Taxation of Lottery under GST Acts

Whether CGST Act, 2017 and IGST Act,2017 to the extent propos­ing to tax lot­tery is beyond the Con­sti­tu­tion­al def­i­n­i­tion of ‘goods’? Whether lot­tery is ‘goods’ or n ‘action­able claim’? Held in the case of “Teesta Dis­trib­u­tors & Ors. v. Union…

Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©

The assessee filed return of income declar­ing a huge loss. Pur­suant to the search and seizure oper­a­tions u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declar­ing as nil income. Assess­ment was com­plet­ed on the NIL income only.…

RBi’s Direction on Peer to Peer Lending Platforms

What is Peer to Peer Lend­ing Plat form: Peer-to-peer lend­ing (P2P lend­ing) is also known as Crowd Lend­ing. Its is a way of prac­tice of lend­ing mon­ey to indi­vid­u­als or busi­ness­es most­ly through online ser­vices that match lenders with bor­row­ers. Its basi­cal­ly a match…