Latest Blogs from SBS and Company LLP

    SBS Wiki E Journal May 2023

    In this edition, we have analysed the recent judgement of Supreme Court in Abhisar Buildwell Private Limited. This is a welcome judgement keeping since it highlights that completed assesment cannot be opened in absence of incriminating material during the search. There was a great confusion as to the power of Assessing Officer under Section 153A with respect to re-opening of completed assesments especially in a situation where there was no incriminating material. The Supreme Court blesses the rationale of Delhi High Court in Kabul Chawla.

    Key Topics:

    GST

    • THE TWIST TO THE INTERMEDIARY STORY - DELHI HC IN DHARMENDRA JANI

    DIRECT TAX

    • EFFECT OF INCRIMINATING MATERIAL ON FATE OF COMPLETED ASSESSMENTS - SUPREME COURT IN ABHISAR BUILDWELL PRIVATE LIMITED

    SUMMARY OF JUDGEMENTS

    • SUMMARY OF GST DECISIONS
    • SUMMARY OF IT DECISIONSwiki
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    SBS Wiki E Journal March 2023

     

    In this edition, we have analysed the changes made to the Finance Bill, 2023 at the time of passing it as an act. There are certain interesting changes, which I think will be of interesting read.

    The next article is on the GST implications on gift of under-constructed flats to related parties. This is also an interesting read considering the complications and overlap of multiple laws.  

    We have also collated certain important judgments under direct tax and indirect tax laws, provided our comments wherever necessary.

    I hope that you will have good time reading this edition and please do share your feedback. 
     
    Key Topics:
     
    GST
    • GST IMPLICATIONS ON GIFT OF FLATS – PRIOR TO COMPLETION CERTIFICATE

    DIRECT TAX

    • DIRECT TAX AMENDMENTS TO FINANCE BILL

    SUMMARY OF JUDGEMENTS

    SBS Wiki E Journal March 2023

    In this 104 edition, we bring you articles on two important aspects. The first one is the analysis of the recent judgments of High Courts surrounding the re‐assessment controversy. Now, the question that is being texted is the fate of assessments for AY 13‐14 and 14‐15. Unless the matter is again solved by the apex court, this particular issue continues to haunt us. We have analysed three important decisions of High Courts on the said issue and provided our comments.

    The next article is on the taxability of issuance of vouchers under GST laws. The recent Karnataka High Court decision in Premier Sales Corporation appears to be opening a can of worms under the GST laws for the said issue. We have taken the judgment as a base, travelled back in time and to see, how vouchers are treated under the indirect tax regime, to understand the current taxability of the same.

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    GST Implications on Issues arising from Arbitration Awards

    We all know arbitration is one of the alternate dispute resolution mechanisms widely used. Whenever there is a dispute between the parties to the contract and the contract provides for arbitration, the dispute is to be resolved by opting to arbitration. Both the parties to the contract appoint an arbitrator and thereafter an arbitration tribunal gets constituted. The arbitration tribunal hears both the parties and passes an award. The award is equivalent to a decree of court unless it is stayed. The general trend is that the courts do not involve much in the arbitration matters respecting the party autonomy. Only in rarest occasions, the courts interfere with the awards. In other words, the award of the arbitration tribunal is almost final and binding on the parties.

    With the above brief background on arbitration, we shall proceed in this article to deal with various issues that arise from the arbitration award that have implications under the GST laws. Needless to say, that the spectrum of arbitration is very wide, and it is not possible to cover analysis on each aspect. Hence in this article, we restrict ourselves to analysis of those major issues which we have handled.

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    All about Recognized Provident Fund, Approved Superannuation Fund and Gratuity Fund - Part II

    In Part I, the concept of recognized provident fund (‘RPF’) has been discussed. In this part, concepts of approved superannuation fund (‘ASF’) and gratuity fund will be discussed.

    Approved Superannuation Fund [ASF]:

    The term ASF is defined under section 2(6) to mean a superannuation fund which is recognized by the PCCIT/CCIT/PCIT/CIT in accordance with the rules contained in Part B of Fourth Schedule to the ITA[1]. The procedure for obtaining registration has been provided in the rules contained in Part B of Fourth Schedule.

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