ADVOCATE VISHAL JOSHI

  Arrest Under Goods and Service Tax is not Cakewalk for Department. The arrest under Goods and Service Tax is no a cakewalk and it can be done only under exceptional circumstances with due process of law. The scheme of the CGST Act, 2017 is very much clear in regard to arrest mandated under Section 69 of the Act and the same needs to be exercised sparingly with a lot of care. The primary object and purpose of the GST Act are not penal but to recover the dues payable under the Act. It is also trite law that the power of arrest can be exercised only after the liability is quantified with the due assessment. Needless to say, that the arrest directly deprives a person of his right of liberty protected under Article 21 of the Constitution of India and power of arrest is to be used with great circumspection and not casually. This article is small attempt to demonstrate that the department cannot arrest persons in each and every case and the arrest can be done only under exceptional circumst

  All About Provision of Section 56(2)(X) of Income Tax Act, 1961 Over a period of time, the Government of India has time to time amend these provisions. Before 2017, Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability under the said section can be briefly summarized as under: Section Nature of Receipt Consideration Taxability Threshold 56(2)(vii)(a) Any sum of money No consideration No consideration 56(2)(vii)(b) Any immovable property No consideration Stamp duty value exceeding Rs. 50,000/- Inadequate consideration Difference between stamp duty value and consideration exceeding Rs. 50,000/- 56(2)(vii)(c) Any property, other than immovable property No consideration Fair market value exceeding Rs. 50,000/- Inadequate consideration Difference between fair market value and consideration exceeding Rs. 50,000/- Section 56(2)(vii) is applicable to receipts by Individuals/ HUF for the