"22 March 2020" Archive

Addition on mere presumption without corroborative evidence is not sustainable

Ajay Gupta Vs CIT Appeals (Allahabad High Court)

Additions of Undisclosed Income Can be made only on the basis of the entries made in the documents which give corroborative evidence and not just on presumption...

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GST: Bank A/c of another Taxable Person cannot be provisionally attached merely for summons issued to him

Gehna Trading LLP Vs Union of India (Bombay High Court)

Power to provisionally attach bank accounts is a drastic power. Only upon contingencies provided therein that the power under section 83 can be exercised. It is therefore not possible to accept the submission of the Respondents that even though specified proceedings have been launched against one taxable person, bank account of another t...

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Tribunal is not bestowed with powers to review its order: HC

Pr. CIT Vs Godrej Investment Ltd (Bombay High Court)

Pr. CIT Vs Godrej Investment Ltd (Bombay High Court) In this case The view taken by the Tribunal in its order dated 9 July 2018 in both the Assessment Years was on the basis of the record available before it and its understanding/appreciation of the evidence on record for the two Assessment Years. This is […]...

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ITAT remands Appeal back to CIT(A) for deciding the same on Merit

Parmanand Sharma Vs ITO (ITAT Delhi)

Parmanand Sharma Vs ITO (ITAT Delhi) ITAT said in their considered opinion once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax. ITAT’s view is fortified by the affidavit of the assessee filed before me. I find […]...

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Can RBI catch failing banks into a safety net?

Indian banking system was on fire owing to Non-performing assets and the onset of COVID 2019 would perhaps turn it into a fireball impact on the vulnerable financial services sector in India. It may become increasingly difficult for the RBI to regulate and provide emergency administrative action if large number of vulnerable banks in Indi...

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Posted Under: Income Tax |

No disallowance of depreciation if assets were not put to use because of Strike by workers

ITO Vs Ventura Textiles Ltd. (ITAT Mumbai)

Depreciation could not be disallowed due to assets were not in use as assessee had not close down the business but it was not going on because of illegal strike by the workers and therefore manufacturing had been stopped temporarily....

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How to Stay Positive in Adverse Situation

Currently COVID -19 is a Draconian Black Truth. Due to COVID 19 whole world is in lockdown situation. Its impact and experience urges everyone to remain at home. This is really a panic situation. Everyone here is under tremendous stress considering the economic and financial loss. But at the end “Loss of Life” is always […]...

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Posted Under: Income Tax |

TFM cannot be the determinative factor for classification of Soap

Hindustan Unilever Ltd. Vs Commissioner of Central Ex. (CESTAT Kolkata)

Hindustan Unilever Ltd. Vs Commissioner of Central Ex. (CESTAT Kolkata) It is clear that the Revenue has suddenly taken upon itself the understanding that the Drugs & Cosmetics Act has distinguished the ‘toilet soaps’ that the content of 60% TFM and above alone are soaps and less than 60% are bath preparations which is totally [&h...

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Extend due dates for tax filings in view of Pandemic Corona (Covid-19)

Tax Bar Association, Jodhpur has requested Finance Minister to Kindly extend the date falling on 31.03.2020 to 30.06.2020. Meaning thereby that last date to file belated income tax return for the assessment year 2019-20 and to file revised return for the same assessment year be extended to 30.06.2020 from 31.03.2020. We understand this wi...

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Posted Under: Income Tax |

NCLAT cannot enter into commercial wisdom of COC & disturb business decision

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT)

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied on Regulation 37 of […]...

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Posted Under: Income Tax | |