"14 November 2020" Archive

Input tax credit denial merely on technical grounds not justified

Heritage Lifestyles And Developers And Pvt. Ltd. Vs. Union Of India (Bombay High Court)

Heritage Lifestyles and Developers And Pvt. Ltd. Vs. Union of India (Bombay High Court) This is a case, where admittedly Petitioner could not file GST TRAN-1 on or before 27.12.2017 but had manually applied for GST TRAN-1 on 7.5.2018 as per Circular dated 03.04.2018 within the timeline as per the date extended by this Court. […]...

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Goods can be seized if proper officer has reason to believe that such goods are liable to confiscation

Mumbai Fabrics P. Ltd. Vs Union of India And Ors. (Bombay High Court)

Mumbai Fabrics P. Ltd. Vs Union of India and Ors. (Bombay High Court) Question for consideration is whether the seized goods imported by the petitioner are old and used rubber tyres reusable as tyres or are old and used rubber tyres scrap being in pressed baled form? Evidently there is a dispute between the petitioner […]...

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No ‘Secured Creditor’ status to financier If Hypothecation Charge Not Registered

Volkswagen Finance Private Ltd. Vs Shree Balaji Printopack Pvt. Ltd. (NCLAT Delhi)

Volkswagen Finance Private Ltd. Vs Shree Balaji Printopack Pvt. Ltd. (NCLAT Delhi) From the documentary evidence on record it is clear that no ‘Charge’ has been registered under the provisions of Section 77(1) of the Companies Act 2013, in relation to the Subject Property. The Liquidator has rightly referred to Regulation 21 of IBBI (...

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SVLDRS Filing Date for Taxpayers In UT of J&K & UT of Ladakh extended till 31.12.2020

Circular No. 1075/01/2020-CX (14/11/2020)

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (Removal of Difficulties) order 2020 dated 13th Nov.,2020- procedure for filing of declaration by the eligible declarant in the UT of J & K and UT of Ladakh and its verification thereafter, etc. - reg....

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HC denies Bail to MD of IL&FS Transportation in alleged Money Laundering case

Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court)

Ramchan Krunakaran Vs Directorate of Enforcement (Bombay High Court) In Nikesh Tarachand Shah Vs. Union of India,  2018(11) SCC 1, the Apex Court has reiterated the principle concerning grant of bail being the rule and refusal being exception and while dealing with Section 45 of the PMLA Act which imposes twin stringent condition for off...

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Gold Loans & Frauds

When I was doing my CA Articleship in a small town of Udupi in Karnataka to be precise we used to have lots of Bank Audits because Udupi and neighboring district of Mangalore were responsible for the Formation of 5 Big banks of India which later got merged by the Government of India order, previously […]...

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Diwali delight with duty of care..!

The new normal work from home (WFH) made us realize in these many months the importance of our daily helpers and our family members. The concept of exchange of work among family members went live apart from ludo and social settings....

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Remove your confusions regarding ‘New Income Tax Regime’

You all know that a ‘New Tax Regime’ has been introduced from FY 2020-21 that says individual can reduce their taxes if they are not availing deductions or exemptions. You are provided an option where you can either go for the old tax structure or choose the new tax structure. Now the people are confused […]...

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New GST Return Scheme for Small Taxpayers

The Central Government is looking to overhaul the return filing system with a view to provide some relief to taxpayers with aggregate turnover under GST less than Rs. 5 crores. In this regard, it has released certain notifications to lay down a new scheme of return filing for such taxpayers. We have tried to summarise […]...

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Income tax on Selling gold

Income Tax Act of India specifies that profit from sale of gold bars, jewelry, coins or utensils or any other form of precious metal will attract tax under capital gains. The profit on sale of your gold holding is taxable under the head “Capital Gains” of Income Tax. Only exception to this is in case […]...

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Issue of Debentures [Under Section 71 & Rule 18 of Companies (Share Capital & Debenture) Rules, 2014]

Issue of Debentures [Under Section 71 & Rule 18 of Companies (Share Capital &  Debenture) Rules, 2014] The debentures issued by a company is an acknowledgment that the company has borrowed an amount of money from the public, which it promises to repay at a future date. Debenture holders are, therefore, creditors of the company. [...

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Assessee can be asked to prove Source of Credits but Not Source of Source

Lalchand P. Dhariwal Vs ITO (ITAT Surat)

The issue under consideration is whether the addition made u/s 68 against unexplained creditors will be sustainable in law? Assessee Can Asked to Prove the Source of Credits in his Books of Accounts but Not Source of Source....

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Transitional Credit claim on Successful filing of GST TRAN-1 cannot be Rejected Merely due to No Technical Glitches on GSTN

BMW India Financial Services Pvt. Ltd. Vs Union of India (Bombay High Court)

The issue under consideration is that despite the admitted successful filing of Form TRAN-1 by the Petitioner, the request of the Petitioner for transitioning of credit has not been approved by the ITGRC merely on the basis that there were no technical glitches on the GSTN side is justified in law?...

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Metal Purchases from grey market- ITAT upheld 12.5% Addition

ITO Vs Gautam B. Bafna (ITAT Mumbai)

ITO Vs Gautam B. Bafna (ITAT Mumbai) In the instant case, the corresponding sales made out of disputed purchases were not doubted by the Ld. AO before us. No contrary evidence to this effect was also produced by the Ld. DR before us. It is not in the dispute that the assesee had indeed made […]...

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No capital gain tax in absence of transfer of shares

ACIT Vs Safari Mercantile Pvt. Ltd. (ITAT Mumbai)

ACIT Vs Safari Mercantile Pvt. Ltd. (ITAT Mumbai) Conclusion: Where there was no transfer of shares but only a pledge of shares for purposes of obtaining a loan and revenue not disputed the fact of return of loan and also receipt of pledged shares creditor, no capital gain could be charged. Only income was actually […]...

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In absence of enduring nature Product development expenses are revenue expense

ACIT Vs Setco Automobiles (ITAT Ahmedabad)

ACIT Vs Setco Automobiles (ITAT Ahmedabad) In the present case, the issue is about allowability of product development expenses which were held by A.O. be a capital in nature. We find that ld. CIT(A) while deciding the appeal for A.Y. 2002-03 and following it has given a finding that due to incurring of product development […]...

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Subsidy cannot be treated as a payment to meet any portion of actual cost of Capital Asset

ACIT Vs Inox Air Products Private Limited (ITAT Pune)

ACIT Vs Inox Air Products Private Limited (ITAT Pune) The only issue raised in the assessee’s appeal is against  the direction of the ld. CIT(A) for reducing the amount of subsidy from the value of assets for the purpose of granting depreciation. From Explanation 10 to section 43(1) of the Act it is immensely clear […]...

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Bank can institute/continue with proceedings against a Guarantor under SARFAESI despite IBC proceedings against Principal Borrower

Kiran Gupta Vs State Bank of India & Anr. (Delhi high Court)

Kiran Gupta Vs State Bank of India & Anr. (Delhi high Court) Whether a Bank/Financial Institution can institute or continue with proceedings against a Guarantor under the SARFAESI Act, when proceedings under the IBC have been initiated against the Principal Borrower & the same are pending adjudication? Section 128 of the Contract ...

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Govt allocate funds for MEIS for FY 2019-20 & for 9 months of FY 2020-21

F. No. 605/58/2015-DBK(PL-II) (12/11/2020)

It is to inform that the Competent Authority has approved the allocation of an amount of Rs. 39,097 Crore for MEIS benefits for exports made during the FY 2019­-20. Further, allocation totalling Rs. 15,555 Crore for MEIS benefits for exports made during the period 01.04.2020 to 31.12.2020 is conveyed with the approval of the Competent Au...

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Mere noticing Conveyance at Wrong Destination Can’t Said to be a Contravention of CGST Act

Sree Rama Steels Vs Deputy State Tax Officer & 3 Others (Telangana High Court)

The issue under consideration is whether ‘Noticing the conveyance at a wrong destination’ without anything more can be said to be a contravention of the CGST Act?...

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ICMAI notification- Merged Intermediate & Final Exams- Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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E-invoicing and its applicability with illustration

What is e-invoicing under GST? e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN) Notified persons: A registered person, other th...

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How to file Income Tax Return of Deceased Person???

Many times we face to this question and find difficulty as to how to file income tax return of deceased person. As such the death of the person is not certain, the income earned by person who has expired can still be subject to taxes. According to the section 159 of the Income Tax Act, […]...

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ICMAI Instruction for Foundation Examination December 2020

Instruction for Foundation Examination December 2020 The Institute of Cost Accountants of India has decided to conduct a Foundation Examination of December, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders. All candidates/students will have to appear in the Foundat...

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Remedy u/s 14 of SARFAESI Act not rendered redundant if District Magistrate unable to handover possession

C. Bright Vs District Collector & Ors. (Supreme Court of India)

C. Bright Vs District Collector & Ors. (Supreme Court) Whether the time limit of 30 days which is further extendable by a further period 30 days for a District Collector to secure the possession of a secured asset is mandatory or directory? The challenge in the present appeal is to an order passed by the […]...

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Representation to FM to Widen Scope of Benefit of 20% for flats

Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 per cent for the purpose of Income tax. ...

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