The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament. Speaking on the resolution, Chief Minister Vasundhara Raje said GST will have a very positive impact and states including Rajasthan, will get advantages. – www.business-standard.com[03-09-2016]
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- No penalty can be levied on a tax demand that arises purely from the deeming fiction of Section 56(2)(x) of the Income-tax Act, 1961.
- “Purchase” for a 54F exemption means making the investment, not just the final registration of the sale deed within the prescribed time.
- A search assessment requires incriminating material, not just regular books of account.
- An ad hoc disallowance of a fully vouched and verified business expenditure is arbitrary and legally unsustainable.
- A lumpsum payment in lieu of pension is exempt, even if not on retirement.
- A taxpayer must be given a reasonable time to procure supporting documents from a group entity before an expense claim is disallowed.
- A 54F exemption is allowed if construction is delayed for reasons beyond control.
- Reassessment notices must be issued under the faceless scheme, not in physical form.
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