"09 March 2021" Archive

Income escaping assessment | Action to be taken | AY 2013-14 to 2017-18

F.No.414/132/2018-IT (Inv. I)(Part I) 09/03/2021

Which functionality is to be used for uploading the information in respect of cases where the income escaping assessment pertains to AYs 2013-14 to 2017-18 as mentioned in Para 2(a) of the aforementioned directions issued vide F.No.414/132/2018-IT(Inv.I)(Part I) dated 5th March, 2021?...

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DGGI Gurugram officials arrest 2 for GST Fraud of Rs 690 crore

01/01/1970

Both the accused, resident of Sirsa, Haryana, had relocated to Nepal in a bid to escape being caught and to perpetuate the fraud. After a tip off they were nabbed and were found to be in possession of huge incriminating documents and gadgets in the form of multiple laptops, multiple smart phones, debit cards, PAN and Aadhar details of mul...

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Posted Under: Income Tax |

MEIS benefit cannot be denied for inadvertent mistake in Application

Portescap India Private Ltd. Vs Union of India (Bombay High Court)01/01/1970

The objective of the MEIS scheme is to provide rewards to exporters to offest infrastructural inefficiencies and associated costs. In other words, the objective of Merchandise Exports from India Scheme (MEIS) is to promote manufacture and export of notified goods / products to notified markets and once this is done, such exporter is requi...

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Excise dues of Husband cannot be recovered from Wife’s Property

Meena Krishna Agarwal Vs Commissioner of Central Excise & ST, Vadodara (CESTAT Ahmedabad)01/01/1970

Meena Krishna Agarwal Vs Commissioner of Central Excise & ST, Vadodara (CESTAT Ahmedabad) The issue involved in the present appeal is whether the flats belonging to the appellant which she purchased under Registered Sale deeds dated 31.03.2008 out of monies received as gifts from her mother-in-law and father-in-law, can be proceeded a...

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ITAT directs AO to follow rule of Consistency while disallowing expenses

Travancore Textiles P. Ltd. Vs ITO (ITAT Chennai)01/01/1970

Travancore Textiles P. Ltd. Vs ITO (ITAT Chennai) The Assessing Officer has assessed interest income under the head income from other sources and further disallowed total expenditure incurred at Head Office on the ground that said expenditure is relatable to agricultural operations of the assesse. We find that the Assessing Officer is fol...

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GST compensation shortfall released to States reaches Rs. 1.06 lakh crore

01/01/1970

The Ministry of Finance, Department of Expenditure has released the 19th weekly instalment of Rs. 2,104 crore to the States to meet the GST compensation shortfall. Out of this, an amount of Rs. 2,103.95 crore has been released to 7 States and an amount of Rs. 0.05 crore has been released to the Union Territory of Puducherry....

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Posted Under: Income Tax |

Financial aid to states to meet GST compensation

01/01/1970

In order to meet the shortfall in Goods and Services Tax (GST) compensation to be paid to States, the Government of India had set up a special borrowing window in October, 2020 to raise the estimated shortfall of Rs. 1.1 lakh crore....

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Posted Under: Income Tax |

Action initiated to control fraudulent companies

01/01/1970

The term ‘Fraudulent Company’ is not defined in the Companies Act, 2013. However, Ministry of Corporate Affairs (MCA) through the Registrar of Companies (ROC) CRC at Manesar registers new companies by following due process of law....

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Posted Under: Income Tax |

3,82,875 number of Companies struck off in 3 years up to FY 2020

01/01/1970

3,82,875 number of Companies struck off in three years up to financial year 2020 Based on non-filing of Financial Statements (FS) consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act, 2013 read with the Companies (Removal of Names of Com...

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Posted Under: Income Tax |

Ombudsman Scheme Under Insurance Industry

01/01/1970

OMBUDSMAN: An Ombudsman is an officer ,appointed by the Government , who investigate complaints ,lodged by citizen against Government, Universities, Colleges , Municipalities, Companies, Financial Institutions etc., and attempt to resolve the complaint with mediation or marking recommendations. “Ombudsman” is taken from a Swedish word...

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Posted Under: Income Tax |

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