Key Takeaways for the CGST Act – Finance Bill, 2022
The key highlights from the Finance Bill, 2022
Refund Application in Chronological Order Violative of Tax Payer’s Right
The filing of refund application for tax periods in a chronological manner has come to be seen as a deterrent in the smooth running of businesses in addition to the fact that it bars the applicant from availing refund of unutilised ITC to which he/she is rightfully entitled to under the Law. Owing to it’s harsh implications, Uttarakhand High Court has stayed the operation of Para 8 of the Circular.
Refund Application in Chronological Order Violative of Tax Payer’s Right
The filing of refund application for tax periods in a chronological manner has come to be seen as a deterrent in the smooth running of businesses in addition to the fact that it bars the applicant from availing refund of unutilised ITC to which he/she is rightfully entitled to under the Law. Owing to it’s harsh implications, Uttarakhand High Court has stayed the operation of Para 8 of the Circular.
Scope of deduction under section 37(1)
AO is in no position to outrightly decide whether or not an expenditure has been incurred for business purpose until and unless he places himself in the shoes of the business owner/ professional.
Bharti Airtel Case-Denial of GST Refund
The excess payment made in place of making use of the ITC was the result of the department’s fault for not having operationalized the Forms GSTR-2, GSTR-2A, and GSTR-3. Thus, the HC concluded that Bharti Airtel should not be made to suffer.
Can Assessee Be Assessed As An Hindu Undivided Family Even After Partition Thereof?
The deciding factor is whether the assesssee has been assessed as an HUF in the past.
Clarification Pertaining To Section 36(1)(xvii)
CBDT has issued clarification in pursuance of instances of additional payments being made as income distribution to farmers by cooperative sugar mills for purchase of sugarcane.
MCA General Circular For Extension of Due Date for Form 8
Form 8 happens to be a Statement of Account and Solvency prescribed for LLP which is supposed to be filed every year.
Taxing provisions – Opting from different interpretations
If two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted
Can Deduction u/s 24(b) Be Claimed Even If Property Is Not Owned?
The methodology of arriving at the annual value for computing income chargeable under the head of House property is based on ownership rather than possession.
