"27 November 2020" Archive - Page 2

Clarification on export of Gems and Jewellery through Courier mode-reg

Circular No. 52/2020-Customs 27/11/2020

Representations have been received from the Gems and Jewellery Export Promotion Council seeking clarification on whether gems and jewellery is allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulation...

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Motor Vehicle Aggregators Guidelines-2020

F. No. 16011/9/2019-T 27/11/2020

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 issu...

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

Notification No. 41/2020 -Customs (ADD) [G.S.R. 741(E)] 27/11/2020

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 Janua...

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

DCIT Vs GE BE Pvt. Ltd. (ITAT Bangalore)

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 a...

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

Rajesh Bajaj Vs DCIT (ITAT Allahabad)

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 […]...

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NIDB data cannot be sole basis to reject transaction value without any cogent reasons

Commissioner Of Customs Vs Hanuman Prasad & Sons (CESTAT Delhi)

The issue under consideration is whether the invoice represent the true transaction value in the international market? This casual observation is not based on the factual position that emerges from the records of the case. Thus, for all the reasons above, the Commissioner (Appeals) was not justified in setting aside the orders passed by t...

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CSR expenses incurred before 01.04.2015 deductible as business expenses

Garden Reach Ship Builders & Engineers Ltd. Vs PCIT (ITAT Kolkata)

The amendment brought about by way of Explanation 2 to section 37 by Finance Act, 2014, was only with effect from 01.04.2015. ITAT held that the amendment in question is not retrospective. Expenditure incurred in CSR in accordance with guidelines issued by the Govt. of India is allowable as a deduction for both A.Y. 2013-14 and A.Y. 2014...

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

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi)

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 […...

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

Viiking Technology and Trade Pvt. Ltd. Vs DCIT (ITAT Mumbai)

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...

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

Eminent Computers Pvt. Ltd. Vs ITO (ITAT Delhi)

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 Win...

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