On 01.02.2021, the Hon’ble Finance Minister Smt. Nirmala Sitharaman presented Finance Bill, 2021 and accordingly some changes have been proposed in Indirect Tax Law. All the changes in rate of tax shall take effect from the midnight of 1st of February 2021, unless otherwise stated. Whereas, all the amendments in the finance Bill 2021 will […]
It is submitted that a new clause (aa) to sub-section (2) of section 16 of The Central Goods and Services Tax, Act, 2017 (CGST Act, 2017) is being inserted in Finance Bill, 2021. Please note that these proposals will come into effect from a date to be notified later. It is stated that Sections 2 […]
Dilipkumar P. Chheda Vs ITO (Bombay High Court) In so far the present case is concerned, here also the additions have been made primarily on the basis of the statement made by Shri. Nilesh Bharani and also on the basis of certain entries in the telephone diary. However, we find from the materials on record […]
State Bank of India Vs ACIT (ITAT Mumbai) A plain reading of the section 10(5) read with rule 2B does not indicate any requirement of taking the shortest route for travelling to “any place in India” or putting any kind of restrictions the route to be adopted for going to such a destination. Quite to […]
The Hon’ble Bombay High Court in Tejas Pravin Dugad v. Union of India [Order No. Criminal Writ Petition No.1715 to 1718 of 2020, decided on January 15, 2021] dismissed the writ petition filed by Directors of M/s. Ganraj Ispat Private Limited (“Company”), challenging proceedings initiated by Department alleging fraudulent availment of input tax credit (“ITC”) […]
Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21 months from the end of […]
Budget 2021- It is proposed to discontinue Income-tax Settlement Commission (ITSC) and to constitute Interim Board of settlement for pending cases. The various amendments proposed are as under: ITSC shall cease to operate on or after 1st February, 2021 No application under section 245C of the Act for settlement of cases shall be made on […]
Budget 2021- Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142 Section 142 of the Act provides for conduct of inquiry before assessment. Clause (i) of sub section (1) of the said section gives the Assessing Officer the authority to issue notice to an assessee, who has not submitted […]
Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or recompute the total income for such year under section 147 of the Act by issuing a […]
With a view to avoiding dispute in respect of assessment of tax liability and to provide tax certainty, a scheme of Advance Rulings was incorporated in the Act vide the Finance Act, 1993 by inserting a new Chapter XIX-B. Under these provisions the Authority for Advance Rulings (AAR) pronounces rulings on the applications of the non-resident/residents and such rulings are binding both on the applicants and the Tax department.
