Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The ACIT Central Circle-1, Surat Versus Garden Silk Mills Ltd.

Estimation of income - Rejection of books of accounts - addition made on account of undervaluation of work-in-progress in the closing stock - CIT(A) deleted the addition made on account of estimation of GP by holding that AO was not justified in rejecting the books of accounts but sustained the addition made on account of undervaluation of work-in-progress in the closing stock - Held that:- The law is well settled that the insignificant defects in the books of accounts should not be the basis of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Court of Kerala in the case of S.Murugappa Chettiar vs. CIT (1987 (5) TMI 7 - KERALA High Court) in support of contention that difference in statement of stock to the bank and that disclosed to Revenue is a justified ground for rejection of books of accounts.

The ld.CIT(A) has also given finding after verifying the facts in respect of objections of the AO regarding sundry debtor, which has been duly reconciled. Difference in work-in-progress is added back by the ld.CIT(A). Taking a ho .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

AT, JUDICIAL MEMBER : This appeal by the Revenue is directed against the order of the Ld.Commissioner of Income Tax(Appeals)-I, Surat [ CIT(A) in short] dated pertaining to Assessment Year (AY) 2005-06. The Revenue has raised the following grounds of appeal:- 1. The CIT(A) has erred in law and on facts in deleting the additions made by the Assessing Officer on account of estimation of profit by rejecting the books of accounts u/s.145 of the I.T.Act when the defects in the books of accounts were .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rlooked resulting into mistake apparent from record. Accordingly, the order dated 15/02/2013 in the present appeal was recalled vide order dated 27/1/2014. The appeal was directed to be fixed for hearing afresh. Hence, the appeal is fixed for hearing today and taken up for hearing afresh. 2.1. Briefly stated facts are that the case of the assessee was picked up for scrutiny assessment and the assessment u/s.143(3) of the Income Tax Act,1961 (hereinafter referred to as the Act ) was framed vide o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f interest of ₹ 1,88,84,000/- and made disallowance of depreciation of capital goods of ₹ 62,23,134/- and computed the book profit at ₹ 2,15,36,320/- as against the book profit declared by the assessee of ₹ 2,02,69,269/-. The assessee aggrieved by this order, preferred an appeal before the ld.CIT(A), who after considering the submissions of the assessee deleted the addition made on account of estimation of GP by holding that AO was not justified in rejecting the books of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the ld.CIT(A) was not justified in holding that the books of accounts were not validly rejected by the AO. He submitted that the AO had pointed out various defects into the books of accounts of the assessee. He submitted that there was suppression of work-in-progress. He submitted that the books of accounts can be rejected if there is any suppression of work-in-progress and in support of this contention, he placed reliance on the decision of the Coordinate Bench (ITAT D Bench Ahmedabad) rendered .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

uthorities on 31/03/2009. He further submitted that the AO noted that the assessee has not provided the quantitative details of the ready-made garments to the auditors. The AO also observed that there were inter-group transactions, however, there was no statement to the effect is made in the balance-sheet. He further submitted that the assessee failed to furnish the separate trading accounts. The ld.CIT-DR submitted that the AO was justified in rejecting the books of accounts. In support of this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ld.CIT-DR relied on the judgement of Hon ble Apex Court rendered in the case of Arisudana Spinning Mills Ltd. vs. CIT reported at (2012) 26 taxmann.com 39(SC) in support of the contention that the assessee is required to maintain separate trading accounts for the activities undertaken by the assessee. The ld.CIT-DR also placed reliance on the judgement of Hon ble High Court of Madras rendered in the case of Coimbatore Spinning & Weaving Co.Ltd. vs. CIT reported at (1974) 95 ITR 375 (Mad.) i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ubmitted that the assessee failed to give plausible explanation for such fall in gross profit. He submitted that the assessee was required to explain the reason for fall in G.P. 3.1. On the contrary, ld.counsel for the assessee opposed the submissions of the ld.CIT-DR and submitted that the submissions of ld.CIT-DR are misplaced and ill-founded. He submitted that the ld.CIT(A) has elaborately discussed the issue and rightly came to the conclusion that the AO was not justified in rejecting the bo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ned any instance of any bogus purchases or inflated purchases. He submitted that the assessee is a public limited company and is subjected to audit by Statutory Auditor as well as the Auditor of the Company. The Auditors have not made any adverse remarks with regard to the accounts of the assessee-company. He submitted that the ld.CIT(A) has rightly examined the point-wise objections of the AO in respect of rejection of books of accounts. The ld.counsel for the assessee submitted that at the cos .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rrect in reaching to the conclusion that the books of accounts of the assessee do not give true and fair picture of the profit. The ld.counsel for the assessee submitted that the AO failed to appreciate the facts in right perspective. He submitted that there is no reason as to why the assessee would make an attempt to give wrong or incomplete accounts, when admittedly it is subjected to multitier auditing. The ld.counsel for the assessee submitted that the AO has not doubted the purchases and sa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the AO failed to appreciate the fact that fall in gross profit was due to steep rise into the cost of raw-material. He submitted that the assessee is engaged in the business of manufacturing and is substantially dependent on raw-material. He submitted that in the instant case, there is increase in raw-material price and decrease in sale price due to tough competition. Further, he submitted that looking to the volume of turnover, the activity of ready-made garment is miniscule. It will have negli .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion of the AO in right perspective. 4. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The only issue that needs to be examined is whether the AO was justified in rejecting the books of accounts consequently estimating the profit. The reasons for rejection of the books of accounts as enumerated in assessment order are reproduced herein below:- (i) Improper disclosure of work-in-progress. (ii) Sundry Debtors figu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

red to reject the books of accounts. The question is whether such powers are unfettered can be exercised on the basis of whims and fancies only or the powers to be exercised on the basis of settled principles of law. As per section 145(3) of the Act, the books of accounts can be rejected where the AO is not satisfied about the correctness or completeness of the accounts of the assessee. In that event, the AO is empowered to proceed for making an assessment in the manner provided u/s.144 of the A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

would become illegal and unjustified. In the case in hand, the AO has stated about eight grounds for rejection of books of accounts. However, the ld.CIT(A) dealt with each defect and rejected the reasons of AO by observing as under:- 5.3.3 The grounds of which the A.O. has rejected the books of account are now discussed with appellant's arguments: - 1) Improper disclosure of work-in-progress:- The A.O. has argued that the assessee has not completely disclosed the work-in-progress. In the ass .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

worked out by the A.O. is ₹ 1,19,06,250/-. During the appellate proceedings, the appellant has argued that it has been consistently followed the method from earlier years and the Department had accepted its calculation. The A.O. has not disputed the method of accounting and, therefore, provisions of Section 145(3) cannot be invoked. The appellant has stated that the A.O. has not understood the manufacturing process. The yarn and cloth on the loom have been included in the closing stock. Th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

losing stock has not been shown correctly the right and accepted method of the Department is to make an addition to the work-in-progress and not reject the entire books of account. I agree with this submission. If the closing stock value of work-in-progress is not correctly shown then the right action is to make an addition in respect of undervaluation of work-in-progress. Since the appellant has not produced the copy of physical inventory taken at the end of the year as an evidence for the work .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f ₹ 2.5 crores whereas the balance sheet of CPL shows sundry creditors of ₹ 1.26 crores. Similarly, the assessee has shown sundry debtors of ₹ 26.16 crores in the name of Surat Textile Mills Ltd. (STML) whereas STML shows total sundry creditors of only ₹ 4.26 crores. According to the A.O., the appellant could not explain the above discrepancy and tried to reconcile the same with the figure of ₹ 27.7 crores appearing as advance payment in the balance sheet of STN1L. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

90 070501 CA: S. Debtors cont. computer design 0 55,700 164091 070501 Garden Silk Mills Limited 2,05,84,620 0 164107 070501 070501 Kamla Associates 0 59,39,823 Sub-total 2,05,84,620 2,41,69,732 Net Disclosed in Balance Sheet 3585112 From the above table, it is very clear that the balance of the appellant company of ₹ 2.50 crores has been shown by the appellant but it has been grouped under different head. Both the companies, CPL as well as the appellant company are assessed with the same A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s of STML but has been grouped as above. If the A.O. had compared the detailed groupings the reconciliation given by the appellant would have been clearly seen. The appellant has also filed confirmation from both STML as well as CPL in this regard. The appellant has further argued that once the reconciliation is done it is immaterial as to the groupings of balance sheet. The presentation of debtors and creditors in different groups does not change the income and do not render the books unreliabl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shown stock of finished goods of ₹ 37 crores whereas as per the books of account as on 31.03.2005 the stock of finished goods was ₹ 32.85 crores. Similarly, the stock of raw material submitted to the Bank shows a stock of ₹ 16.18 crores whereas as per the books of account as on 31.03.2005 the stock of raw material is ₹ 33.14 crores. This shows that there was a huge difference in the stock statement submitted to the Bank as compared with stock statement in the books of ac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Bank was as on 25.03.2005. There is no requirement under the Law that the statement to be submitted to the Bank should also be as on 31.03.2005. If the Banks are accepting the statement as on 25.03.2005 this does not mean that the books of accounts are wrong. The appellant further argued that the stock mentioned in the books of account in respect of each item is more than the stock statement submitted to the Bank and hence the Department cannot have any case that either there should be an additi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rs Rs. 1. Stores, Spare parts, chemicals 82,857,209 Stores, Spares 44,963,000 2. Finished Goods 328,525,795 Finished goods 29,38,90,000 3. Stock in process 342,652 Stock in process 32,253,000 4. Raw Materials 331,495,383 Raw materials 161,898,000 Total 750,089,927 From the above table, it is clear that the value of stores, spares and chemicals as per books is more than the statement given to the Bank. The value of finished goods as per books is more than given to the Banks. The value of stock in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the first head above. Hence this ground is not the correct ground for rejecting the books of account. 4) Non-furnishing of quantitative details for readymade garments:- In the assessment order, the A.O. has stated that the turnover of readymade garment is ₹ 18,46,131/- and the assessee has not given quantitative details and, therefore, he has rejected the books of account. The appellant has stated that this objection has been raised without application of mind because the return of income .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

show the details of quantity and value of opening stock and closing stock. There are no purchases during the year and hence the sales figure is also automatically obtained by subtracting the closing stock quantity from the opening stock quantity. In any case, the entire turnover of readymade garments is very small and hence it cannot be made grounds for rejecting the books of account. 5) No proper disclosure of the persons covered u/s.40A(2)(b):- In the assessment order, the A.O. has stated that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g Limited 1. Shri Tejas Manubhai Jani 2. Shri Harish Bharuchi 3. Shri Abhijit Barua 3. Garden Silk Mills Limited 1.Shri Praful A. Shah 2.Shri Alok P.Shah 3. Smt. Shilpa P.Shah 4.Shri S.B. Bhesania 5.Shri Rajen P.Shah 6.Shri S.J.Bhesania 7. Shri H.F.Shah 8.Shri J.P.Shah 9.Shri A.N.Jariwala 10.Shri Sunil Sheth 11.Smt.Smita Shah 12.Shri Madanlal Lankapati 13.Shri Y.N.Ramamurty (Nominee) In view of the above, the appellant says that the provisions of Section 40A(2)(b) is not applicable. The observat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ooks of account is not warranted. I agree with the appellant. An issue of addition u/s.40A(2)(b) requires specific addition and not rejection of books of account. Hence this ground cannot be made as a ground for rejection of books of account. 6) Inter group transactions:- In the assessment order, the A.O. has stated that there are certain payments against the expenses of the assessee company which are routed through the books of CPL and vice versa. According to the A.O., this shows that the main .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on of books of account. I agree with the appellant. The A.O. has brought no instance or specific transaction on record which warrants disallowance or addition. In the absence of any such findings of a major amount the books of accounts cannot be rejected. 7) Non furnishing of separate trading account:- In the assessment order the A.O. has stated that the assessee was asked again and again to furnish separate trading account of different activities undertaken by the assessee. Since the G.P. rate .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

4 Net effect on Gross Profit Rs.(-)559180011 Effect on Gross Profit (in %) 8.90% The table very clearly shows that there was increase in the raw-material cost and decrease in the sales realization. The A.O. has brought no material on record to show bogus purchases or inflated purchases. The A.O. has also not brought any material on record of under billing of sales or sales outside the books of account. In view of this reason, simply because separate trading account of each activity could not be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ity it will have to give value to the inter division transfers and that will not give correct picture. The appellant stated that the separate trading accounts are not made for this reason and also because it would take lot of time. I agree with the appellant. In the absence of any instance of bogus purchase or inflated purchase or under billing of sales or sales outside the books of account, the books of account cannot be rejected merely because separate trading accounts could not be made as dis .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nt has stated that for transferring the account under the Companies Act it is following the accounting period from 1st April to 30th June and for income-tax purposes it is following the accounting period from 1st April to 31st March. For this purpose two separate Balance Sheets and Profit & Loss Account, etc., are being prepared and are submitted to the auditors for audit. A perusal of the audit report, both under the IT Act as well as the Companies Act does not provide any adverse qualifica .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

elow the line and it has nothing to do with computation of income. In any case as stated by the appellant such reserve is relevant only for the purpose of shareholders. In view of this reason, this ground cannot be the ground for rejection of books of account. From the aforesaid discussion, it is clear that none of the eight grounds taken by the A.O. for rejecting the books of account are valid in this regard. The fall in the G.P. rate has been fully explained by the appellant as under:- 1 Decre .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

The Assessing Officer could not quantify any particular item of deduction as disallowable item for the tax purposes. In other words, Assessing Officer could not pinpoint any specific item in the working results for a specific addition in the assessment as disallowable item of expenditure etc. The only point of addition pointed out is with respect to undervaluation of WIP. This clearly supports the argument that the book results were rejected by the Assessing Officer on insignificant grounds. The .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

appeal is, therefore, partly allowed. 4.2. From the above, it is clear that the ld.CIT(A) has considered all the defect as recorded by the AO and has given a finding that the AO was not justified in rejecting the books of accounts, consequently, estimating the profit. 4.3. Now the question arises whether the ld.CIT(A) is correct in reaching to this conclusion or not. The ld.CIT(A) has given a finding that the AO was not correct for rejecting the books of accounts as the grounds for rejection of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

account all relevant material which he had gathered and was required to give the assessee an opportunity of being heard before making the assessment, of the total income or loss to the best of his judgement and determine the sum payable by the assessee on the basis of such assessment. It is also settled position of law that the books of accounts cannot be rejected on insignificant grounds. The AO should point out the specific defects, whereby the accounts of the assessee cannot be treated as cor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

145 (143) of the Act. To attract s. 145 of the Act, it is necessary that: (a) the assessee has computed the income in accordance with the method of accounting regularly employed by the assessee; and (b) provided where the accounts are correct and complete to the satisfaction of the AO; but (c) the method employed is such that in the opinion of the AO, the income cannot be deduced therefrom then the AO may adopt a different method of computation of the income as he may determine. 10. The assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the view that the accounts are correct and complete but the method employed is such that in the opinion of the AO the income cannot properly be deduced therefrom. The choice of method of accounting regularly employed by the assessee lies with the assessee but the assessee would be required to show that he has followed the chosen method regularly. The Department is bound by the assessee s choice of method regularly employed unless by this method the true income, profit of accounts cannot be ar .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

it would be rejected, but then such rejection should be based on cogent evidence and would be done with caution. The power can be exercised by the assessing authority to choose the basis and manner in computation of income but he must exercise his discretion and judgment judicially and reasonably. 4.3. From the above, it is clear that the AO should have based his finding on the basis of the material available on record. The provision also envisages that opportunity of being heard to the assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

im. The basic factor for fall in G.P. in the case of the assessee was found to be increase in crude oil price and decline in realization of POY Yarn sale as per ld.CIT(A). This finding on fact is not rebutted by the Revenue. Further, we find merit in this contention of the assessee that the gross profit would fall if the sale of price remains same or lower than the earlier year but the cost of raw-material increases. The earning of gross profit is dependent on various factors, for example, in th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

see is a company subjected to internal audit as well as statutory audit. The auditors have not pointed out any defect and or there is no adverse remarks. The AO has not made any adverse comment upon sale & purchase. Undisputedly, no defect has been noticed by the Central Excise Department in the registers maintained under the Central Excise Act, regarding rawmaterial and furnished goods, which is subjected to inspection and audit. In our considered view, the rejection of books of accounts sh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e is no impact or very miniscule impact on profit. Such defect becomes insignificant. In such a situation, there would be no need of rejection of entire books of accounts, the AO would be justified to make addition into the profit to the extent of such item. The law is well settled that the insignificant defects in the books of accounts should not be the basis of rejection of the entire books of accounts. In the present case, we find that the ld.CIT(A) has explained point-wise as to how the reas .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Manpower Service provider

Forum: Construction of single unit bungalow

Forum: Duty Drawback & Input Credit - under GST

Forum: Credit on Repair of Company Car & Its Insurance

Article: SIMPLIFIED E-WAY BILL UNDER GST

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version