Updates: Income Tax, GST & Company Law (27th June 2017)

Updates: Income Tax, GST & Company Law (27th June 2017)


1. No denial of sec. 54 relief just because purchase agreement specifies delivery of flat after 3 yrs (Where substantial amount of capital gain has been invested by assessee for purpose of purchasing a new house, deduction under section 54 cannot be denied for reason that construction was not completed within three years or house was not purchased within two years) ([2017]82taxmann.com306(Chandigarh-Trib.)

2.Disallowance of sec. 14A was to be made even if exp. related to exempt income was transferred to work-in-progress (1.Where assessee developer received interest free flat booking advances which it invested to earn exempted income, even if assessee had debited related administrative expenses to P&L account and then transferred same to work-in-progress, disallowance was to be made under section 14A 2.Interest income earned from debentures being taxable, investments could not be considered as part of 'investments' for computing section 14A disallowance of expenditure) [2017]82taxmann.com297(Mumbai-Trib.)

3.Completing reassessment without disposing of assessee's objection would render reassessment void & not its notice (1. Where assessee's objection against reassessment notice was left undecided, only order of assessment would be void; notice itself would not be illegal or bad 2. Tribunal can take objection raised against validity of reassessment notice, through not raised before lower authorities)

Goods & Service Tax (GST)


1. No time for software testing now: GSTN chairman Navin Kumar (Source - http://www.business-standard.com [26-06-2017]

2. GST rollout: CBEC to be renamed CBIC after monsoon session of Parliament (Source - http://www.business-standard.com [25-06-2017]

3.No fresh tax to be imposed on goods already under GST ambit, govt clarifies (Source - http://www.business-standard.com [25-06-2017])

4. GST rollout: Job market seeks over 100,000 employment opportunities (Source - http://www.business-standard.com [26-06-2017]

5.Despite extension, file tax returns early to avoid glitches: GSTN chairman (Source - http://www.business-standard.com [25-06-2017])

6.Cloth merchants' 3-day strike against 5% GST levy to begin from tomorrow(Source - http://www.business-standard.com [26-06-2017])

7. FAQs on Returns Process and matching of Input Tax Credit (Updated Statutory provisions & Rules 03 June 2017) Refer link http://gstindia1.blogspot.in/2017/06/gst-faqs-series-22-returns-process-and.html



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