Home Highlights June 2018 Year 2018 This

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1. Validity of revised return 139(5) - Revised return did not conform to the prescription of section 139(5), before its substitution w.e.f. A.Y. 2017-18, which provided for...

2. Assessment completed u/s 144 - defective return - Return filed in response to the notice issued u/s 153A it has been stated that the return filed u/s 139(1) of the Act...

3. Addition on account of difference in Arm’s Length Price - characterization of the business function of the taxpayer - When the taxpayer is not proved to be a risk bearer...

4. Risk Management and Inter-bank Dealings – Hedging of foreign exchange risk - Circular

5. Demand of additional tax u/s 143(1A) - Prima facie adjustments - the burden of proving that the assessee has attempted to evade tax is on the Revenue which may be...

6. Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions - Circular

7. Levy of duty on inter-State sale of electricity - competence of the State legislature - The IGST Act which aims to levy tax on supply of goods which is in course of...

8. When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...

9. Validity of return filed manually - The provisions of section 292B also comes to the rescue of the Assessee in as much as the return filed cannot be invalid merely by...

10. Revision u/s 263 - successor PCIT / CIT did not agree with his predecessor - second revision order - assessment has been set aside or de novo assessment - sending of the...

11. Best judgement assessment - GSTR returns were not filed by the petitioner within the prescribed time limit - At any cost, the right to file the returns cannot be taken...

12. Inter state sale or intra state sale - In the present case, the goods claimed to be sold by the assessee to be part of inter-state sales were not sold to the RVUNL as...

13. Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

14. Note on Simplified Returns and Return Formats July, 2018

15. GST - e-way bill - movement of goods with state (intra-state) - but transportation through another state while moving - if the goods transit through a second State while...