"28 October 2019" Archive

Section 271BA: No Penalty for bonafide failure in filing of Form No. 3CEB

Shree Ram Dass Rice & General Mills Vs DCIT (ITAT Chandigarh)

Where assessee failed to upload the report electronically in Form No. 3CEB but said report was promptly made available in the assessment proceedings itself, said failure was accepted as bona fide and accordingly, the penalty levied under section 271BA was to be quashed....

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Deduction U/s. 54 on Gain from Relinquishment of right in bungalow

Bhavin Piyushbhai Palkhiwala Vs ITO (ITAT Ahmedabad)

Relinquishment deed was made in financial year 2008-09. Thus, if any tax was required to be levied, then the same was to be levied in assessment year 2009-10, i.e., next year. Hence, assessee was entitled to benefit under section 54....

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Partnership deed not automatically binds legal heirs of deceased partner

S.P. Misra & Ors. Vs Mohd. Laiquddin Khan & Anr. (Supreme Court)

S.P. Misra & Ors. Vs Mohd. Laiquddin Khan & Anr. (Supreme Court) It is true that as per the deed of partnership, the partners have agreed, in the event of death of either party, their respective legal representatives shall automatically become partners in the partnership firm and they shall continue to act as partners of […...

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Customs duty increase – Effect of notification issued late after BE filed on same day

M/s Rasrasna Food Pvt. Ltd. Vs Union of India & Ors. (Punjab & Haryana High Court)

M/s Rasrasna Food Pvt. Ltd. Vs Union of India & Ors. (Punjab High Court) Observing that the twin conditions of presentation of Bill of Entry and arrival of goods stood complied with on 16-2-2019, prior to the issue of notification dated 16-2-2019 at 8:45 pm raising Customs duty on imports from Pakistan, Punjab & Haryana […]...

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EOU – CST refund when goods cleared in DTA – FTP to prevail over HoP Appendix

M/s. Hubergroup India Private Limited Vs Union of India (Gujarat High Court)

M/s. Hubergroup India Private Limited Vs Union of India (Gujarat High Court) Gujarat High Court has allowed a writ petition filed against denial of refund of Central Sales Tax (CST) to an EOU in a case when the inputs procured from the DTA were used in the production of goods cleared in the DTA during […]...

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Sec 14 of Limitation Act applies only when application Sec 34 of Arbitration Act filed within time at first instance

Oriental Insurance Co. Ltd. Vs M/s Tejparas Associates & Exports Pvt. Ltd. (Supreme Court of India)

Wherein condonation of delay sought was not for filing the petition under Section 34 of Arbitration Act, 1996 for the first time but for the delay of 8 days in re-presenting the petition beyond the date fixed after it was returned under Order 7 Rule 10 of the Civil Procedure Code before the District Judge,...

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No redemption fine when confiscation remains unchallenged

M/s. O.M.S. Sivajothi Mills Vs Commissioner of Customs (CESTAT Chennai)

M/s. O.M.S. Sivajothi Mills Vs Commissioner of Customs (CESTAT Chennai) CESTAT Chennai has held that redemption fine under Section 125 of the Customs Act, 1962 is an option in lieu of confiscation and hence, both (confiscation and redemption fine) cannot run simultaneously. It observed that when the order on confiscation remained unchalle...

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HC sets aside NAA’s ruling against Franchisee of McDonald’s

Hardcastle Restaurants Pvt. Ltd. Vs Union of India (Bombay High Court)

Hardcastle Restaurants Pvt. Ltd. Vs Union of India (Bombay High Court) The main contention of the Petitioner is of violation of the principles of natural justice. Petitioner contends that since the hearing was only by three members and the impugned order is by four members, it is in breach of principles of natural justice. The […]...

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Section 54F | Computation of holding period | Allotment date or Possession date

Nilam R. Kataria Vs ACIT (OSD) (ITAT Ahmedabad)

From ‘date of allotment’ of capital asset, i.e., 15-2-2007 the holding period was more than 36 months on sale of property on 4-8-2010 as such, revenue authorities were not justified in treating the holding period from date of registration of property, i.e., 30-9-2009 and treating it as short-term capital gains, deduction under section...

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Income Tax Slabs & Rates for A.Y 2020-21 [F.Y. 2019-20]

INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20] Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Individual resident (Aged below 60 years) or Any NRI or HUF or  AOP or BOI or AJP, for Senior Citizen (Aged 60 years or more but less than 80 years),  for Very Senior Citizen (Aged […]...

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Posted Under: Income Tax |