"10 February 2021" Archive

Time limit of reckoning for section 54 is to be read as 139(4) & not as 139(1)

Harminder Kaur Vs ITO (ITAT Delhi)

Harminder Kaur Vs ITO (ITAT Delhi) In the instant case, the assessee has claimed deduction under section 54 of the Act against booking of flat before the due date of filing of return under section 139(4) of the Act. The Assessing Officer and the Learned CIT(A) has denied the deduction on two grounds. Firstly, the […]...

SC ask govt steps they will take to stop habitual delay in appeal filing

C.C.E. And S.T. Vs Bilfinder Neo Structo Contruction Ltd. (Supreme Court)

C.C.E. And S.T. Vs Bilfinder Neo Structo Contruction Ltd. (Supreme Court) 1. There is a delay of 536 days in filing the appeal against the order of the Customs Excise and Service Tax Appellate Tribunal. Repeatedly, it has come to the notice of this Court that appeals in revenue matters involving indirect taxation are being […]...

Allowability of Interest on capital borrowed for acquisition of asset

Golf View Homes Limited Vs ACIT (ITAT Bangalore)

Golf View Homes Limited Vs ACIT (ITAT Bangalore) From a perusal of the order of AO/CIT(A) it is clear that the disallowance has been made on the basis of the proviso to Sec.36(1)(iii) of the Act. There is no dispute that the interest free loans were given for the purpose of business of the Assessee. […]...

CBIC rename IRS(C&CE) to IRS(C&IT)

Office Order No. 11/2021 10/02/2021

CBIC renames Indian Revenue Service (Customs & Central Excise) [IRS(C&CE)], Group 'A' as 'Indian Revenue Service (Customs & Indirect Taxes)' [IRS(C&IT)], Group 'A'. The said change in the nomenclature shall come into force with effect from the date of issue of this order....

AO cannot simply deny claim of Assessee of use of premises for business without investigation

Anilbhai Chunilal Bhayani Vs ITO (ITAT Rajkot)

ITAT rules in favor of Anilbhai Chunilal Bhayani, rejecting AO's disallowance of transportation expenses. Assessee's explanations and documents deemed sufficient."...

Section 50C of the Act does not operate to change year of transfer

Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore)

Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to income tax […]...

Mere Vague Air Information of Cash Deposit Not Sufficient to believe Escapement of Income

Harmeet Singh Vs ITO (ITAT Delhi)

Harmeet Singh Vs ITO (ITAT Delhi) At the time of hearing, Ld. Counsel of the assessee has only argued the legal ground and stated that the reopening action of the AO and confirmation thereof by the Ld. CIT(A) is in violation of mandatory jurisdictional conditions stipulated under the Act. It was further stated that the […]...

Draft Ammonium Nitrate (Amendment) Rules 2021

Notification No. G.S.R. 105(E)./Notification No. G.S.R. 111(E). 10/02/2021

6(a) All flooring in ammonium nitrate storage and handling area shall be without open drains, traps, pits or pockets into which any molten ammonium nitrate is able to flow and be confined in the event of fire....

Service Tax Demand cannot be raised in category for which SCN was not issued

India Guniting Corporation Vs Commissioner of Central Tax (CESTAT Delhi)

Commissioner was not justified in confirming the demand of service tax under the category of 'works contract' for the period post June 1, 2007 even if the levy of service tax was not exempted under Notifications, since, the show cause notice that demand it service tax under the three categories namely (i) commercial or industrial construc...

Panipat Court refuses bail in alleged Fake & fraudulent ITC case

Mohit Bathla Vs CGST Division Panipat (Panipat District Court)

Mohit Bathla Vs CGST Division Panipat (Panipat District Court) This order shall dispose of an application for regular bail moved on behalf of the applicant-accused, named above. 2. Briefly, the case of the prosecution is that on 24.12.2020, a search operation at the premises of M/s S.B. Chemicals of applicant-accused Mohit Bathla was cond...

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