Taxcharcha

Month : December 2018

CGST CircularsGSTGSTLatest

Circular No. 76/50/2018-GSTClarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes / credit notes issued under section 142(2) of the CGST Act; applicability of notification No. 50/2018-Central Tax; valuation methodology in case of TCS under Income Tax Act and definition of owner of goods) related to GST

Team Taxcharcha
by Team Taxcharcha03381
...
Income TaxIncome TaxIncome TaxLatestLawNewsRecent Case LawsTax

The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court

Team Taxcharcha
by Team Taxcharcha0542
Held :  “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
Income TaxIncome TaxLawRecent Case LawsTax

In terms of section 194A(1), The time of deduction of tax u/s 194A(1) is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not obligate assessee bank from penalty for not deducting tax at source at time of credit of said income in payee’s account – HC Allahabad

Team Taxcharcha
by Team Taxcharcha0755
Held :  Deduction of tax at source on interest income before close of the financial year concerned as provided under Section 194 A (4) of...
Income TaxIncome TaxIncome TaxLatestRecent Case Laws

HC wrong in taking the technical view of dismissing the appeal on the ground of delay when it has to decide the question of law between the parties in any case in respect of earlier assessment year – Supreme Court

Team Taxcharcha
by Team Taxcharcha0462
Held :  The High Court should not have taken such a technical view of dismissing the appeal in the instant case on the ground of delay,...