"21 December 2019" Archive

SC held Insolvency & Bankruptcy Code overrides Tea Act,1953

Duncans Industries Ltd. Vs A. J. Agrochem (Supreme Court of India)

Insolvency and Bankruptcy Code, 2016 (IBC) proceedings would have an over­riding effect over the Tea Act, 1953 and even without such consent of the Central Government, the insolvency proceedings under Section 7 or Section 9 of the IBC initiated by the operational creditor should be maintainable....

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Brief note on IEPF forms

Brief Note of IEPF Forms or Step wise checklist of IEPF form Every Company which has any *unclaimed amount shall file e-form IEPF-2 within 60 days of Annual General Meeting with Ministry of Corporate of Affairs mentioning unclaimed and unpaid amounts separately for each of the previous seven financial years (number could be zero for [&hel...

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Posted Under: Corporate Law |

HC: Attachment cannot be made on Petitioner’s property to recover dues of erstwhile owner

Choksi Texlen Pvt. Ltd. Vs State of Gujarat (Gujarat High Court)

The Hon’ble HC, Gujarat in the matter of M/s Choksi Texlen Pvt. Ltd. v. State of Gujarat [Special Civil Application No. 8096 of 2019 dated October 18, 2019] instructs Revenue authorities to withdraw the charge and attachment made on the Petitioner’s property to recover alleged dues of the erstwhile owner of the property under the [&he...

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Penalty cannot be levied on surmises, conjectures and possibilities

Rajendra Shingi Vs DCIT (ITAT Jaipur)

Concealment of particulars of income or furnishing of inaccurate particulars of income by the assessee has to be in the income tax return filed by it. Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under ...

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Interest Income of CHS from Co-op Bank entitled for Section 80P (2)(d) deduction

Solitaire CHS Ltd. Vs PCIT (ITAT Mumbai)

Though the co-operative banks pursuant to the insertion of sub­section (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being i...

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GST Registration Process

Filing of GST Registration Application For GST registration as a Normal Taxpayer/ Composition/ Casual Taxable Person perform the following steps: 1. Access the https://reg.gst.gov.in/registration/ URL. The GST Registration Home page is displayed. 2. Click on “services” option. 3. Click on “New Registration”. The Application form...

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Posted Under: Corporate Law |

NAA held ‘Adani M2k Project’ guilty of Profiteering

Amit Tandon Vs Adani M2k Project LLP (National Anti-Profiteering Authority)

Amit Tandon Vs Adani M2k Project LLP (National Anti-Profiteering Authority) It is clear from the plain reading of Section 171 (1) mentioned above that it deals with two situations one relating to the passing on the benefit of reduction in the rate of tax and the second pertaining to the passing on the benefit of […]...

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Purchases corresponding to excess stock found during Survey not allowable as deduction

SVS Oils Mills Vs ACIT (Madras High Court)

When the excess stocks were found during the Survey, there was no question of allowing the assessee to record any additional purchases because such purchases had already been recorded in the books of account of the assessee. Therefore, the excess stock, per se, had to be naturally brought to tax as ‘undisclosed income’ by itself and ...

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Want to use the money in your PPF account? Know the rules

Public Provident Fund (PPF) account is an excellent tool for tax planning as well as for accumulating funds for retirement. The money in PPF account is not supposed to be used any other purpose except under exceptional circumstances. PPF rules allow you to use the money before its maturity. Let us discuss how one can […]...

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Posted Under: Corporate Law |

Why fear? File your Income Tax Return now

Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface...

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January 2021