"15 April 2021" Archive - Page 5

Addition for Cash seized during search allegedly belonging to other persons valid if Assessee not furnishes any explanation/Evidence

Blue Lines Vs ACIT (Karnataka High Court)

Where assessee did not produce any material, despite opportunity being afforded to show that the amount seized during the search, did not belong to it but belonged to some other person as claimed by it; the addition made in the hands of the assessee on account of cash seized during the search would be sustainable....

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Govt amends Courts for trial of cases under PMLA in Kerala

Notification No. S.O. 1648 (E) 15/04/2021

Govt amends Courts for trial of cases under Prevention of Money Laundering Act, 2002 (PMLA 2002) in Kerala in consultation with the Chief Justice of the concerned High Court. MINISTRY OF FINANCE (Department of Revenue) Notification New Delhi, the 15th April, 2021 S.O. 1648 (E).—In exercise of the powers conferred by sub-section (1) of s...

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Provision for wage arrears is an ascertained liability: HC

CIT Vs Metropolitan Transport Corporation (Chennai) Ltd. (Madras High Court)

CIT Vs Metropolitan Transport Corporation (Chennai) Ltd. (Madras High Court) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in holding that the provision for wage arrears of Rs.5.80 crores is an ascertained liability, notwithstanding the fact that the said provision has been accoun...

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RBI releases Names of Applicants for ‘on tap’ Licensing of Universal & Small Finance Banks

Press Release: 2021-2022/61 15/04/2021

RBI today released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. As on date, applications for Universal Banks and Small Finance Banks, under the aforementioned guidelines, have been received by the Reserve Bank from the following applicants:...

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Fee structure for Investment Advisers and Portfolio Managers in IFSC

F. No. 294/IFSCA/Fee Structure for IAs and PMS/2021-22 15/04/2021

In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019, the fee structure for Investment Advisers and Portfolio Managers in IFSC is being revised as follows:...

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Miscellaneous functionalities/changes enabled in ICES

Public Notice No. 33/2021- JNCH 15/04/2021

Option to Retransmit Shipping Bills to RBI: Instances have been received from the trade where shipping bills details do not get reflected in RBI System (EDPMS) at times, creating difficulties in foreign exchange receipts by them. For resolving such issues, an option has been enabled for the field officers under AMEND role in ICES to retr...

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Statutory authority should not exercises its powers without determining jurisdiction in the matter

 Bt (India) Private Limited Vs ITO (Delhi High Court)

BT (India) Private Limited Vs ITO (Delhi High Court) Having heard the learned counsel for the parties, according to us, if the statutory authority exercises its powers without determining whether or not it has jurisdiction in the matter, that itself, may, in certain cases, call for interference. The record shows that the application of AA...

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CENVAT Credit on Inputs used in Fabrication of ‘Clean Room’ eligible to Pharma Companies

Syncom Formulations (I) Ltd. Vs Commissioner (CESTAT Delhi)

Syncom Formulations (I) Ltd. Vs Commissioner (CESTAT Delhi) I find that admittedly, the appellant have used the disputed inputs for fabrication of clean room, which is essential for manufacture of their dutiable goods, as such clean room is  necessary for maintaining proper temperature and hygiene as well as keeping the RH factor in cont...

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Worried about proper credit of Income tax – Do’s for Taxpayers

(A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS : 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/collector; 3. You have provided incorrect PAN to the deductor/collector; 4. The deductor/collector has made an error in quoting your PAN in the [&hell...

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Posted Under: Income Tax |

Input of IGST paid on imports of goods

As the imports are treated as inter state supply, Importer has to pay IGST on the goods imported. IGST will be charged at the applicable rate as specified for the respected goods. However, IGST will be paid at the time of paying Basic custom duty along with Social welfare surcharge at the icegate portal. Cess […]...

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Posted Under: Income Tax |

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