"04 January 2021" Archive

Foreign travel expense not allowable if no nexus between travel & business purpose

DCIT Vs Ritesh Properties & Industries Ltd. (ITAT Delhi)

DCIT Vs Ritesh Properties & Industries Ltd. (ITAT Delhi) 1. Foreign travel expense not allowable if no nexus between travel & business purpose Though the counsel submits that the action of the CIT(A) in upholding the disallowance of Rs.7,02,655/- on the ground that the said expenditure was incurred for foreign travel for personal ...

ITAT deletes Section 14A disallowance as AO not recorded Satisfaction

Prism Cement Ltd. Vs DCIT (ITAT Mumbai)

Prism Cement Ltd. Vs DCIT (ITAT Mumbai) We observed that assessee has earned exempt income of Rs. 12,62,95,486/- and made a suo moto disallowance of Rs. 29,87,943/-. After careful consideration of the assessment order passed by the AO and the order passed by Ld. CIT(A), it is fact on record that AO has not recorded […]...

GST Case law Update – December 2020

1. Retaining by-products/scrap by job-worker – GST applicable? The High Court of Andhra Pradesh in the case of Shirdiri Sainath Industries Vs DCST 2020-TIOL-2052-HC-AP-GST has held including the value of by-products to the milling charges and assessing tax is legally unsustainable. Fact: Rice milling done on job work bases. milling char...

Posted Under: Income Tax |

CBIC rescinds Customs (Advance Rulings) Rules 2002

Notification No. 02/2021-Customs (N.T.) 04/01/2021

Notification No. 02/2021-Customs (N.T.) – CBIC rescinds Customs (Advance Rulings) Rules 2002 which were notified by notification o No. 55/2002-Customs (NT), dated the 23rd August,2002. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 04 January, 2021 Notification No. 02/2021-Customs (N.T.) G.S.R._______...

Customs Authority for Advance Rulings Regulations, 2021

Notification No. 01/2021–Customs (N.T.) [G.S.R. 4(E)] 04/01/2021

Notification No. 01/2021 – Customs (N.T.)-  CBIC releases Customs Authority for Advance Rulings Regulations, 2021 which relates to filing of Advance Ruling Application. CBIC also released format of FORM CAAR-1 [See regulation 6(1)] Application form for Advance Ruling, FORM CAAR-2 [See regulation 10(1)] Appeal to the Appellate Authority...

CBI Arrests 3 Superintendents of GST & Central Excise

CBI ARRESTS THREE SUPERINTENDENTS OF GST & CENTRAL EXCISE AND A PRIVATE PERSON IN AN ALLEGED BRIBERY CASE OF RS.10 LAKH New Delhi, 30.12.2020 The Central Bureau of Investigation has arrested three Superintendents of GST & Central Excise, Bhubaneswar and a private person(Accounts Officer of a private Educational Trust/Institute) in...

Posted Under: Income Tax |

Auto-Population of IGST paid amount for SEZ DTA Sale BoE in GSTR-2A

Notification No.: NDML/SEZ Online/2021/27  04/01/2021

SEZ Online System has been sharing the details of supplies made by SEZ Units to DTA Units under Bill of Entry with GSTN through ICEGATE since July 2017. ICEGATE has completed its arrangements with GSTN to auto-populate the same in GSTR of DTA Buyer (Importer) for BoE information shared by SEZ Online System....

Genuine hardship must be considered before condoning delay: HC remands matter back to PCIT

PCIT Vs Keradi Milk Producers Women Co-Operative Society Limited (Karnataka High Court)

On the aspect of delay, genuine hardship would have to be considered before condoning the delay and discretion has to be exercised in genuine cases of hardship and accordingly, exercising his discretion, learned single Judge held that application seeking condonation of delay in filing the returns has to be reconsidered....

Input Tax Credit reversal on Sale of Shares/Mutual Funds

In GST regime as well as in the previous regime, ITC on exempted supply of goods or services shall be reversed and not eligible for availment. One such exempted supply is sale of shares/mutual funds. ITC reversal on such supply is discussed as below:...

Posted Under: Income Tax |

A Journey to Arbitration & Conciliation (Amendment) Ordinance, 2020: A Critical Analysis

President of India, Shri Ram Nath Kovind promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 on 04th November, 2020 (Amendment Ordinance, 2020) thereby amending the Arbitration and Conciliation Act, 1996 (Arbitration Act) third time....

Posted Under: Income Tax |

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