"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?...

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

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...

Posted Under: Income Tax |

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

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

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...

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

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....

Posted Under: Income Tax |

Copyright registration Not Mandatory for Protection under Copyright Act

Sanjay Soya Private Limited Vs Narayani Trading Company (Bombay High Court)

Sanjay Soya Private Limited Vs Narayani Trading Company (Bombay High Court) Registration under the Copyright Act is optional and not compulsory. Registration is not necessary to claim a copyright. Registration under the Copyright Act merely raises a prima facie presumption in respect of the particulars entered in the Register of Copyright...

15% contribution to SPV account in respect of category B mines eligible for deduction

Muneer Enterprises Vs ACIT (ITAT Bangalore)

Muneer Enterprises Vs ACIT (ITAT Bangalore) The Assessee is a partnership firm engaged in the business of extraction, processing and manufacturing of iron ore for sale. The assessee owns mining lease No. 2339/2151 measuring 36.42 ha classified under category B. It has been stated that the only issue that arises out of the impugned order [...

Bail cannot be refused merely on the ground of socio economic offence leading to loss to exchequer

Praveen Jain Vs DGGI (Patiala House)

Praveen Jain Vs DGGI (Patiala House Court)  FULL TEXT OF THE JUDGMENT/ORDER OF PATIALA HOUSE COURT This is the second bail application moved on behalf of accused. The accused has been transited from the court of Ld. SCJM, Rohtak and all firms /companies involved in the present case are registered in Delhi. It is submitted that as [&hel...

Peak Credit Theory must be considered while treating Cash Deposit as Unexplained Cash Credits

Prakash Babu Nakundhi Krishna Reddy Vs ACIT (ITAT Bangalore)

Prakash Babu Nakundhi Krishna Reddy Vs ACIT (ITAT Bangalore) It was pointed out by the learned counsel for the Assessee that there are withdrawals and deposits in the cash book and the source of deposits can be explained by the Assessee with supporting evidence. It was submitted that it is an accepted rule that a […]...

Section 35(2AB) not provides for cut off date for eligibility

Shilpa Medicare Ltd. Vs Additional CIT (ITAT Bangalore)

Shilpa Medicare Ltd. Vs ACIT (ITAT Bangalore) Provisions of Sec. 35(2AB) of Income Tax Act, nowhere suggest simply that R& D facility is approved from particular date and in other words, it is no where suggested that date of approval only will be cut off date for eligibility. The court further held that once facility […]...

Financial aid to states to meet GST compensation

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....

Posted Under: Income Tax |

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October 2023