"29 January 2020" Archive

Confiscation or detention of goods merely on suspicion not justified

Sri Krishna Traders Vs State of Gujarat (Gujarat High Court)

The formation of the opinion by the authority that the goods and the conveyance are liable to be confiscated should reflect intense application of mind. We are saying so because it is not any or every contravention of the provisions of the Act or the Rules which may be sufficient to arrive at the conclusion that the case is one of an inte...

Look into request made by writ applicant to upload ITC­-01: HC

Pradip Chimanlal Mevada Vs Union of India (Gujarat High Court)

Pradip Chimanlal Mevada Vs Union of India (Gujarat High Court) We dispose of this writ application with a direction to the Joint Commissioner of State Tax, Mahesana Division, Mahesana to immediately look into the request made by the writ applicant to upload ITC­-01 vide representation dated 13th January 2020 at Annexure : ‘N’...

Unit Linked Insurance Plan– A Combination of Insurance & Investment

A Unit Linked Insurance Plan, shortly and more popularly known as ULIP, is a combination offering both insurance and investment. Before going into the nitty-gritty of working of ULIP, it is first of all important to understand the benefits of the ULIP plan. The benefits of the ULIP plan differs according to the ULIP plan […]...

Rights & obligations of secured creditor in case of liquidation

As per section 52 of Insolvency and Bankruptcy code 2016, the secured creditor shall have two options in case of liquidation a) The secured creditor may relinquish his security interest to the liquidation estate and receive proceeds from the sale of assets by the liquidator as per section 53 (or) b) The secured creditor may […]...

Section 271AAB Penalty on undisclosed income where search has been initiated  

Section 271AAB of the Income Tax Act, 1961 deals with the penalty provisions. As per the said section, the penalty is payable on undisclosed income found during the search proceedings initiated under section 132 of the Income Tax Act. Section 271AAB contains two sub-section (1) and (1A). The applicability of both the sub-sections are expl...

Notional Interest which is part of Purchase price is business income

AGR Matthey of Western Australia Vs ADIT (ITAT Delhi)

AGR Matthey of Western Australia Vs. ADIT (ITAT Delhi) From the records it can be seen that there is no interest credit, since within a day or two of usance of letter of credit by PEC Ltd’s bank to the Assessee, letter of credit stands discounted by the Assessee with ANZ Bank of Australia. The […]...

Request for extending filing date for GST Annual Return and Audit

Representation Requesting for Extension of filing date for GST Annual Return and GST Audit (Forms GSTR-9, 9A, 9B and 9C) for a reasonable period not less than 30th June 2020....

HC releases detained Goods on giving Bank Guanratee for tax & penalty

Shajahan A.M. Vs Assistant State Tax Office (Kerala High Court)

Shajahan A.M. Vs Assistant State Tax Office (Kerala High Court) After having heard both sides and after careful evaluation of the facts and circumstances of the case, it is ordered that the detained goods and vehicles involved in these two cases as per the impugned proceedings shall be immediately released to the petitioner on his [&helli...

Income from Sale of Land which was held as Investment is Capital Gain

CIT Vs Kishan House Builders Association (Karnataka High Court)

CIT Vs Kishan House Builders Association (Karnataka High Court) The issue under consideration is whether the sale of land which is held as investment is considered as capital gains or business income? High Court states that, from perusal of the entries it is evident that the assessee has not conducted any other activity other than [&helli...

How to save money for a trip? Here are some best ways 

Vacationing to a far-off location or spending quality time with your dear ones necessitates planning and adequate money to fund that trip. While you may consider breaking into some of your bank deposits to finance the trip or outdo the credit limit on your credit card, you may also consider taking a vacation loan. You […]...

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