"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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Benefit of Rule 6DD(c)(v) of cannot be given to Cash deposited directly in bank account of beneficiary

Ajai Kumar Singh Khaldelial Vs PCIT (Allahabad High Court)

Ajai Kumar Singh Khaldelial Vs PCIT (Allahabad High Court) In the present case, the question which arises for consideration is that in case, cash is deposited directly in the bank account of the beneficiary, can the benefit of Rule 6DD(c)(v) of the Rules, 1962, can be given to the assessee. Such transaction by depositing cash […]...

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No Service Tax on commission from foreign companies in convertible foreign exchange

Wintech Taparia Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Wintech Taparia Ltd. Vs Commissioner of Customs (CESTAT Delhi) The appellant has not contended that it is not rendering a service under the category BAS. What is, however, contended by the appellant is that the services rendered by the appellant qualify as export of service under the 2005 Rules and, therefore, the appellant would not [&he...

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No penalty on additional income disclosed voluntarily in return filed in response to Section 153A notice 

Mukesh D. Manglani Vs ACIT (ITAT Ahmedabad)

Assessee had disclosed additional income in return filed in response to notice issued under section 153A voluntarily, hence, there could not be any penalty under Expln. 5A to section 271(1)(c) as income disclosed by assessee in pursuance to search was not based on incriminating document....

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Section 69C Addition for bogus purchases – ITAT Allows 10% disallowance

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad)

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad) The addition in the present case was made under section 69C of the Act on account of unexplained expenses. Indeed, the primary onus lies on the assessee to justify the expenses claimed by him. However from the preceding discussion, we note that the assessee has discharged his onus […]...

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HC rejects ex-minister’s plea in money-laundering case against prosecution & Attachment of Property

Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court)

Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) In this batch of petitions, petitioners have questioned the correctness and legality of the proceedings initiated against them under sections 3, 4 and 8(5) of the Prevention of Money Laundering Act, 2002 (for short ‘PML Act’). 2. The common grievance of the petitioners ...

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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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Section 11 Set-off of excess expense against income of future AY is application of Income

PCIT (Exemptions) Vs Green Wood High School (Karnataka High Court)

PCIT (Exemptions) Vs Green Wood High School (Karnataka High Court) Income derived from the trust property has also got to be computed on commercial principles and if commercial principles are applied, then adjustment of expenses incurred by the trust for charitable and religious purposes in the earlier years against the income earned by t...

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Assessment in the name of non-existing person or a dead person is null & void

DCIT Vs R.R. Gold Palace (ITAT Bangalore)

Search conducted on the basis of warrant of authorization issued in the name of non-existing entity and consequent assessment framed under section 243(3) read with section 153A were bad in law being nullity in the eyes of law....

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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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March 2021