"26 July 2017" Archive

Benefits of GST for the Transport Sector

The transport sector stands to benefit from the recently rolled out GST in several ways. Pre- GST, the complex tax structure and paper work forced the transport industry to spend a lot of resources on tax compliance and deposit of interstate sales tax....

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Cabinet approves amendment for applicability of GST in Jammu & Kashmir

Cabinet gives ex-post facto approval for amendment of the Constitution (Application to Jammu & Kashmir) Order, 1954. The approval paves the way for applicability of Goods and Services Tax regime in the State of Jammu & Kashmir. ...

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Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of changes have been made in the scheme: I. Specific changes have been made in the attributes of the scheme to […]...

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National Anti-profiteering Authority under GST

GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST ....

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Sec.153B(2)(a) Mere Panchnama would not extend period of limitation

Pr. Commissioner Of Income Tax Central-3 Vs Ppc Business And Products Pvt. Ltd. (Delhi High Court)

The Court is not prepared to accept the plea of the Revenue that merely because a panchnama was drawn up on 15thMay, 2007 showing that the search was ‘finally concluded’ on that date, it postponed the period of limitation in terms of Section 153B (2) (a) of the Act....

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Amount offered for tax in earlier year cannot be taxed in subsequent year

Fino Paytech Ltd. Vs ACIT (ITAT Delhi)

In view of the undisputed fact that a sum of Rs. 18,63,61,346/- was offered to tax though it was originally debited to the profit and loss account during the AY 2011-12,and because of the cost reimbursement agreement between the assessee and the parent entity on 18.05.2012 pursuant to which a sum of Rs. 13,21,53,000/- and Rs. 5,44,13,490/...

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Wrong Mention of Section would not make Re-Assessment Invalid

DCIT Vs Shri K.M. Nagaraj (ITAT Bangalore)

Under the provisions of section 292B, certain acts are not to be treated as invalid by reason of mistake or defect or omission either in the return of income, assessment, notice, summons or other proceedings. In other words, notice cannot be invalidated by reason of any mistake such as one occurred in the present case i.e. mentioning sect...

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Addition based on mere statement of assessee which is retracted is not sustainable

CIT Vs Lavanya Land Pvt. Ltd (Bombay High Court)

The Tribunal considered the merits and once again, at great length. The particular argument revolving around the statement of Dilip Dherai and his answer to question No. 24 was also considered in paragraph 21 of the impugned order. Then, in paragraph 22, the Tribunal refers to the additions made under Section 69C....

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Interest on NPAs: RBI Directions U/s. 45Q of RBI Act prevail over sec. 145 of IT Act, 1961

Pr CIT Vs Shri Mahila Sewa Sahakari Bank Ltd (Gujarat High Court)

Appellant contended that section 43D of the Act itself recognises recognition of taxability of such interest and that when a specific provision in the nature of section 43D of the Act has been made, and entities like the assessee are excluded from the purview thereof, the assessee cannot indirectly claim benefit which would amount to [&he...

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Order specifying Information to be shared by CBDT with ROC

F.No. 225/252/2017/ITA.II 26/07/2017

In exercise of powers conferred under section 138(1)(a) of Income tax Act, 1961 ('Act'), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT(Systems)) shall be the specified authority for furnishing...

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December 2021