"09 November 2020" Archive - Page 2

ADD on imports of ‘Carbon Black used in rubber applications’ extended till 31.12.2020

Notification No. 34/2020-Customs (ADD) 09/11/2020

Seeks to amend notification No. 54/2015-Customs (ADD), dated 18th November 2015 to extend the levy of ADD on imports of ‘Carbon Black used in rubber applications’ originating in or exported from China PR and Russia, for a further period upto and inclusive of 31st December, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTI...

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HC Again Rejects Petition by CA seeking to direct Institute of Cost Accountants to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Sivakumar Vs Institute of Cost Accountants of India (Madras High Court)

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ICOAI instead of ICAI will be sustain by the High Court?...

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Intermediary services not amount to FTS & not taxable under India-Sweden DTAA

Bombardier Transportation Sweden AB Vs DCIT (ITAT Delhi)

Bombardier Transportation Sweden AB Vs DCIT (ITAT Delhi) Conclusion: Payment of consideration would be regarded as ‘fee for technical/included services’ only if the twin test of rendering services and making technical knowledge available at the same time was satisfied. Intermediary services rendered by assessee did not make av...

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Additions in reopened Assessment not valid if no addition on subject matter of reopening

Sheela Foam Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the re-opening of assessment is valid even if there is no addition on subject-matter being basis for issuing notice under section 148, rather AO made addition on other counts?...

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Commission to Director in terms of Employment is Part of Salary: ITAT Delhi

DCIT Vs Abro Technologies Pvt. Ltd. (ITAT Delhi)

Commission paid to Director in terms of Employment is Considered as Part of Salary. It is also not disputed that TDS has been deducted on such commission as salary. Accordingly, the Revenue’s appeal is dismissed....

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Profit margin disclosed by assessee cannot be rejected arbitrarily

Sukhwinder Singh Vs ACIT (ITAT Delhi)

The issue under consideration is whether addition made by AO by application of N.P. rate of 8% is justified in law? Profit Margin Cannot be Rejected Arbitrarily due to Rejection of Books of Account...

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DTPA submits 15 GST Pre Budget Suggestions for 2021

ITC availment Restriction limit Rule 36(4) of CGST Rules, 2017 specifies that Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 10 per cent of the eligible credit available in res...

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Posted Under: Custom Duty |

Assessee holding General Power of Attorney with respect of Land Sold Not Liable for Capital Gains

ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad)

ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad) The issue under consideration is whether capital gain will be taxed in the hands of general power of attorney holder with respect to land sold? ITAT states that, the assessee was just general Power of Attorney holder with respect to the lands in dispute. This fact has not […]...

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Physical verification report in Form GST REG-30

Form GST REG-30 is a verification report submitted/ uploaded by the proper officer detailing the physical verification conducted of the place of business of the person under Goods and Services Tax (GST). The present article explains the provisions relating to filing of a report in Form GST REG-30 and details covered in Form GST REG-30. [&...

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Posted Under: Custom Duty |

DTPA submits 33 Income Tax Pre Budget Suggestions for 2021

At the outset we convey your honour our Congratulations on introducing Faceless Assessment and Faceless Appeal Schemes and also introducing new Taxpayers Charter. Direct Taxes Vivad Se Vishwas Scheme is also a commendable step to reduce litigations. We assure your honour of our full support in the implementation of the same....

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Posted Under: Custom Duty |

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