"12 March 2021" Archive

HC directs GST department to enable amendment to GSTR-1 by Appellant

Pentacle Plant Machineries Pvt. Ltd. Vs Office of The GST Council And Ors. (Madras High Court)

Pentacle Plant Machineries Pvt. Ltd. Vs Office of GST Council And Ors.  (Madras High Court) The petitioner seeks a mandamus directing the respondents to rectify the mistake in its GSTR-1 return, wherein it has, instead of the GST number of the purchaser in Andhra Pradesh, mentioned the GST number of the purchaser in Uttar Pradesh. [&hell...

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Addition cannot be made on the basis of mere diary jottings

D.S. Suresh vs ACIT (ITAT Bangalore)

D.S. Suresh vs ACIT (ITAT Bangalore) In the present case, the addition is based on the diary jottings found during the course of search action in the case of RNSIL on 16.02.2012. We have carefully gone through the diary jottings recorded earlier part of this order. It contains the entry No.5 – MLA Tarikere Rs.27 […]...

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No addition for Duly explained cash deposit for mere non appearance of creditor

Vishnu Prasad Vs DCIT (ITAT Jaipur)

Vishnu Prasad Vs DCIT (ITAT Jaipur) In the case of the assessee, (i) the identity of Shri Hanuman remains undisputed, as the summons issued by the AO was duly served upon him, (ii) genuineness of the transaction is also proved (from books of accounts) beyond doubt, as amount paid as advance to him, duly appeared […]...

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Interest on loans against FD not allowable against interest from FDR’s

Chandrakant R. Agrawal  Vs PCIT (ITAT Mumbai)

Chandrakant R. Agrawal  Vs PCIT (ITAT Mumbai) At the first blush the claim of the assessee for setting off the interest paid on the loan raised (on security of the FDR’s) against the interest received on FDR’s appeared to be very convincing.  However, we find that the issue is no more res integra and had […]...

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SEZ vs EOU vs DTA

This article seeks to highlight certain key differences between the Special Economic Zone (SEZ) units, Export Oriented Units (EOU) and Domestic Tariff Area (DTA) units[1] in terms of their various benefits and compliances from an indirect tax point of view. Subject SEZ Unit EOU Unit DTA Unit Area of operations / Setting Up Can be [&hellip...

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Reporting of Foreign Assets & Income in Income Tax Return

Reporting of Foreign Assets and Income in Income Tax Return 1. In order to report foreign assets and income from a source outside India in Income tax return, firstly you have to determine the residential status of the assessee which is mentioned below in the table along with who is required to report : S […]...

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Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed

Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed The Finance Act 2020 introduced a new provision under the Income-tax Act, 1961 (the Act) by virtue of which employer contribution exceeding Rs. 7.5 lakhs p.a. (i.e. excess contribution) in aggregate to the following funds is now tax...

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No Section 68 addition if Assessee under Presumptive Scheme not maintains Books

Dineshkumar Verma Vs ITO (ITAT Mumbai)

Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of presumptive income @ 8% of […]...

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Big Relief: No GST on food facility (Canteen Services) provided by a business

Companies registered under the Factories Act, 1948, generally provides canteen facility to its employees. Section 46 provides that any factory employing more than specified numbers i.e. more than 250 workers required to provide canteen facility either by self canteen or by third party contract to its employees, since this is mandatory. It...

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Risk Based Internal Audit Mechanism in Banks – Shift from Substantive to Compliance Procedures

Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. This process of auditing is carried out with different objectives, if objective of auditor ...

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