"27 December 2020" Archive

When Allegation of Wrong Availment of Input Tax Credit Not Sustainable?

Allegation of Wrong Availment Of Input Tax Credit (ITC) is Not Sustainable If Conditions of Section 16 of CGST Act Satisfied and Tax Has Been Paid at The Time of Supply The wrong and fraudulent availment of input tax credit and their utilization became a matter of discussion now a days, as recently department arrested […]...

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Right to Dissent- Most important Right Guaranteed by Constitution

The Allahabad High Court in the case of Yashwant Singh v. State of UP & Ors. decided on 23 December 2020 held in explicit terms that merely expressing dissent against the affairs of a government or its functionalities is not a criminal offence. It is noteworthy that the Right to Dissent is the most important […]...

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PCIT cannot invoke revisional jurisdiction on issue, which AO could not examine in reassessment proceedings

Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai)

Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai) A perusal of the assessment order shows that the assessment was reopened to examine misuse of Client Code Modification for tax evasion. No addition was made by the Assessing Officer in respect of the issue for which the assessment was reopened. It is a well settled law […]...

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ITAT deletes Addition of Rs. 300 Lakh – section 68 – unexplained cash credit

Capital Infra Projects Pvt Ltd Vs DCIT (ITAT Delhi)

Capital Infra Projects Pvt Ltd Vs DCIT (ITAT Delhi) The quarrel is in respect of loan received from M/s Pabla Leasing and Finance Pvt. Ltd amounting to Rs. 3 crores in each A.Y treated by the Assessing Officer as unexplained cash credit and, accordingly, additions have been made under section 68 of the Act. The […]...

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Brexit 2020-2021: What does it mean to you or me?

The expected event since 2016 has happened. On 1 January 2021, the United Kingdom will leave the EU Single Market and Customs Union, and all EU policies. This was its choice. As a result, it will lose all the rights and benefits it had as an EU Member State, and will no longer be covered […]...

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Key Highlights of FSS (Labelling and Display) Regulations, 2020

The Food Safety and Standards Authority of India, vide Gazette ID CG-DL-E-10122020-223635 issued dated 18.11.2020 and published in Gazette on 10.12.2020 has framed The Food Safety and Standards (Labelling and Display) Regulations, 2020. The Food Authority has decided to divide the Food Safety and Standards (Packaging and Labelling) Regula...

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Analysis of Section 43CA of Income Tax Act, 1961

Special Provisions For Full Value Of Consideration For Transfer Of Assets Other Than Capital Assets In Certain Cases [Section 43CA]  Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with effect from A.Y. 2014-15) which provides that where the consideration received or accruing as a result of the transfer ...

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Opening of Individual Pension Account under eNPS

To create a retirement corpus one of the secured way is National Pension Scheme (NPS). Resident as well as Non- Resident can open this account. Do you want to know how to start contributing to NPS without going anywhere physically? Let’s find the answer below. There is an eNPS facility which you can use to […]...

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Rule 86B of CGST Rules: Is it really what we think it is?

1. Rule 86B (Restriction on use of Input Tax Credit for discharging the output liability) has been inserted into CGST Rules, 2017 vide notification no. 94/2020-Central Tax Dated 22nd December 2020 (Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020, to be implemented w.e.f.1st January, 2021. Announced at midnight, nonethele...

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Allowable Deductions from Income while Filing Return of Income

Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

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