"06 April 2021" Archive

How Much GOLD I Can Hold- Limit under Income Tax?

01/01/1970

How Much GOLD I Can Hold? (Implication under Income Tax Act on holding of Jewellery more than the limit prescribed by the CBDT) If we talk about the Gold, it is a favourite article of possession particularly about ladies in India.  People purchase gold for a variety of reasons such as for auspicious occasions or […]...

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Posted Under: Income Tax |

CESTAT cannot allege fraud on haphazard and hurried basis

Essel Propack Limited Vs Union of India and others (Bombay High Court)01/01/1970

Essel Propack Limited Vs Union of India and others (Bombay High Court) When the appeal of the petitioner was heard by the CESTAT, learned counsel for the petitioner furnished sample invoice copies to justify labour charges incurred. It was at that stage that the authorized representative of the department raised objection that such invoic...

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Auto-population of e-invoice details into GSTR-1 for March 2021

01/01/1970

Auto-population of e-invoice details into GSTR-1 1. For the month of March, 2021, the auto-population of e-invoices into GSTR-1 (of March, 2021) is still in progress and is likely to take some more time. Hence, notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead pro...

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Posted Under: Income Tax |

LTCG cannot be treated as Unexplained Cash Credits merely for astronomical increase in price of shares

Sh. Mukesh Mittal Vs ITO (ITAT Delhi)01/01/1970

Sh. Mukesh Mittal Vs ITO (ITAT Delhi) The assessment order clearly shows that the AO has merely reproduced the modus operandi of the entry providers who booked bogus long term capital gains through penny stock companies. The show cause notice dated 2.12.2016 issued by the AO during the assessment proceedings and the findings of the [&hell...

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Section 40(a) not applicable in case of charitable trust or institution

R. K. Associates Vs ITO (ITAT Bangalore)01/01/1970

R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that ...

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Section 11 exemption cannot be denied for non-filing of audit report with return

ITO Vs Society for Education Conscietisation Awareness & Training (ITAT Jodhpur)01/01/1970

The claim of exemption under section 11 could not be denied to assessee society on the ground that the audit report was not filed online along with the return as the requirement of law that the assessee shall have its account audited, had been complied with within the time prescribed by the statute....

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Penalty cannot be imposed in every case merely because it is lawful to do so

Aagam Shares & Commodities Pvt. Ltd. vs DCIT (ITAT Ahmedabad)01/01/1970

Aagam Shares & Commodities Pvt. Ltd. vs DCIT (ITAT Ahmedabad) It is also well settled that penalty under s. 271(1)(c) of the Act will not be imposed in every case merely because it is lawful to do so. The penalty will not ordinarily to be imposed unless the party obliged, either acted deliberately in defiance […]...

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Notice served by registered post was properly served notice | section 138 | N.I. Act.

M Nagappa Vs Mohamad Aslam Savanur (Karnataka High Court)01/01/1970

Service of notice through registered post was proper service of notice and there was no requirement to serve notice under certificate of posting as there was no rebuttal evidence to show that the complainant has deliberately and intentionally sent the legal notice to the wrong address and the accused was not working at the place and addre...

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ROC Compliance Calendar For 2021

01/01/1970

ROC Compliance Calendar For 2021 in respect of Form 11 (Annual returns of an LLP), DPT-3 (Annual Return of Deposit And Exempted Deposit), DIR-3 KYC (KYC of DIN holders), Form ADT-1 (Appointment of auditor), Form 8 (Financial Reports of an LLP), Form AOC-4 ; Form-AOC-4CFS ; Form AOC-4XBRL (Filing of annual accounts), MGT-7 (Filing of [&hel...

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Posted Under: Income Tax |

ITAT allows Tata Trust to surrender Section 12A Registration w.e.f. 20.03.2015

01/01/1970

This write up summarizes the decision of the Mumbai ITAT in the matter of R.D Tata Trust (Assessee) wherein Tribunal held that cancellation of Registration granted to the assessee will have effect from the date on which the hearing of First show cause notice was concluded. Facts of the case The assessee trust was constituted […]...

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Posted Under: Income Tax |

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