Episode 4: Books Of Accounts To Be Maintained By Charitable Trusts/Institutions.”: Requirement to Maintain Books of Accounts [02:16]: Charitable trusts and institutions are required to maintain specific books of accounts as per Section 12A(1)(b) read with Rule 17A of the Income Tax Rules. A return of income must also be filed within the prescribed time… Read More »
An appellate authority cannot reverse a sanctioned refund by ignoring evidence on the record. Issue Can a GST Appellate Authority reverse a refund that has already been sanctioned, on the grounds that proof of export was not properly considered, when the case record clearly shows that the taxpayer had in fact submitted the required proof… Read More »
A hotel cannot cite “market dynamics” to justify not passing on a GST rate cut. Issue Can a hotel avoid the charge of profiteering under Section 171 of the CGST Act, 2017, by claiming that an increase in its base price, which completely offset a GST rate reduction, was a result of market dynamics or… Read More »
Cash is “property” under the wide definition in the Benami Act. Issue Does cash (physical currency) fall within the definition of “property” under Section 2(26) of the Prohibition of Benami Property Transactions Act, 1988, making it subject to the provisions of the Act? Facts The case involved the seizure of a large amount of cash,… Read More »
A late fee for not filing GST returns is mandatory, even if the department doesn’t issue a preliminary reminder notice in Form GSTR-3A. Issue Can the imposition of a mandatory late fee under Section 47 of the CGST Act, 2017, for the non-filing of an annual return be challenged on the procedural ground that the… Read More »