"06 January 2021" Archive

ITAT allows section 54 deduction on multiple flats in same premises

Maurice Patrick De Rebello Vs ITO (ITAT Bangalore)

Maurice Patrick De Rebello Vs ITO (ITAT Bangalore) The facts of the assessee’s case are similar to the case of Smt.K.G.Rukminiamma reported in 331 ITR 221 (Kar.) In the case of K.G.Rukminiamma (supra) the assessee on a site measuring 30′ x 110′ had a residential premises. Under a joint development agreement the assessee gave...

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Hc explains category of Directors seeking setting aside of disqualification & activation of DIN/DSC

Anjali Bhargava and Anr Vs Union of India And Anr. (Delhi High Court)

Anjali Bhargava And Anr Vs Union of India And Anr. (Delhi High Court) The Delhi High Court set aside the director’s disqualification and ordered reactivation of Director Identification Number (DIN) and Digital Signature Certificate (DSC). The petitioners are the directors of two Companies namely Bhargava Films Pvt. Ltd. and Talent Scann...

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Registration of Trust cannot be cancelled for non-filing of I.T. return due to misdeeds of ex-president

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur)

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) ITAT observed that due to the negligence or cheating of past executive members and bad intention of misappropriation of funds by ex-president, they had not maintained the books of accounts and get their accounts audited by a chartered accountant. But after change of management and...

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

AJE India Private Limited Vs Union of India and ors. (Bombay High Court)

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....

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TDS not deductible on Corporate guarantee fee paid to AE based at Netherlands

Lease Plan India Pvt. Ltd Vs DCIT  (ITAT Delhi)

Lease Plan India Pvt. Ltd Vs DCIT (ITAT Delhi) These appeals are against disallowance made by the learned assessing officer under section 40 (a)(i) on account of non-deduction of tax at source on guarantee commission paid to lease plan Corporation NV Netherland is confirmed holding it to be payment in nature of Fees For Technical [&hellip...

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Kerala GST Department issues Informer management Instructions

Circular No.01 /2021 06/01/2021

1. All information that is received should be recorded in duplicate in information slips. There is no specific format for information slip; it can be recorded in a plain sheet of paper. 2. The information slip so recorded should contain the Left Thumb Impression (LTI) of the informer. The name, designation and signature of the departme...

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SEBI & Company Laws Amendments/News -December 2020

CS Akansha Rathi Dear Professionals, Our December 2020 edition on the recent amendments/ news in the field of Corporate Laws and allied laws is below. SEBI’s newly proposed norms for listing on Innovators Growth Platform (IGP) may lead to boost in funding in startups from Institutional Investors. MCA has notified certain sections of the...

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Posted Under: Income Tax |

Plea for Implementation of Pre Legislative Consultation Policy

A lot of new laws are being legislated by the Central Government/ State Government and new policy decisions are being taken by them, which affect & influence the common man. The Government pleads that the legislation is assented  by the elected members of the Parliament/ Legislative Assembly and there is no need & legal requireme...

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Posted Under: Income Tax |

Empanelment for Special audit of Excise, Service Tax & GST Assessees

C. N0. I(10)10/C.Tax/Audit-II/Law/Special Audit/2020/107 06/01/2021

Provisions of erstwhile section 14AA of the Central Excise Act, 1944, Section 72 of the Finance Act, 1994 and current Section 66 of the Central Goods and Service Tax Act, 2017 provides for conduct of special audit of registered persons under Central Excise, Service Tax and GST Laws by practicing-Chartered Accountants or Cost Accountants....

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ITAT deletes addition on issue, not part of reasons for limited scrutiny

Spooner Industries P Ltd Vs ITO (ITAT Delhi)

Spooner Industries P Ltd Vs ITO (ITAT Delhi) Addition made by the ld. AO and confirmed by the ld. CIT (Appeals) under Section 68 of the Act deserves to be deleted for the reason that ( 1) it was not part of reasons for limited scrutiny, ( 2) no enquiries made by the Assessing Officer […]...

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