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Archive: 22 December 2020

Posts in 22 December 2020

Patiala House Court rejects bail in alleged ₹ 25 Cr fake ITC claim case

December 22, 2020 807 Views 0 comment Print

Naresh Mittal Vs. DGGST (Patiala High Court) It appears from the facts that applicant alongwith Chhedi Lal Mittal created fake firms and availed fake ITC to the tune of Rs. 25 crore. Further it is brought to the fore that applicants firm could not have any business transactions with the firms he was transacting with […]

HC Raps Commissioner for excessive exercise of power- GST- Section 83

December 22, 2020 1893 Views 0 comment Print

Because the Commissioner is conferred with the power of provisional attachment under section 83 it would not ipso-facto mean that he can straight away proceed to provisionally attach any property including bank accounts of a taxable person merely on the ground of pendency of proceedings under section 67.

CIT(A) Cannot Reject Appeal merely on Technical Grounds

December 22, 2020 1191 Views 0 comment Print

Nirmala Devi Vs ITO (ITAT Delhi) Learned Counsel for the Assessee contended that assessee has uploaded the demand notice as well as paid the fees for filing of the appeal which have not been taken into consideration and that only one notice was issued for which date assessee sought adjournment which was also rejected. Therefore, […]

Everything about Taxation on Sale of Securities with Examples

December 22, 2020 2922 Views 3 comments Print

Taxation on Sale of Shares or any other Securities Securities includes Listed Equity Shares, equity oriented units or units of business trust. Taxation of Securities are depends on the following- 1. Period of Holding of Security  12 Months or less- Tax as per Section 111A More than 12 Months- Tax as per Section 112 2. […]

Allowed refund of IGST paid on ocean freight beyond limitation period prescribed under GST Law

December 22, 2020 6288 Views 0 comment Print

HC allowed the refund claim of Integrated Goods and Service Tax (IGST) paid on ocean freight under the reverse charge mechanism (RCM) beyond the statutory time limit prescribed under Section 54 of the Central Good and Service Tax Act, 2017

Dividend V. Buyback – Which is more beneficial?

December 22, 2020 7101 Views 0 comment Print

Many a times, profitable companies end up in a situation of generating more cash than they can reasonably reinvest in their business at attractive returns on capital. As cash holdings on a company’s balance sheet increases, there is increased pressure from shareholders to return some of this excess cash to them. There are two ways […]

DFGT amends HS codes in ITC (HS) 2017- Schedule-1 (Import Policy)

December 22, 2020 978 Views 0 comment Print

Chapter 84 and 85 of ITC (HS) 2017- Schedule-1 Import Policy is amended to incorporate changes as made in the Finance Act, 2020 dated 27th March, 2020.

Amendment in Export Policy of Medical Goggles & Nitrile/NBR Gloves

December 22, 2020 903 Views 0 comment Print

The export policy of Medical Goggles and Nitrile/NBR Gloves is amended from ‘Restricted’ to ‘Free’ category making all types of Medical Goggles and Nitrile/ NBR Gloves freely exportable.

Simplified analysis of Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020

December 22, 2020 1509 Views 0 comment Print

Simplified analysis of Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 Amendment in Rule Amendment has been made in Rule 6- Sub rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014 Objective of amendment (a) To increase years to pass Online proficiency self-assessment test by Independent directors after inclusion of name […]

Addition justified for Bogus Donation received by Educational Trust

December 22, 2020 1755 Views 0 comment Print

Addition made by AO against Educational Trust on account ofdonations were found to be bogus  was justified as  assessee failed to discharge the onus of proof cast upon it and no attempt was made to produce credible material to corroborate the transactions or to explain the contradictory evidence that it was confronted with.

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December 2020