"14 March 2021" Archive

11 Commonly Made Errors in GST Compliances

It is often said: Precaution is better than Cure. It is advisable to follow the compliances and avoid any penalty and/ or prosecution. Without going into the details of the section and rules, 11 commonly Ignored Compliances which can be detrimental to the interests of the dealers are listed below : 1. Display of GSTN […]...

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Interesting facts about political funding in India

Every citizen of our country knows about the importance and influence of politics  in India but at the same time, one should know how these parties are getting funded and other basic & interesting details. 1) Legal provisions: As per Section 29B of “The Representation of the People Act, 1951”, Every political party may ac...

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FAQs on CSR after 22 Jan 2021 amenments by MCA

Q.1 The Company is required to spend Rs.10 Lac before 31 March 2021 as part of CSR spend. The Company will transfer this Rs.10 Lac to an Implementing Agency on or before 31 March 2021 , however the Implementing Agency will be spending it on the project during 2021-22. Whether it is considered to be […]...

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What is PPF | PPF Withdrawal Options before Maturity

PPF is Central Government Tax Saving Scheme with long term investment and tax saving option. In this article, we will cover the following areas-What is PPF and where you can open such account, Interest rate applicable on PPF, Who can open a PPF Account,  Minimum and maximum investment required in PPF Account, Lock in period […]...

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Mandatory Compliance List for Section 8 Company

A Section 8 company is almost identical to a Society or a Trust. It is registered with the Ministry of Corporate Affairs ( MCA). A company registered with section 8 has quite a lot of advantages like better legal standing; improved recognition and the donors, as well as stakeholders, consider it much more reliable as […]...

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RBI is ‘State’ under Article 12 of Indian Constitution: Calcutta HC

Pearson Drums & Barrels Pvt. Ltd. Vs The General Manager, Consumer Education & Protection Cell of Reserve Bank of India and others (Calcutta High Court)

Pearson Drums & Barrels Pvt. Ltd. Vs The General Manager, Consumer Education & Protection Cell of Reserve Bank of India and others (Calcutta High Court)  Upon considering the submissions of the parties, it is evident that the petitioner has not only claimed refund of full processing fees from respondent no.4, a private bank, but ...

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In absence of a valid section 143(2) notice scrutiny assessment cannot be framed

Shivam Dhatu Udyog Ltd. Vs DCIT (ITAT Kolkata) 

Supreme Court has held that issue of a legally valid notice u/s. 143(2) is mandatory for usurping jurisdiction to frame scrutiny assessment u/s. 143(3) of the Act and in the absence of a valid notice u/s 143(2) the scrutiny assessment u/s 143(3) cannot be framed and omission to issue notice u/s 143(2) of the Act is not a curable defect....

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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 [...

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Developer of infrastructural facility eligible for Section 80IA(4) deduction

ACIT Vs Simplex Infrastructures Ltd. (ITAT Kolkata)

ACIT Vs Simplex Infrastructures Ltd. (ITAT Kolkata) In the instant case, as will be evident from the perusal of the agreements, as enclosed in the Paper book and relevant portions of which are discussed as above, all the agreements under consideration are not for a specific work, they are for development of facility as a […]...

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ITC benefit cannot be denied merely for entering details in Wrong Column

Ram Auto Vs Commissioner of Central Taxes & Central Excise (Madras High Court)

Ram Auto Vs Commissioner of Central Taxes & Central Excise (High Court Madras)  In this case The petitioner had filed FORM GST TRAN-1 in time. His only grievance is that he is being denied the benefit of input tax credit for having entered the details in wrong column. The learned counsel for the petitioner drew […]...

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June 2021