"09 April 2021" Archive - Page 2

​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%

Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%. ...

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Posted Under: Income Tax |

Advance cannot be treated as deemed dividend for non-notarization/registration of document

DCIT Vs Genesis Colors Pvt. Ltd. (ITAT Delhi)

DCIT Vs Genesis Colors Pvt. Ltd. (ITAT Delhi) During the assessment proceedings, the Assessing Officer treated the advance received u/s 2(22)(e) holding, -That GLFPL has granted loans of Rs. 15,00,00,000/- and Rs.5,00,00,000/- on 30.07.2011 to M/s Genesis Colours Pvt. Ltd. as per the related party transaction chart shown in Notes to accou...

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Production Linked Subsidy Scheme for Food Sector

F. No. FM-11-12/1/2021-PLIS 09/04/2021

Government of India has approved a new Central Sector Scheme - 'Production Linked Incentive Scheme for Food Processing Industry' for implementation during 2021­-22 to 2026-27 with an outlay of Rs. 10,900 crore....

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Non-seeking of permission for conversion of limited scrutiny to complete scrutiny not makes assessment order passed erroneous  

Binod Kumar Mahato Vs PCIT (ITAT Kolkata)

Binod Kumar Mahato Vs PCIT (ITAT Kolkata) The reasons for scrutiny selection through CASS, is to examine the cash deposits in savings bank account, as these are more than the turnover. The Assessing Officer stuck to these reasons and completed the assessment u/s 143(3) of the Act. Aggrieved with this order, the assessee carried the [&hell...

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Reg. over-valued export of glass beads under erstwhile DEPB Scheme

Standing Order No. 08/2021 09/04/2021

All officers should take note of the following observations of Hon’ble CAT (PB), New Delhi made while disposing matter related to over-valued export of glass beads under erstwhile DEPB Scheme:...

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Section 271(1)(c) Penalty imposed without specifying the limb is invalid

Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi)

Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi) It is an admitted fact that before levy of the penalty A.O. has issued show cause notice Dated 20.06.2014 in all the years in which A.O. has mentioned both the limbs of Section 271(1)(c) of the I.T. Act that assessee have concealed the particulars of your income […]...

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Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued

Vinod Kumar Vs DCIT (ITAT Delhi)

No satisfaction note have been recorded under section 153C of the I.T. Act. The A.O. passed the assessment order for the assessment year under appeal i.e., 2013-2014 under section 143(3) considering the preceding A.Y. 2012-2013 to the year of the search....

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CESTAT remanded back order of revocation of CHA licence on issue of jurisdiction

Wijeta Impex And Logistics Vs Commissioner of Customs (Appeals) (CESTAT Delhi)

Wijeta Impex And Logistics Vs Commissioner of Customs (CESTAT Delhi) The order of Commissioner (Appeals) bearing No. 191-193/2017 dated 24 May, 2019 has been assailed vide the impugned appeal. 2. I have heard Shri S. Sunil, learned Advocate appearing for the appellant and Shri Yasbir Singh, learned Authorised Representative for the Depart...

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ITAT dismisses appeal as Low tax effect circular applies to pending appeals also

ITO Vs Emdet Neff Perkings Rubber Pvt. Ltd. (ITAT Delhi), I.T.A No. 5080/Del/2019

The CBDT vide Circular No.17/2019 dated 08.08.2019 has revised the monetary limit for filing the appeals before the Tribunal to Rs.50 Lacs. Further, CBDT vide letter dated 20.08.2019 has also clarified that Circular No. 17/2019 would be applicable to all pending appeals....

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Audit Under Income Tax Act 1961

Audit Under Income Tax Act 1961 A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore and Profession exceeds Rs. 50 Lakhs in the financial year. Section 44AB of the income tax act, 1961 lays down certain conditions for applicability of […]...

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Posted Under: Income Tax |

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