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Archive: 05 February 2021

Posts in 05 February 2021

HC notice to GST Authorities for allegedly pressurising to transfer Rs.9 Cr to department account

February 5, 2021 990 Views 0 comment Print

Assesssee alleged to have coerced and pressurized the writ applicant to transfer an amount of almost Rs. 9 Crore to the account of the department is shocking.

KVAT: Form VAT 240 cannot be treated as return for claiming ITC

February 5, 2021 5847 Views 0 comment Print

By no stretch of imagination Form VAT 240 can be treated as a returns for the purposes of claiming input tax credit, especially in the light of the fact that filing of returns to compute the net tax liability has to take place keeping in view Section 10(3) and 10(4) of the KVAT Act.

Income from Sale of Software is Business Income & not the Royalty income

February 5, 2021 2748 Views 0 comment Print

Nortonlifelock Inc. Vs ACIT (ITAT Pune) ITAT held that income earned by the assessee from sale of software, either directly to the customers in India or through distributors or resellers constitutes its business income and not the Royalty income and as such business income is not taxable in India as the assessee did not have […]

Capital Gain from shares cannot be treated as Business Income merely for low cost of acquisition

February 5, 2021 2337 Views 0 comment Print

JCIT Vs United Spirits Limited (ITAT Bangalore) It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. […]

Extension of ad-hoc appointment to the grade of ACIT

February 5, 2021 2091 Views 0 comment Print

Office Order No. 30 of 2021 Post facto approval of the Competent Authority is hereby conveyed for extension of term of ad-hoc appointment of the following officers to the grade of Assistant Commissioner of Income Tax from 12.11.2020 to 11.11.2021 or until further orders:-

Publication of intended acquisition in lesser known newspapers may amount to fraud

February 5, 2021 660 Views 0 comment Print

H. Bhima Ram Vs Principal Secretary (Madras High Court) To opt for publication of an intended acquisition in little known newspapers may amount to a fraud on the statute, and a fraud on the right to property of the citizens. Of all the four citations herein  quoted, the earliest judgment delivered was on 30.06.2000 [ […]

One Time Custom Duty & Inspection Requirement waiver In Case of De-Bonding Of IT/ Ites Units In Sezs

February 5, 2021 1101 Views 0 comment Print

One time waiver of Custom Duty as well as inspection requirement in case of de-bonding of IT/ ITeS units in SEZs and exemption on filing of BOE for goods sold by IT/ITeS SEZ unit which were initially procured on payment of duty and not used for authorised operations.

Tax on gain on sale of ESOP in USA given to Indian employee by Google Inc USA- HC remit matter back to AO

February 5, 2021 2817 Views 6 comments Print

(i) Whether the gain on sale of stock options in USA that were given to the Indian employee by M/s.Google Inc., USA amounts to perquisites taxable under the Income Tax Act, 1961 or not?; (ii) Whether the amounts shown in Form-16 as Tax Deducted at Source on such perquisites would be the exclusive gain made by the Assessee on such stock options issued by the Holding Company in USA is sufficient to hold that it is taxable under the head ‘salary’ as ‘perquisites’ with reference to the provisions under Section 5(1) (c) and 6(6) (a) read with Section 17?;

Non -Supplier of Service cannot ask for Advance ruling

February 5, 2021 474 Views 0 comment Print

In re Shasank Sekhar Jalan (GST AAR West Bengal ) The question is related to the supply of maintenance service by the RWA. The applicant is not supplying the maintenance service at the residential units in ‘Sanjeeva Town’. This Authority cannot, therefore, provide a decision to the applicant in the form of an advance ruling. FULL […]

RBI Monetary Policy February, 2020-21

February 5, 2021 2427 Views 0 comment Print

Reserve Bank of India Date : Feb 05, 2021 Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures on (i) liquidity management and support to targeted sectors; (ii) regulation and supervision (iii) deepening financial markets; (iv) upgrading payment and settlement systems and (v) consumer protection. I. Liquidity Measures 1. […]

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