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Archive: 27 November 2020

Posts in 27 November 2020

Motor Vehicle Aggregators Guidelines-2020

November 27, 2020 2328 Views 0 comment Print

In pursuance of the provision under Section 93 of Motor Vehicles Act,1988, this Ministry has issued the Motor Vehicle Aggregator Guidelines, 2020. A copy of the same is enclosed with this letter for perusal and further appropriate action. These guidelines will provide a guiding framework to the State Governments / UTs to consider for issuance of licenses as well as regulating the business being conducted by such Aggregators.

ADD on imports of Front Axle Beam & Steering Knuckles from China extended till 31.01.2021

November 27, 2020 324 Views 0 comment Print

Notification No. 41/2020 -Customs (ADD)- Seeks to further amend notification No. 49/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles originating in or exported from China PR, for a period upto and inclusive of the January […]

Education cess is not disallowable under section 40(a)(ii)

November 27, 2020 1632 Views 0 comment Print

DCIT Vs GE BE Pvt. Ltd. (ITAT Bangalore) Conclusion: Education cess is not tax and thus not disallowable under section 40(a)(ii). Held: Assessee-company was engaged in the business of contract manufacturing of components and parts of medical diagnostic imaging equipment and also engaged in provision of engineering design services to its affiliate worldwide. Assessee had […]

No section 40A(2) disallowance for Payment Made to Sister-In-Law

November 27, 2020 3915 Views 0 comment Print

Rajesh Bajaj Vs DCIT (ITAT Allahabad) The ld. counsel for the assessee has contended that Alka Bajaj and Preeti Bajaj are sister-in-law of the assessee and therefore do not fall in the definition of relative as provided u/s 2(41). This fact is not disputed by the Revenue and therefore, the payment to these two persons […]

Re-Opening of Assessment u/s 147 Merely Relying upon Investigation Report Not Justified in Law

November 27, 2020 1344 Views 0 comment Print

Eminent Computers Pvt. Ltd. Vs ITO (ITAT Delhi) The issue under consideration is whether the re-opening of assessment u/s 147 merely relying upon investigation report is justified in law? ITAT states that the return of income filed by the assessee has also been analyzed with reference to the information received from the Investigation Wing and […]

Appeal Against Revisionary Section 263 should be Filed Before Tribunal: ITAT Mumbai

November 27, 2020 5157 Views 0 comment Print

The issue under consideration is whether the ld. CIT(A) was justified in upholding the disallowance made on account of unverifiable purchases? Appel Against Revisionary Order u/s 263 should be Filed Before Tribunal: ITAT Mumbai

ITAT dismisses revenue appeal due to Monetary Limit & Assessee Appeal for non attendance

November 27, 2020 537 Views 0 comment Print

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact that the Revenue’s appeal is […]

Delhi HC Restricts Penalty Imposed by Revenue on Tata Teleservices Ltd

November 27, 2020 882 Views 0 comment Print

The present writ petitions have been filed challenging orders issued by respondent authority whereby the penalty demand of Rs.293,28,50,153 for the assessment years 2006-07, 2007-08, 2008-09, 2009-10, and 2010-11 stayed subject to payment of 20% of the said amount.

Deduction u/s 36(1)(ii) Allowed for Bonus Paid to Directors who are Shareholder of Company 

November 27, 2020 13758 Views 1 comment Print

The issue under consideration is whether the CIT(A) is correct in upholding the action of the Assessing Officer in making a disallowance under section 36(l)(ii) of the Act; being bonus paid to the Directors of the Company by holding that such payments are in lieu of dividend or profits?

Amended Section 55A provisions not applicable to documents registered before 01.07.2012

November 27, 2020 1938 Views 0 comment Print

Jagrutiben V. Patel Vs ITO (ITAT Surat) Regarding the validity of reference to the DVO u/s.55A of the Act, first of all, it is to be noted that amendment in section 55A of the Act is effective from 01.07.2012, that is, applicable for assessment year 2013-14 and assessee`s case under consideration is for assessment year […]

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