"05 January 2021" Archive

Employee VRS Scheme amount entitled to simultaneous Section 10(10C)(viii) deduction & Section 89(1) relief

V. Gopalan Vs CCIT (Kerala High Court)

V. Gopalan Vs CCIT (Kerala High Court) The appellant admittedly took voluntary retirement in the year 2001. He had also claimed deduction under Section 10 (10C) (viii) and relief under Section 89 (1) of the Income Tax Act while filing his return of income for the relevant assessment year. The claim came to be rejected […]...

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Depreciation eligible on Bus Terminal constructed on BOT basis

JCIT (OSD) Vs Rohan and Rajdeep Infrastructure Pvt. Ltd. (ITAT Pune)

JCIT (OSD) Vs Rohan and Rajdeep Infrastructure Pvt. Ltd. (ITAT Pune) Assessee incurred expenditure in constructing Amritsar Bus Terminal on BOT basis and to recoup the said investment, the assessee was allowed to collect add a fees from the users of the said bus terminal. In our view, the said right is business or commercial […]...

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Is Concession in Law made by Counsel Binding on the Client?

Kirti & Anr. Etc. Vs Oriental Insurance Company Ltd (Supreme Court of India)

Kirti & Anr. Etc. Vs Oriental Insurance Company Ltd (Supreme Court of India) A very important issue recently came up before the Apex Court wherein the Court settled the controversy as to whether concession made by any counsel would bind the litigating  party. The Apex Court  in the case of Kirti vs. Oriental Insurance Company [&hell...

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Representation for further extension of CFSS 2020

Due to the various ground realties the corporates have not been able to take benefit of the scheme. Therefore in these difficult times the extension of CFSS, 2020 is imperative and paying such hefty penalties & fines will not be in best interest of all stakeholders. Thus we request your good office to extend the CFSS, 2020 and other r...

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Posted Under: Income Tax | ,

Auditor cannot share client info with Credit Rating Agencies unless permitted: ICAI

It is hereby clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client....

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Posted Under: Income Tax |

File representation with appropriate authority for Reimbursement of differential tax amount due to change in tax regime from VAT to GST: HC

Kailash Chandra Bisoyi Vs. State of Odisha (Orissa High Court)

Kailash Chandra Bisoyi Vs State of Odisha (Orissa High Court)  The main issue involved in such matters is that the difficulty faced by the contractors due to change in the regime regarding works contract under GST. The grievance of the petitioner is that in view of the introduction of the GST, petitioner is required to […]...

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Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT): Company Appeal (AT) (Insolvency) No. 880 of 2020

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authority (National Company Law Tribunal), Hyde...

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Posted Under: Income Tax | |

Application u/s 9 of IBC, 2016 is maintainable irrespective of amount of claim

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT)

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) Brief Facts: An application was filed under Section 9 of IBC and the Adjudicating Authority issued Notice but none appeared for Respondent. The Adjudicating Authority disposed of by directing the Respondent to settle the issue in question within a stipulated peri...

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Posted Under: Income Tax | |

Section 54F exemption allowable on sale proceed utilised for construction of residential property Within a period of 3 years

Rajyalakshmi Reguraj Vs ITO (ITAT Bangalore)

Rajyalakshmi Reguraj Vs ITO (ITAT Bangalore) The A.O. had restricted the claim of exemption u/s 54F of the I.T.Act for the reason that the assessee had utilized only the sale consideration of Rs.1,75,83,000 out of the balance sale consideration of Rs.1,90,00,000 (Rs.2,40,00,000 – Rs.50,00,000) for the construction of a residential house...

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Rule 86B of CGST Rules- Mysterious Puzzle

With effect from 01.01.2021 vide Notification No. 94 /2020 – Central Tax, dated 22nd December 2020 a new rule i.e., 86B is inserted to curb the ongoing fake invoices transactions. 1. Legal Provision: Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledge...

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Posted Under: Income Tax |

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