"26 March 2021" Archive - Page 2

Section 14A provisions cannot be imported into MAT provisions

Sobha Developers Ltd. Vs DCIT (Karnataka High Court)

Sobha Developers Ltd. Vs DCIT (Karnataka High Court) From perusal of the relevant extract of Section 115JB, it is evident that Sub-Section (1) of Section 115JB provides the mode of computation of the total income of the assessee and tax payable on the assessee under Section 115JB of the Act. Sub-Section (5) of Section 115JB […]...

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Section 148- Instructions on handling of Non-PAN cases flagged by DRI

Notification No. 225/40/2021/ITA-11 26/03/2021

These non-PAN cases have been pushed by Systems to respective Pr. CCIT/Pr. CIT based on address. Considering the time involved in allotting PAN in such non-PAN cases and other technical issues involved in generating notices through the system, the following instructions are being issued for handling of such non-PAN cases:...

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Result of CA Intermediate & Foundation Exam declared

Results of the Chartered Accountants Intermediate Examination (Old course & New Course) held in January 2021 declared Examination Department The Institute of Chartered Accountants of India 26th March, 2021 Results of the Chartered Accountants Intermediate Examination (Old course & New Course) held in January 2021 declared. icaiexa...

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Posted Under: Income Tax |

HC issued notice in writ challenging Rule 36(4) of CGST Rules restricting ITC availment

The Hon’ble Gujarat High Court, in M/s Surat Mercantile Association v. Union of India [R/Special Civil Application No. 13289 of 2020 with Civil Application No. 1 of 2020 in R/Special Civil Application No. 13289 of 2020, decided on December 18, 2020] issued notice to the revenue department with respect to the writ challenging constitutio...

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Posted Under: Income Tax |

Issue of `C’ Forms for natural gas: SC upheld view of Punjab & Haryana HC in Carpo Power Ltd

Commissioner of Commercial Taxes & Anr. Vs Ramco Cements Ltd.Etc. (Supreme Court of India)

Commissioner of Commercial Taxes & Anr. Vs Ramco Cements Ltd.Etc. (Supreme Court of India) 1. It is held that the respondents are liable to issue `C’ Forms in respect of the natural gas purchased by the petitioner from the Oil Companies in Gujarat and used in the generation or distribution of electricity at its power […]...

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CGST Delhi officials arrest man for ITC fraud of around Rs 94 crore

The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees....

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Posted Under: Income Tax |

Procedure for Incorporation of Section 8 Company

Indian Trusts have no central law; Indian Societies have different legal and institutional frameworks from state to state while Section 8 companies have one uniform law across the country – Companies Act, 2013. It is this robust Act that regulates the formation, management and accountability of a Section 8 Company, thus making it more c...

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Posted Under: Income Tax |

States/UTs to take measures to regulate crowds during upcoming festivals

Notification No. 40-34/2020-DM-I(A) 26/03/2021

In view of the upcoming festivals such as Holi, Shab-e-Barat, harvesting festivals, Easter, Eid-ul-Fitr, , State Governments/UT Administrations should take necessary measures to regulate crowds during these festivals by ensuring strict observance of COVID appropriate behaviour, such as wearing of mask and maintaining social distancing, as...

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Summary of CAG Audit Report on Assessment of Co-op Societies & Banks

Performance Audit Report No. 16 of The Comptroller & Auditor General of India on ‘Assessment of Co-operative Societies and Co-operative Banks’ was laid on the floor of the Parliament here today. The PA was carried out from March 2019 to September 2019 and findings were discussed with the Central Board of Direct Taxes (CBDT) in July 20...

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Posted Under: Income Tax |

CAG report on Compliance Audit (Department of Revenue- Customs)

The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and Director General of Foreign Trade under Ministry of Commerce and Industry, for the year ended 31 March 2019 was presented in Parliament here today....

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Posted Under: Income Tax |

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