"11 April 2021" Archive - Page 2

SEBI fines Ambani Family for Irregularities in RIL Shareholding

In Re Shri Mukesh D. Ambani & Ors (SEBI)

It was alleged that the obligation not to make additional acquisition of more than 5% of voting rights in any financial year unless such acquirer makes a public announcement to acquire shares in accordance with the regulations under regulation 11(1) of Takeover Regulations arose on January 7, 2000, i.e. the date on which the PACs were all...

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Posted Under: SEBI | |

Section 80P deduction eligible on Interest Income on Saving Bank Account

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad)

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]...

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ITAT deletes addition made merely on estimate basis

Ramavtar Vs ITO (ITAT Delhi)

Additions to income–Addition towards sale proceeds of the agricultural produce–Assessee produced all the documentary evidences towards ownership of land and towards carrying on agricultural activities...

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Paper Import: HC explains what Constitutes a stock lot

Jayasakthi Papers Vs Commissioner of Customs (Madras High Court)

Jayasakthi Papers Vs Commissioner of Customs (Madras High Court) The only question that arises for my consideration is whether the goods imported by the petitioner can be termed as a stock lot. This expression in normal parlance refers to those goods whose transaction value is less than the market value on account of their purchase [&hell...

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If a Rule is not attracted, than the proviso thereunder does not attracted

Vishnu Fragrance Pvt.Ltd Vs Commissioner of Central Goods & Service Tax, Central Excise and Customs (CESTAT Delhi)

Vishnu Fragrance Pvt.Ltd Vs Commissioner of Central Goods & Service Tax, Central Excise and Customs (CESTAT Delhi) Rule 10 of Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010, provides for abatement in case of non production of goods (in case of factory did not pr...

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Cenvat Credit admissible on input service used for creation of storage facilities for inputs outside the premises in relation to manufacture of goods

Balkrishna Industries Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

Balkrishna Industries Ltd. Vs Commissioner of Central Excise (CESTAT Delhi) Service in question i.e. renting of immovable property is very well covered in ‘means’ as well as ‘includes’ clause of the definition of the input service as given under Rule 2 (I) of Cenvat Credit Rule, 2004. This Rule allows Cenvat Credit...

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Penalty cannot be levied on the basis of estimated additions

Laxman Trimbak Gule Vs ITO (ITAT Pune)

Delhi High Court in CIT vs. Aero Traders Pvt. Ltd. has held that no penalty u/s.271(1)(c) of the Act can be imposed when income is determined on estimate basis....

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Posted Under: SEBI | | ,

Loan Amount not disclosed in Balance Sheet cannot be taxed

Sati Nath Chatterjee Vs ITO (ITAT Kolkata)

Even though for whatever reason/over-sight the assessee had not disclosed the loan as liability in the balance sheet and since the incurring of interest on it has been disallowed being personal in nature and the source of loan is from Vijaya Bank as noted by the AO, the loan amount of Rs.2,33,950/- cannot be taxed as it is a liability and...

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AO cannot treat LTCG as Bogus by treating a company as penny stock company without any evidence

ITO Vs Shivani Gupta (ITAT Delhi)

ITO Vs Shivani Gupta (ITAT Delhi) The A.O. in this case noted that assessee has sold the shares of Shilpi Cable Technologies Ltd., and claimed exempt under section 10(38) of the I.T. Act of the impugned amount. The A.O. merely declared this company to be penny stock company without bringing any evidence on record. Though […]...

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Rule 6 of Cenvat Credit Rules applicable only to Manufactured Goods

Sundaram Packaging India Pvt.Ltd Vs Commissioner of Customs, CGST & Central Excise (CESTAT Delhi)

Sundaram Packaging India Pvt.Ltd Vs Commissioner of Customs, CGST & Central Excise (CESTAT Delhi) Scope of Rule 6 is still with respect to the inputs/inputs services used in or in relation to the manufacture of exempted goods along with manufacture of non-exempted goods. Hence, irrespective, exempted goods include non-excisable goods ...

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