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Articles by Amit Bajaj

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Peak Credit and telescoping theories under income tax

  Amit Bajaj    17 January 2012 at 12:19

There may be some cases under Income Tax Assessment proceedings where there are a large number of unexplained credit and debit enteries of a person standing in books of account of an assessee. In such case the AO may tend to add all the aggre

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Posted in Income Tax  3 comments |   40089 Views


Depreciation allowable deduction from works contract

  Amit Bajaj    13 January 2012 at 12:35

There are two components in every works contract one is material component and other is labour component. Material incorporated in a works contract is considered as deemed sales to the contractee and hence is liable to VAT or sales t

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Posted in VAT  6 comments |   28368 Views


Taxation of works contract services under Service Tax

  Amit Bajaj    18 October 2011 at 11:54

Works contract services were brought into service tax net by the Finance Act, 2007, w.e.f 01-06-2007 vide notification No. 23/2007-ST, dated 22-05-2007. Works contract in general terms can be understood as a contract which involves transfer of prope

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Posted in Service Tax  9 comments |   45528 Views


No disallowance of ITC to Innocent purchase for non payment

  Amit Bajaj    08 October 2011 at 13:26

Innocent purchaser cannot be disallowed ITC for non payment of tax by seller-Landmark Judgement by P&H HC The Punjab & Haryana High court has delivered a landmark judgment namely Gheru Lal Bal Chand Vs. State of Haryana and another on 23/0

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Posted in VAT  1 comments |   10347 Views


Applicability of VAT or CST on interstate works contract

  Amit Bajaj    19 September 2011 at 18:20

In this article an attempt has been made to clarify the position in regard to the levy of VAT or CST on inter-state works contracts. The State Governments have the power under entry 54 of the State List of the Seventh Schedule to the Constitution

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Posted in VAT  6 comments |   75429 Views


VAT on BOT contracts - A view point

  Amit Bajaj    05 September 2011 at 17:36

The concept of Public-Private partnership in infrastructural development has given rise to the concepts of BOT contracts. BOT contract means Build-Operatre-Transfer, i.e the contractor is given a contract to build some infrastructure out of his

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Posted in VAT  1 comments |   12963 Views


Powers of Inspection, Search & Seizure under Punjab VAT Act

  Amit Bajaj    16 August 2011 at 19:19

Power of inspection, search, seizure can be easily found to be in every taxation law. The purpose of these powers is always to detect any tax evasion on the part of dealers but these powers are always ancilliary to the power of collection of tax of

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Posted in VAT  1 comments |   10644 Views


Tax Liability in works contract, contractor or sub-contractors

  Amit Bajaj    13 June 2011 at 11:52

In works contracts, between contractor and sub-contractors only one is liable to pay tax When works contract is sub-contracted there is only one taxable event and between main contractors and sub-contractor only one is liable to pay tax on the g

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Posted in VAT  6 comments |   118701 Views


Filing revised return under Income Tax Act, 1961

  Amit Bajaj    06 June 2011 at 13:19

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return

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Posted in Income Tax  15 comments |   170550 Views


Section 68 of Income Tax Act 1961

  Amit Bajaj    19 May 2011 at 13:17

According to section 68 of Income Tax Act 1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered b

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Posted in Income Tax  4 comments |   133545 Views