"15 March 2020" Archive

Penalty for Fake Invoices & False Entries -GST & Income Tax

Penalty for Fake Invoices and False Entries – Section 271AAD under Income Tax Act, 1961 & Section 122 of CGST Act, 2017 Various cases of fraudulent input tax credit claims have been caught by the GST Authorities nowadays. In most of the cases fake invoices are used to claim fraudulent input tax credit which is […]...

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Section 14A disallowance not warranted in absence of tax-free income

PCIT Vs Greenland Infracon P. Ltd. (Gujarat High Court)

PCIT Vs Greenland Infracon P. Ltd. (Gujarat High Court) Section 14A of the Act can be invoked only if the assessee seeks to square off the expenditure against the income which does not form part of the total income under the Act, and in such circumstances, Section 14A of the Act could not have been […]...

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Trial production machineries kept ready for use qualifies for depreciation

Tenzing Match Works Vs DCIT (Madras High Court)

Tenzing Match Works Vs DCIT (Madras High Court) Even trial production machineries kept ready for use etc., were considered to be used for the purpose of business to qualify for depreciation. In ‘CIT -Vs- Geo Tech Construction 244 ITR 452 (Kerala)’ , the machinery which was purchased by the assess from Pondicherry was yet to [&...

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Result of Customs Brokers Examination, 2020 conducted on 06.03.2020

The written Customs Brokers Examination, 2020 was conducted on 06.03.2020 at designated centers across India. In terms of Regulation 6(2) of CBLR, 2018 the list of candidates who have passed the written examination is as follows:...

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Cabinet approves scheme for RoDTEP to boost exports

Cabinet approves scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to boost exports Scheme for enhancing Exports to International Markets....

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Empanelment for Concurrent Audit of Revenue Earned by Private Operators at Chennai Port Trust

e-Tender For Appointment Of Chartered Accountant Firm For Rendering Professional Services For Concurrent Audit Of Revenue Earned By Private Operators At Chennai Port Trust....

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Empanelment of Internal Auditor in State Trading Corporation

STC invites offers from reputed firms (including LLP) of Chartered Accountants for appointment as Internal Auditors having relevant experience in Audit work at their Head Office at New Delhi and its Branches at various locations in India for the Financial Year 2020-21....

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Empanelment of Internal Auditor in MSEDCL

Maharashtra State Electricity Distribution Company Limited a Government of Maharashtra Undertaking, invites Expression of Interest (EoI) for Empanelment as Internal Auditors for the period of three Financial Years 2020-21, 2021-22 and 2022-23 from Chartered Accountant /Cost Accountant firms....

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जीएसटी में रहते हुए अपने व्यापार को सफलता ही ऊंचाइयों को छूना है तो यह कीजिए

एक सफल व्यापारी जब अपने व्यापार में तरक्की करना चाहता है तो वह व्यापार के सभी दावपेच सीख लेता है और उन दांव पेचो से समस्याओं को ख़त्...

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Bogus capital gains from penny stocks- ITAT restricts addition to 30%

Neha Chowdhary Vs ITO (ITAT Kolkata)

Neha Chowdhary Vs ITO (ITAT Kolkata) Bogus capital gains from penny stocks- It emerges that from a perusal of these case files that although the assessee has produced her documentary evidence before the lower authorities about the impugned sums to be in the nature of income derived from the sales of shares, the fact remains […]...

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