News Updates
Chartered Accountants seeks Huge Penalty on Fake CAs
The Chartered Accountants [CAs) affiliated with the Institute of Chartered Accountants of India (ICAI) have warned the general public, including trade and industry, for not taking the services of the persons impersonating...
Protective Addition becomes Substantive If No Appeal filed: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that if the Assessee do not challenge a protective addition by fileing an appeal, it becomes a substantive addition.
Two assessees, NHPL and...
GST Evasion of Rs. 100 crores detected in Saurashtra
The GST department in Ahmedabad detected a tax evasion of Rs 100 crore worth of fake billing racket from Gondal town in Saurashtra. The department, on Tuesday said that a handful of...
Compensation for Termination of Business resulting in Loss of Source of Income is Capital Receipt: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Raipur bench has held that the compensation received by the assessee- Company for the closure/ termination of business activity resulting in loss of source of income,...
Gur-ta-Gaddi Tercentenary Celebration is a Religious Event: CESTAT quashes Service Tax Demand for setting up Temporary Camps [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Allahabad bench has held that no service tax liability can be attributed for setting up of temporary camps in connection with the Gur-ta-Gaddi...
CESTAT upholds FAA Order granting Refund after correcting Clerical/ Arithmetical Mistakes in Shipping Bills [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has upheld an order sanctioning the refund by the first appellate authority (FAA) after rectifying the clerical/ arithmetical mistakes in the shipping bills.
Before...
GST Practitioners Exam postponed
The Government has today informed that the GST Practitioners Exam which was scheduled on 7th December 2018 has been postponed to 17th December.
“Reference is invited to Press Release dated 1.11.2018 regarding exam...
CAG Report on Performance of GST to be tabled before Parliament in Winter Session
The report of the Comptroller and Auditor General (CAG) of India on the performance audit of GST is likely to finalize its report soon and the same may be tabled before the...
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Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be applied: ITAT [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961...