"28 November 2020" Archive

Deduction u/s 54F Not Eligible for Investment Made in two Differently Placed Properties

Omkar Chadha Vs ITO (ITAT Delhi)

The issue under consideration is whether the investment made in two different properties out of the capital gains is eligible for deduction u/s 54F?...

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List of cases selected for GST Audit in Maharashtra for period 2017-2018

Maharashtra GST Department has released List of cases selected for Audit under GST Act, 2017 for the period 2017-2018 on its website. Maharashtra GST Department has selected 3764 cases for GST Audit. List contains Sr. No., GSTIN Registration, Trade Name, Desk ID, Location, Division and Zone. Download List of cases selected for GST Audit i...

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Posted Under: Income Tax |

No Bail to person accused of floating bogus firms in alleged GST Evasion case

Director General of GST Intelligence Vs Vikas Jain (Rohtak District Court)

Director General of GST Intelligence Vs Vikas Jain (Rohtak District Court)  The allegations against the present applicant/accused are that he and co-accused Satender are the persons responsible for floating bogus firms in the name of various persons and he was involved in the issuing of invoice without the actual movement of the goods. T...

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CIVIL Contracts under Dakshin Haryana Bijli Vitran Nigam (DHBVN)

Civil Contractors needs prior registration under various government departments to grab contract under such department. One of such department is DHBVN (Dakshin Haryana Bijli Vitran Nigam. DHBVN is a state-owned power distribution utility company owned by the Government of Haryana having its headquarters in Hisar, Haryana. DHBVN has two o...

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Posted Under: Income Tax |

Claim Allowed in Original Assessment Cannot be Amenable to Provisions of Section 147/148

TCG Development India Private Limited Vs ITO (ITAT Delhi)

The issue under consideration is whether the notice issued under section 147 for re-opening of assessment is justified in law? A claim which has been allowed in the original assessment proceedings after examination of the relevant details and facts cannot be amenable to provisions of Section 147/148 of the Act....

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ITAT Remand Case to AO for Determining ALP of Purchase Transaction of FA by Appellant to its Overseas AEs

Denso India Pvt. Ltd Vs DCIT (ITAT Delhi)

The issue under consideration is whether rejecting the benchmarking approach and methodology followed by the Appellant for determining the ALP of the transactions pertaining to purchase of fixed assets by the Appellant to its overseas AEs is justified in law?...

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Working capital adjustment subsumes sundry creditors- No further TP adjustment for outstanding receivables

Blue Coat Network (India) Private Limited Vs DCIT (ITAT Bangalore)

The issue under consideration is whether TPO is correct in making an upward adjustment to the transfer price of the Appellant's international transactions on account of imputation of notional interest on outstanding receivables?...

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Revenue Generated from Bookings Made within India Attributable to PE, Hence Taxable in India

DDIT Vs Travelport L.P. USA (ITAT Delhi)

The issue under consideration is whether revenue generated from the bookings made within India is the revenue attributable to the PE of the assessee is taxable in India?...

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Income Tax cannot be levied on Securities Premium Merely because It Used to Set Off Losses

Hindustan Coca Cola Beverages Private Limited Vs DCIT (ITAT Delhi)

The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J....

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Netting off Interest Expenditure against Interest Income in absence of direct relation Not Allowed

Deena Asit Mehta Vs DCIT  (ITAT Mumbai)

The issue under consideration is whether the netting off interest expenditure against interest income is allowed u/s 56 of Income Tax Act?...

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