"09 April 2021" Archive

Time limit of reckoning for section 54 is to be read as 139(4) & not as 139(1)

Harminder Kaur Vs ITO (ITAT Delhi)

Harminder Kaur Vs ITO (ITAT Delhi) In the instant case, the assessee has claimed deduction under section 54 of the Act against booking of flat before the due date of filing of return under section 139(4) of the Act. The Assessing Officer and the Learned CIT(A) has denied the deduction on two grounds. Firstly, the […]...

Read More

Section 54F deduction eligible on house property purchased in wife name

Dharamvir Singh Vs I.T.O. (ITAT Jaipur)

We also hold that the assessee is eligible for deduction U/s 54F of the Act in respect of residential house property purchased in the name of his wife....

Read More

Not providing an opportunity of being heard before passing an order is violative of principle of natural justice

The Hon’ble Jammu & Kashmir High Court in Navneet R. Jhanwar v. State Tax Officer and Ors. [WP (C) No. 443/2021, dated March 17, 2021] quashed the refund rejection order passed by the Revenue Authority rejecting the claim for refund without giving an opportunity of being heard and remanded back the matter for passing an […]...

Read More
Posted Under: Income Tax |

Govt notifies revised rules for Basic Post Office Savings Account

Notification No. G.S.R. 257(E). 09/04/2021

Government notifies that under Post Office Savings Account Scheme, 2019 what Type of Account can be opened, Who may open the account, Deposit required for opening of account, Number of accounts that can be opened Type of deposits that can be made into the account, Minimum balance to be maintained in the account and Who […]...

Read More

Registration requirements under GST

GST registration is mandatory for casual taxable persons or persons making supplies through e-Commerce operators and non-resident taxable persons, irrespective of turnover limit. ‘Casual taxable person’ means anyone who occasionally undertakes transactions involving supply of goods or services or both in the course of business...

Read More
Posted Under: Income Tax |

Fresh application of registration for existing Trusts/Institutions under section 12AB w.e.f. 1st April, 2021

Fresh application of registration for existing Trusts/Institutions under section 12AB w.e.f. 1st April, 2021 To update register of Charitable and Religious Trusts, the Finance Minister of our Country, Smt. Nirmala Sitaraman had presented a proposal in Union Budget 2020, to make substantial amendments for granting registration to the Chari...

Read More
Posted Under: Income Tax |

Interest payable on delayed remittance of refund on account of IGST

TMA International Pvt. Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court)

TMA International Pvt. Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Thus, the only other question left for consideration is: as to whether the petitioners should be paid any interest for delayed remittance of refund on account of IGST? Mr. Samar Bansal, who appears on behalf of the petitioners, in support […]...

Read More

Section 11 exemption cannot be denied merely for Low School Expenses

Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi)

Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) The assessee society is registered u/s 12A of the I.T. Act. The trust was formed on 27.09.1966 with the primary aims of carrying out public charitable objects and purposes including relief of the poor, education, medical relief and advancement of any other object...

Read More

No addition for unexplained cash deposit if Sale amount exceeds cash deposit in bank

Virender Kumar Vs ITO (ITAT Delhi)

In my considered opinion, once the total turnover of the assessee is much more than the total cash deposit in the bank account (in this case sales is 227% of the cash deposit), no addition is called for on account of unexplained cash deposit in the bank account. The explanation of the assessee appears to be reasonable. Under these circums...

Read More

Late cut for MEIS applications for exports made in Financial Year 2019-20

Public Notice No. 53/2015-2020-DGFT 09/04/2021

A relaxation in the late cut provisions have been provided for Shipping bill (s) of the period 01.04.2019 to 31.03.2020 , so that if such shipping bills are submitted on or before 30.09.2021, for an MEIS claim, no late cut would be applicable....

Read More

Search Posts by Date

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