"05 November 2018" Archive - Page 2

Unsecured loan/ Gifts to be added in Income if paying capacity of giver is not proved: HC

Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court)

Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court) When the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the […...

Read More

Low Tax Effect Circular binds Revenue and revenue must prove applicability of conditions if any

Pr. CITVs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court)

Pr. CIT Vs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court) Section 260A Low Tax Effect Circular– Department has made an attempt to get over the binding Circulars and in any case we shall not allow the Revenue to get over them in this manner. The Circulars continue to bind the Revenue and if they contain any conditions, ...

Read More

Chief Commissioners get powers to assign cases for adjudication of SCNs

Notification No. 91/2018-Customs (N.T.) [G.S.R. 1085 (E)] (05/11/2018)

CBIC gives Chief Commissioners powers to assign the cases for adjudication of show cause notices (SCNs) within their respective jurisdiction vide Notification No. 91/2018-Customs (N.T.) Dated 5th November, 2018....

Read More

CBDT specifies jurisdictions under rule 114F of Income-tax Rules

Notification No. 78/2018-Income Tax (05/11/2018)

In exercise of sub-clause (ii) of clause (D) of Explanation to clause (6) of rule 114F of Income-tax Rules, 1962, CBDT, hereby specifies following jurisdictions for the purposes of the said sub-clause, namely:—...

Read More

Reg. Export of findings like posts, push backs, locks up to 22 carats

Notification No. 43/2015-2020-DGFT (05/11/2018)

Para 4.32(i) and Para 6.01(a) of Foreign Trade Policy 2015-20 are amended to allow export of findings like posts, push backs, locks which help in collating the jewellery pieces together, containing gold of 3 carats and above up to a maximum limit of 22 carats only from domestic tariff area and EOU/ EHTP/STP/BTP Units....

Read More

18% GST Payable on Polypropylene Leno Bags whether laminated with BOPP or not

In re Assistant Commissioner of Central Tax (T & R), Howrah CGST & CX Commissionerate (GST AAAR West Bengal)

In re Assistant Commissioner of Central Tax (T & R), Howrah CGST & CX Commissionerate (GST AAAR West Bengal) It is clarified that Polypropylene Woven and Non-Woven Bags and PP Woven and Non-Woven Bags laminated with BOPP would be classified as plastic bags under HS code 3923 and would attract 18% GST.” From the above, [&hell...

Read More

Deduction U/s. 80-IA Claimed through return filed U/s. 153A instead of revised return cannot be denied

Pr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court)

Pr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court) Since the time limit for filing the revised return had not expired during the relevant year, therefore, claim for deduction under section 80-IA if not made earlier could have been made in the revised return. Once it could have been claimed in the revised return under […]...

Read More

E-way Bill- Release detained goods on compliance of GST Rules: HC

S.K. Traders Vs. Asstt. State Tax Officer (Kerala High Court)

It is also directed that if the petitioner complies with Rule 140(1) of the Kerala Goods and Services Tax Rules, 2017, the goods detained shall be released to him forthwith....

Read More

Periodical lease rent cannot be equated with lump-sum payment for land acquisition

Shell India Markets (P) Ltd. Vs. DCIT (ITAT Mumbai)

These cross appeals filed by the assessee as well as the revenue are directed against the order of CIT(A)-7, Mumbai dated 27-12-2011 and it pertains to AY 2006-07. Since both the appeals pertains to same assessee, for the sake of convenience, they were heard together and are disposed of by this common order....

Read More

Addition for Gift justified on failure to substantiate claim of gift received

Shri. Vicky Jethani Vs ITO (ITAT Jaipur)

Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of Baroda regarding […]...

Read More