Greeting of the day!!!!

Daily Updates (as on 27th February, 2023)

GST Key Highlights

-Advisory on opting for payment of tax under forward charge mechanism by Goods Transport Agency: GSTN Update

-Advisory on Geocoding of Address of Principal Place of Business: GSTN Update

-Activity of bus body building on chassis supplied by customers is classified under SAC 998881 & taxable at 18%: AAR

-Audit report can’t be issued within seven days of notice without providing reasonable opportunity for filing reply: HC

-Dept. can’t initiate proceedings on presumptions that goods were transported twice using same e-way bill: HC

-Assessee can file declaration before dept. that appeal would be filed after Tribunal is constituted to stop recovery proceedings: HC

Income Tax Key Highlights

-WhatsApp chats, loose sheets and diaries may constitute audit material for 142(2A) exercise and nothing more

-ITAT remanded matter to AO as lower authorities didn’t examine evidence while making disallowance

-No penalty proceedings for violating provision of Sec. 269SS as it was initiated after expiry of limitation period: HC

-Drastic Changes in trust audit report

-HC quashes reassessment initiated to disallow voluntary CSR exp. that was duly allowed during assessment

-Sec. 148 notice issued till 30-06-2021 under old provision is valid; reassessment for AY 2013-14 to 2017-18 is legal: HC

Have a nice day.

JAI HIND!!!!

By CA RAJAK BERI
ACA, B.COM
+91-9717712094