"05 December 2020" Archive

Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad)

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]...

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All States choose Option-1 to meet GST implementation shortfall

Release ID: 1678484 05/12/2020

Jharkhand has become the latest State to go for Option-1. Jharkhand will get Rs. 1,689 crore through special borrowing window to meet the GST implementation shortfall. Permission to raise additional Rs. 1,765 crore through borrowings also issued to Jharkhand...

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Visakhapatnam GST Intelligence arrests CA for major GST fraud

F.No.DGGI/INV/GST/2045/2020 05/12/2020

Directorate General of GST Intelligence (DGGI) Visakhapatnam Zonal unit has busted a major fake input tax credit (ITC) racket being operated by a 28 year-old Chartered Accountant based at Guntur....

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Advisory on Quarterly Return with Monthly Payment scheme

Advisory on Quarterly Return with Monthly Payment scheme is issued by GSTN For information and guidance purposes and contains FAQs divided in following sections Eligibility and Opting for the scheme, System defaulting, . Actions required for first two months of the quarter, Details on viewing GSTR-2A and 2B, Actions required for the last ...

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Posted Under: Income Tax | ,

How to Opt Quarterly Return & Monthly Payments (QRMP) Scheme

Article contains FAQs on  Form to Change Profile for Quarterly Return and Monthly Payments (QRMP) Scheme under GST and process and Form to Change Profile on GSTN portal. FAQs contains Answers on Overview of QRMP Scheme, Invoice Furnishing Facility (IFF), Opting for QRMP Scheme, Migration of Existing taxpayers to QRMP Scheme and Changing ...

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Posted Under: Income Tax |

Madrid Protocol: Countries covered for Trademark Registration

What is Madrid Protocol? The Madrid Protocol is an international system for obtaining trademark protection for many countries and/or regions using a single application. Protection (an ‘International Registration’) can only be obtained for countries and regions which have joined the system (member countries), and these are list...

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Posted Under: Income Tax |

Provisions of section 50C cannot be incorporated in computation of block of assets

DCIT Vs Futurz Next Services (Private) Limited (ITAT Delhi)

Now the question is whether it should be reduced by the value as determined under section 50C of the act or actual money received by the assessee. The provisions of section 50C cannot be incorporated in the computation of block of the assets for the simple reason that it only substitutes the full value of the consideration received or acc...

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No addition for Share Premium for mere non-production of directors of investor companies

Satyam Smertex pvt. Ltd. DCIT (ITAT Kolkata)

Satyam Smertex pvt. Ltd. DCIT (ITAT Kolkata) In this case on hand, the assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants, thereafter the onus shifted to AO to disprove the documents furnished by assessee and the documents produced by the assessee cannot be brushed aside by the...

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Section 50 applicable only on block of assets used for business and on which depreciation been claimed

Anant Raj Ltd. Vs DCIT (ITAT Delhi)

Anant Raj Ltd. Vs DCIT (ITAT Delhi) Assessment order cannot contain each and every fact verified by the assessing officer and assessment cannot be reopened on the basis of mere change of opinion It is a settled law that the assessment cannot be reopened on the basis of mere change of opinion on the same […]...

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Interest free funds presumed to be used for interest free loans: ITAT

Assetz Infrastructure Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Assetz Infrastructure Pvt. Ltd. Vs DCIT (ITAT Bangalore) There is no dispute with regard to the fact that the interest free advances received from customers was available with the assessee to the tune of Rs.16.96 crores as noticed by Ld CIT(A) at page 28 of his order, i.e., Rs.14.22 crores under Schedule V and Rs.2.74 […]...

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