"20 March 2021" Archive

Employee VRS Scheme amount entitled to simultaneous Section 10(10C)(viii) deduction & Section 89(1) relief

V. Gopalan Vs CCIT (Kerala High Court)

V. Gopalan Vs CCIT (Kerala High Court) The appellant admittedly took voluntary retirement in the year 2001. He had also claimed deduction under Section 10 (10C) (viii) and relief under Section 89 (1) of the Income Tax Act while filing his return of income for the relevant assessment year. The claim came to be rejected […]...

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Tax Implications of Transactions in Crypto Currency Under Income Tax Act, 1961

What is crypto currency? Crypto currency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography – the science of encrypting information. It is claimed to be more secure than the real money. How is crypto currency acquired or generated? Is Crypto currency tax...

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Posted Under: Income Tax |

Bank account of Family Members cannot be attached for Tax Dues of Assessee

Dharmesh Gandhi Vs Assistant Commissioner (Anti-Evasion) (Bombay High Court)

Dharmesh Gandhi Vs Assistant Commissioner (Anti-Evasion) (Bombay High Court) After hearing the matter at some length, we find that out of the nine bank accounts that have been attached by respondent No.1, only the accounts at Sr. Nos.2, 3 and 4 belong to the petitioner whereas the other accounts belong to the family members, namely, [&hel...

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Section 68 addition justified for Bogus Unexplained Creditors

Malay Prasad Vs ACIT (ITAT Allahabad)

Malay Prasad Vs ACIT (ITAT Allahabad) As could be seen from provisions of Section 68 of the 1961 Act that if any sum is found credited in the books of accounts maintained for any previous year , and the assessee offers no explanation about the nature and source thereof or the explanation offered by the […]...

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5 reminders related to GST for Taxpayers

1. Attention ! GST TAXPAYERS WHO ARE NOT UNDER QRMP SCHEME File Your monthly GSTR-3B Returns for the month of February, 2021 before 20th March, 2021 Late filing of GSTR-3B Returns will attract late fee & interest 2. Attention ! Non-Resident GST Taxpayers! File Your monthly GSTR-5 Return for the month of February, 2021 before […...

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Posted Under: Income Tax |

No Section 234E interest on TDS returns filed prior to 1.6.2015

Ram Niwas Agarwal Vs ITO (ITAT Bangalore)

Ram Niwas Agarwal Vs ITO (ITAT Bangalore) It is not in dispute that if the ratio laid down by the Hon’ble Karnataka High Court in the case of Fateeraj Singhvi (supra) is applied then the levy of interest u/s.234-E of the Act would be illegal for returns of TDS in respect of the period prior […]...

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CAIT writes govt on Unauthorised online selling of pharmacy

We invoke your kind attention towards the repeated violation of Drugs & Cosmetics Act by selling pharmacy through their respective e-commerce channels which is adversely affecting the business of lakh of Medicine Retailers, Chemists etc who are giving medicines to needy people by observing all provisions of the law and the rules....

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Posted Under: Income Tax |

ITAT restricts addition for advance received by builder from customers to 5%

Srabani Constructions Pvt Ltd. Vs ACIT (ITAT Cuttack)

Srabani Constructions Pvt Ltd. Vs ACIT (ITAT Cuttack) In the present case, the AO has made addition of Rs.1,68,54,180/ @ 15% by considering whole amount of advance from customers i.e. closing balance as on 31.3.14 of Rs.11,23,61,227/-, which also includes opening balance from customers brought forward from earlier year as opening balance ...

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Measures protecting MSME from getting liquidated During Covid-19 under IBC

Conditions that have been enhanced to protect MSME from getting liquidated During Covid-19 – Under IBC This Article is about the MSME sector which has been devastated During the Covid Period. The mandatory provisions that were made under INSOLVENCY AND BANKRUPTCY CODE for the protection of MSME from getting Liquidated and primarily for ...

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Posted Under: Income Tax |

ITAT allows Debit note received in Subsequent Assessment Year for difference in price

DCIT Vs Charotar Gas Sahakari Mandali Limited (ITAT Ahmedabad)

DCIT Vs Charotar Gas Sahakari Mandali Limited (ITAT Ahmedabad) Briefly stated, the assessee is a co-operative society and engaged in providing CNG Gas and purchase and sale of natural gas to domestic and commercial consumers and earns commission on CNG. In the course of the scrutiny assessment, the AO observed that a revised return was [&...

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