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Archive: 01 March 2021

Posts in 01 March 2021

Brace up yourself to face the new Landscape of Assessment & Appeal

March 1, 2021 3840 Views 2 comments Print

While the author had almost finalised the article, Notification No. 27/2021 dated 27-Feb-2021 the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Ordinance, 2020 which was promulgated on 5-Jun-2020 [while later become Act] has extended date of completion of assessment for AY 2018-19 from 31-March-2021 to 29-30-June-2021. But one must note that the […]

HC directs DC to decide afresh on SVLDR declaration which was rejected in Violation of principles of natural justice

March 1, 2021 1068 Views 0 comment Print

We find that impugned rejection of the declaration of the petitioner is in violation of the principles of natural justice which has impacted the decision making process thus rendering the decision invalid, it may not be necessary for us to enter into the merits of the challenge as to whether the declaration of the petitioner was in fact valid or not under the category of ‘voluntary disclosure’.

GST Registration Document Checklist

March 1, 2021 88749 Views 5 comments Print

GST Registration GST Registration is a mandatory tax registration for all businesses 1. who involve in buying and selling with an annual aggregate turnover of more than Rs 20 lakh (Rs 40 or Rs 10 lakh, as may vary depending upon the supply and state/UT) 2. or undertaking inter-state supply (without any threshold limited). GST registration […]

Tax on ATM facilities outsourced to Banks under Tamil Nadu Sales Tax

March 1, 2021 513 Views 0 comment Print

India Switch Company Pvt. Ltd. Vs Deputy Commercial Tax Officer (Madras High Court) It is stated that the ATM’s facilities are outsourced by the banks and that the petitioner was providing a technology solution to Bank of India and United Bank of India and the terms of the agreement clearly bring the transaction within the […]

Roles & Responsibilities of Banks Increased by Income Tax Departments

March 1, 2021 8715 Views 2 comments Print

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called Statement of Financial Transaction-

Without Demonstrating any Concealment in Seized Material No Penalty Can Be Levied By AO

March 1, 2021 1215 Views 0 comment Print

Rishabh Buildwell P. Ltd. Vs DCIT (ITAT Delhi) Once the assessee files a revised return under Section 1 53A, for all other provisions of the Act, the revised return will be treated as the original return filed under Section 139. For the Revenue to invoke Explanation-5, it would have to prove that its requirements are […]

Section 153C Assessment invalid if satisfaction note was not recorded

March 1, 2021 4905 Views 0 comment Print

Sanjay Thakur Vs DCIT (ITAT Delhi) It is not in dispute that a search was conducted in the bank premises of HDFC Bank, Ambedkar Road, Ghaziabad, in the case of Bank A/c No.xxx2277 of M/s. A.K Traders. No incriminating material was found during the course of search against the assessee. The satisfaction note have been […]

Revenue expense with no enduring benefit allowable in the year of incurrence

March 1, 2021 3267 Views 0 comment Print

DCIT Vs Hinduja Leyland Finance Ltd. (ITAT Chennai) In the present case, entire expenditure has been incurred at the beginning of the sanctioning of term loan and also qualifies to be revenue expenditure. Therefore, in our considered view the decision of the Hon’ble Supreme Court in the case of M/s. Taparia Tools Ltd. (supra) is […]

Tribunal cannot rectify its order for different view by other tribunal in similar case

March 1, 2021 1569 Views 0 comment Print

P.T. Manuel And Sons Vs CIT (Kerala High Court) We are of the view that the reasoning of the Tribunal is erroneous. A decision taken subsequently in another case is not part of the record of the case. A subsequent decision, subsequent change of law, and/or subsequent wisdom dawned upon the Tribunal, are not matters […]

Health insurance policy Information to be given to policyholders

March 1, 2021 1110 Views 0 comment Print

While the policy document is forwarded with relevant information, in order to continue the relationship with policyholders and to ensure information flow, it is considered. important to periodically notify the policyholders. pertain relevant and key details relating to health insurance coverage available to the policyholders.

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