"28 March 2021" Archive

Section 271AAB Penalty can be levied only on undisclosed income

Shiv Bhagwan Gupta Vs ACIT (ITAT Patna)

For the levy of penalty u/s.271AAB, the case must fall within the four corners of the definition of expression 'undisclosed income' as defined u/s 271AAB itself....

Read More
Posted Under: Income Tax | |

HC instructs GST search team to ensure privacy

Mridul Tobie Inc. Vs Additional Director General, DGGI & Ors. (Delhi High Court)

If, in the interregnum, investigation is necessitated, in line with the circular dated 05.10.2018, it shall be carried out only by the Gautam Budh Nagar Commissionerate. The search officers will ensure that there is no invasion of privacy....

Read More

Chief Minister Employment Generation Programme (CMEGP) – Maharashtra

GR No: Plan-2019 / Q.No.121 / Industry-7 dated 1-8-2019 1). The Scheme: Government of Maharashtra has approved the introduction of a new credit linked subsidy programme called Chief Minister Employment Generation Programme (CMEGP) for generation of employment opportunities through establishment of Micro & Small Enterprises (project co...

Read More
Posted Under: Income Tax |

Subsidy scheme for Textile industry – Maharashtra

Government Resolution No.: Policy 2017/C.R. 6/Text-5 Dated 17th February, 2018 1. Period of the Textile Policy This Textile Policy will come into effect from the date of issuance of this Government Resolution and will continue to be in effect till 31st March, 2023. 2. Definitions 1. Existing Project: Any project existing prior to the anno...

Read More
Posted Under: Income Tax |

Quarterly Return Monthly Payment Scheme (QRMP) under GST Explained

Eligibility: a) Effective from 01st Jan,21 b) Registered Person with Aggregate Turnover (PAN wise) upto Rs 5 Crores c) Option can be availed GSTIN wise d) Return for Preceding Month as on date of exercising option has been furnished New Monthly Compliance/Payment *: a) IFF : 1st/2nd Month of Quarter (Upload B2B Invoices upto Rs […]...

Read More
Posted Under: Income Tax |

Cat & Mouse Game | Section 69 & 132 | CGST Act, 2017

YOU CAN RUN, YOU CAN HIDE BUT YOU CANNOT ESCAPE. This is the motto of Section 69 read with Section 132 (1) (a) to (k). What is Section 69? Section 69 empowers the Commissioner to arrest any person who has committed any offence mentioned u/s 132 (1) specified in clause (a) or clause (b) or […]...

Read More
Posted Under: Income Tax |

Reassessment invalid if satisfaction for reopening recorded in mechanical manner

Sungrow Impex Private Limited Vs Income Tax Officer (ITAT Delhi)

Sungrow Impex Private Limited Vs ITO (ITAT Delhi) Conclusion: CIT had recorded his satisfaction for reopening of the assessment in a most mechanical manner without considering even the assessment records or the return of income filed by assessee and his satisfaction appeared to be in a ritualistic and formal rather than meaningful. Theref...

Read More

Analysis of Companies (Audit and Auditors) Amendment Rules 2021

Gist of Amendments -Omission of a clause of Rule 11 of of Companies (Audit and Auditors) Rules 2014 -Insertion of 3 clauses to Rule 11 with an intent to add more matters to Auditors report  Effective Date of Applicability of Companies (Audit and Auditors) Amendment Rules 2021 – 1 April, 2021 Rule 11- Other Matters […]...

Read More
Posted Under: Income Tax |

Residentail Status: Determination and Importance

Taxability of a person is largely dependent on residential status. The Indian Government had also brought out major changes in provisions related to determination of residential status in last year. Section 6 of Income Tax Act Contains the provisions related to determination of residential status....

Read More
Posted Under: Income Tax |

ITAT allows Any year as initial assessment year for Section 80IA deduction

Petronet LNG Ltd Vs DCIT (ITAT Delhi)

Where assessee had existing brought forward losses which were either could not be set off against the profits and if the assessee considered any year as the initial assessment year for the benefit of Section 80IA in such cases, the eligible profits would be determined only after setting off of the losses/ unabsorbed depreciation carried f...

Read More

Search Posts by Date

May 2021
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31