Articles by Amit Bajaj
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Service Tax on Builders explained!
The revenue and the builders have always been at dispute when comes to leviability of service tax on the consideration received in advance by the builders/developers from the prospective buyers of immovable property to be constructed. After the ne
Capital gains exemption u/s 54EC of Income tax Act, 1961
Section 54EC of Income Tax Act, 1961 provides an option to save tax on capital gain arising from the transfer of long-term capital asset subject to fulfillment of certain conditions. Provisions of section 54EC are being discussed herein below for the be
Works contractors are also eligible for advance VAT exemption - P&H High Court
The Punjab & Haryana High Court in CWP 19835 of 2014 Ayyappa Infra Projects Pvt Ltd vs State of Punjab has directed the State of Punjab to issue clarification to the effect that works contractors are also eligible for exemption from advance VAT
Amendment in assessment under Punjab VAT Act, 2005
Now a days It is seen that the Excise and Taxation Department, Punjab has started issuing notices for amendment in assessment in many cases. These notices are being issued ussualy on the basis of audit objections received from State CAG or sometimes
No penalty can be levied merely on the basis of provisional assessment
Rajasthan High Court in a very important case namely ACTO vs Jain Hardware Stores has held that no penalty can be levied in the provisional assessment as for leving penalty definite findings and conclusions and many things have to be proved, therefor
Reasoned orders and principle of fairness in administrative actions-a need of the hour
It is the general tendency of the adminstrative authorities more so of the tax authorities to pass non-speaking orders or to pass orders in violation of principle of fairness and rules of natural justice, without giving any opportunity of being heard
Deductor to be deemed as assesee in deafult only in respect of actual tax liability of Non-Resident
CBDT in its instruction No. 2/2014 [F No. 500/33/2013-FTD-l], Dated 26-02-2014 issued in view of the judicial develpments in the cases of GE India Technology P Ltd. vs CIT [2010] 7 taxmann.com and Transmission corporation of AP Ltd v. CIT [1999] 105
Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer- Part II
Another situation which in many of the cases under the Punjab VAT, which dealers are facing is the disallowance of input tax credit on the ground that the registration of seller of the goods has been cancelled or normally it is stated in the assessme
Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer
The system of VAT was introduced in the sales tax law to bring more transparency, efficiency, to remove tax cascading etc. The difficulties which may arise in any system comes to picture only when the system is practically implemented. One of the ma
Constitutional validity of section 39-A of Punjab VAT Act, 2005
As per section 39A of Punjab VAT Act, 2005, the Punjab VAT Refund Fund has been constituted and the amount of tax collected as Advance Tax under Section 6(7) shall be credited directly into the said Fund. It has been provided that the Fund shall be m
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