"20 November 2020" Archive

One arrested for availing ITC of Rs. 3.51 Crore on fake invoices

Release ID: 1674495 20/11/2020

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products....

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ICAI Advisory to students, writing threatening mails to Exam Centres

It has been reported by some Examination Centres that they are receiving threatening e-mails from some of the candidates appearing for the CA Examination scheduled for November, 2020....

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Relaxation to CA Students during Curfew in city of Ahmedabad

It has come to our knowledge that State of Gujarat has announced that there will be Curfew in the city of Ahmedabad during 21st and 22nd November, 2020 on the days on which Chartered Accountant Examinations November 2020 are also scheduled at the centres in the city of Ahmedabad....

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Passing ITC without Actual Payment of GST- Bail Application of accused Rejected

Directorate General of Goods & Services Tax Intelligence & Ors. Vs Rakesh Kumar Goyal (Patiala House Court)

Directorate General of Goods & Services Tax Intelligence & Ors. Vs Rakesh Kumar Goyal (Patiala House Court) The petition is filed to seek bail to the accused for passing ITC without any actual payment of GST. Patiala House Court states that, this bail application is strongly opposed by respondents on the ground that the offense [&...

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No section 54 Deduction denial for mere Non-Completion of Construction of New House

Estate of Late Dr. S. Zakaulla Masood Vs ITO (ITAT Bangalore)

The issue under consideration is whether the CIT(Appeals) was justified in denying the benefit of deduction to assessee u/s. 54 of the Income Tax Act, 1961?...

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ITAT Restricts addition for Bogus Bills at 5% of bogus purchases

Suresh Mehta HUF Vs ITO (ITAT Mumbai)

The issue under consideration is whether the CIT(A) is correct in confirming the addition made by AO for non-genuine and bogus purchases by applying profit rate at the rate of 12.5% of the bogus purchases?...

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Observations of Candidates on Question Papers of CA Exams Nov 2020

It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2020 by e-mail at [email protected] or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 15th D...

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Filing of NCLT Orders with ROC with respect to Companies under IBC, 2016

After the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC), Corporate Debtor, Resolution professionals were facing several issues, this involves meeting various statutory compliance requirements for which the management of the corporate debtor was responsible prior to commencement of the Corporate Insolvency Resolution Proce...

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ITAT deletes Addition of sales tax incentive receipt in case of RIL

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai)

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and […]...

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Interest Income on FDR’s Pledged to obtain Contract is Business Income

Awasthi Traders Vs DCIT (ITAT Agra)

The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?...

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