"11 April 2021" Archive

Govt Prohibits Exports of Remdesivir till COVID situation improves

Notification No. 01/2015-2020 11/04/2021

The export of Injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API) falling under the ITCHS Codes specified above or falling under any other HS Code has been prohibited, with immediate effect....

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CIT (A) cannot delve on any issue not arising from assessment order

United Provinces Sugar Company Ltd Vs ITO (ITAT Kolkata)

United Provinces Sugar Company Ltd Vs ITO (ITAT Kolkata) A perusal of the propositions of law laid down in all these case-law, takes us to the conclusion that the ld. CIT(A) cannot touch or delve on any issue which does not arise from the order of assessment and which was outside the scope of or […]...

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LLP can enter into a partnership with individual or other persons

Jayamma Xavier Vs Registrar of Firms (Kerala High Court)

Jayamma Xavier Vs Registrar of Firms (Kerala High Court) Section 4 of the Partnership Act permits Constitution of a firm or partnership between one or more persons. In this case the partnership deed was executed between an individual and an LLP which is a body corporate having a legal entity and coming within the definition […]...

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Interest on Late Payment of TDS not allowable as business expense

New Modern Bazaar Vs ITO (ITAT Delhi)

New Modern Bazaar Vs ITO (ITAT Delhi) The conditions of the allowability of expenditure is laid down u/s 37 (1) of the income tax act which speaks that any expenditure which is not a capital expenditure or personal expenses of the assessee which is laid out or expended wholly and exclusively for the purpose of […]...

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ITAT accepts 50% of Marriage Gifts as Source of Cash Deposit

Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad)

Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad) As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage […]...

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ITAT Judgment on TDS on surrogacy payments

Kiran Infertility Central Private Limited Vs ITO (ITAT Hyderabad)

We first of all advert to the impugned Section 40(a)(ia) r.w.s.194C and 194J issue of surrogacy payments in case of Shri S.Sesha Sai since the other recipient has never appeared to support the impugned claims till date. The CIT(A)’s identical lower appellate discussion affirming the Assessing Officer’s action disallowing assessee’s...

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Penalty not sustainable when Quantum Addition was set aside

RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi)

RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi) We are of the view that penalty U/s 271(1)(c) of I.T Act levied by AO has no legs to stand at present, when the corresponding additions made by the AO have already been deleted by ITAT vide its aforesaid order dated 22.12.2020 when the aforesaid quantum addition […]...

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Delayed self-assessment tax payment cannot be construed to be a tax arrear for VSV Scheme

Macrotech Developers Limited Vs PCIT (Bombay High Court)

Macrotech Developers Limited Vs PCIT (Bombay High Court) In so far the prosecution against the petitioner is concerned, the same has been initiated under section 276-C(2) of the Act because of the delayed payment of the balance amount of the self-assessment tax. Such delayed payment cannot be construed to be a tax arrear within the [&hell...

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Clandestine removal based on mere third party documents is invalid

Recon Steel & Power Private Ltd. Vs Principal Commissioner, Central Tax, Central Excise & Customs (CESTAT Delhi)

Recon Steel & Power Private Ltd. Vs Principal Commissioner, Central Tax, Central Excise & Customs (CESTAT Delhi) Since the sole challenge to the order is its reliance upon third party evidence, it is necessary to check the evidentiary value of the third party The relevant case law in the case of Bajrangbali Ingots & Steel [&he...

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Suo-motto disallowance by Assessee cannot be disregarded by AO without recording his Satisfaction

Greatship (India) Ltd. Vs DCIT (ITAT Mumbai)

Greatship (India) Ltd. Vs DCIT (ITAT Mumbai) The assessee has further assailed the disallowance worked out by the A.O under Sec. 1 4A r.w Rule 8D, on the ground that there was no recording of an objective satisfaction by the A.O that the suo-motto disallowance offered by the assessee under Sec. 14A was not correct. […]...

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