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Archive: 17 January 2021

Posts in 17 January 2021

ITAT restricts addition to 5% of alleged non-genuine purchases

January 17, 2021 1632 Views 0 comment Print

ACIT Vs Rishab Steel House (ITAT Mumbai) Since, Ld.CIT(A) followed the order of the Tribunal in assessee’s own case for the earlier as well as subsequent assessment years on identical issue and decided partly in favour of the assessee by directing the Assessing Officer to estimate the profit element in alleged non-genuine purchases at 5%, […]

AO cannot invoke Section 68 merely for Unsatisfactory Explanation from Assessee

January 17, 2021 3801 Views 0 comment Print

Assessing Officer is not obliged to invoke Section 68/s.69 of the Act in every case where the explanation offered is found to be ‘unsatisfactory’ in the opinion of the Assessing Officer.

Bail granted to person accused of availing Fake ITC of ₹ 13.90 Cr

January 17, 2021 1113 Views 0 comment Print

Pawan Kumar Singla Vs. DGGI (Patiala House Court) In the given facts, accused is a old man of 66 years of age apparently having clean antecedents as no evidence has been brought forth by the department to show that he has previously been involved/engaged in similar offences. Further, the conduct of the accused seems to […]

Budget 2021 – Chances of a COVID cess!

January 17, 2021 2382 Views 0 comment Print

With Budget 2021 round the corner, there are discussions on what the FM has in store for the Taxpayers & one of the talks doing rounds is a COVID-19 Cess. So let’s have a brief overview of what and how exactly this concept of Cess works – 📍 Article 270 of the Constitution of India […]

All about filing of eForm CFSS-2020

January 17, 2021 11514 Views 2 comments Print

eForm CFSS-2020- (Application for issue of immunity certificate under the Companies Fresh Start Scheme (CFSS), 2020) Law(s) Governing the eForm CFSS-2020 eForm CFSS-2020 is required to be filed pursuant to General Circular 12/2020 issued by Ministry of Corporate Affairs Purpose of the eForm CFSS-2020 A company can seek immunity in respect of belated documents filed […]

UCK Bank appointing Consultant For IFCOFR Implementation

January 17, 2021 1332 Views 0 comment Print

UCO BANK RFP Ref. No. HO/FIN/1989/2020-21 Date: 06.01.2021 REQUEST FOR PROPOSAL APPOINTMENT OF CONSULTANT FOR IMPLEMENTATION OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING (IFCOFR) Last date of Submission of Proposals: 27th January, 2021 (upto 4.00 pm) The information provided by the Bidders in response to this Request for Proposal (RFP) will become the property of […]

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