"17 June 2020" Archive

Brand Equity judgment continue to apply despite retrospective amendment to Section 140: Delhi HC

SKH Sheet Metals Components Vs Union of India & Ors. (Delhi High Court)

Delhi High Court in its judgment pronounced today has held that judgment in Brand Equity will continue to apply  in-spite of retrospective amendment to Section 140 by The Finance (Amendment) Act, 2020....

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Empanelment with Bank of India for Concurrent/Revenue Audit

Bank of India invites online application from eligible CA firms as Concurrent and Revenue Auditors for empanelment. Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor -Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. -The ...

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In absence of ‘intent to conceal’ cannot be construed as smuggled: CESTAT

Ahamed Gani Natchiar Vs Commissioner of Customs (CESTAT Chennai)

CESTAT directs Customs Authorities to return confiscated gold to Foreign National- lack of evidence and flimsy investigation by the authorities. Held that in the absence of 'intent to conceal' cannot be construed as smuggled....

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ITAT dismisses ex-parte order of CIT denying Section 80G exemption

Dnyanranjan Shikshan Prasarak Mandal Vs CIT Exemptions (ITAT Pune)

Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice...

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High rate Depreciation Not allowed on vehicles used for Advertisement

Tapan Kumar Biswas Vs ITO (ITAT Kolkata)

Whether the higher rate of depreciation can be granted to the vehicles used for the display of advertisement under the provisions of the Income Tax Act, 1961....

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Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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Transponder charges received by assessee are not taxable as Royalty

DCIT (International taxation) Vs Thaicom Public Co. Ltd. (ITAT Delhi)

The issue under consideration is that Whether the receipts of the assessees from transponder is royalty under the Income Tax Act, 1961, and if the answer is in the affirmative, whether it is taxable?...

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Transitional ITC | Tran-1 Credit under GST | A never ending Saga

M/s. Brand Equity Treaties Ltd & many other judgments have allowed transitional ITC inspite of non-filing/incorrect filing of FORM GST TRAN-1 on the following grounds: Disallowing ITC would lead to violation of Article 300A of the Constitution of India....

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Telecommunication Sector in wake of Covid – 19 Pandemic

The current pandemic has painted an entire new image of growth for certain sectors, especially telecommunication sector, which has played a role of life saver for the companies and individuals during quarantine and lockdown. The lockdown and social distancing measures have led to higher dependence on digital tools, which in turn has incre...

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Total Voting Power V/s Total Share Capital

Interpretation of Statutes plays a very important role in understanding the true meaning of law and applies it in ascertaining the correct view of what the law is saying. There are many rules describing the interpretation of statutes, say, Rule of Literal Interpretation, Rule of Logical Interpretation, Rule of Ejusdem Generis, Noscitur a ...

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April 2021