is satisfied by disclosure of facts made during original assessment, then re-assessment based on same facts amounts to change of opinion: ITATExemption benefit from MAT can be availed by businesses approved by SEZ and not simple developer of housing projects: ITATProvision for maintenance & free warranty cannot be disallowed while computing book profit u/s 115JB: ITATNo penalty u/s 271C can be imposed for reasonable & non deliberate failure to deduct tax at source: ITATPenalty levied u/s 158BFA(2) outside limitation period is not maintenable: ITATRTI has transformed civil society, says Amit ShahPrahlad Singh participates in BRICS Culture Ministers' Meet in BrazilIncome tax searches six premises of large real estate developer in Goa; seizes assets worth Rs 4.4 Crore, including cash of Rs 2.55 CroreWorld Bank trims India's growth projection to 6% in current fiscalTyphoon Hagibis devastates Japan; Death Toll rises to 20
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