"16 April 2021" Archive - Page 2

Expense cannot be disallowed merely for non-production of vouchers by employees

Hero Motocorp Ltd Vs ACIT (ITAT Delhi)

Hero Motocorp Ltd Vs ACIT (ITAT Delhi) Regarding Ground No. 16 relating to disallowance of reimbursement of foreign travelling expenses to directors/employees amounting to 7.38 crores, the Ld. AR submitted that the disallowance was made on the ground of non-submission of evidence/proof of actual expenses incurred by employees. It was subm...

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Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax

Shankar Lal Kumawat Vs ITO (ITAT Jaipur)

Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is […]...

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Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi)

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) As regards penalty order, firstly, the correct limb was not struck off or rather indicated by the Assessing Officer in the notice under Section 274 r.w.s. 271(1)(c) of the Act and hence the decision of the Jurisdictional High Court in case of M/s Sahara India Life Insurance […]...

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HC directs ROC to remove disqualification of Director for Active Companies & reactivate his DINs/DSCs

Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court)

Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) The Petitioner is a Director in five companies. Due to non-filing of annual returns and balance sheets in one of the companies, the Petitioner was disqualified as a director in 2017 with effect from 1st November, 2017 to 31st October, 2022 under Section 164(2)(a) […]...

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CESTAT confirms Release of Drones, intended for Government to Fight Covid-19

Commissioner of Customs Vs Kamdar Global Solutions Pvt. Ltd. (CESTAT Chennai)

Commissioner of Customs Vs Kamdar Global Solutions Pvt. Ltd. (CESTAT Chennai) It is noted that the goods were specifically imported for meeting the requirements during the pandemic. Drones were intended to be used for monitoring the public as to whether there is violation of the restrictions for travel and gathering of people. It is also ...

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No Tax on Consideration received for compulsory acquisition of land & Building

Madaparambil Varkey Varghese Vs ACIT (Kerala High Court)

Madaparambil Varkey Varghese Vs ACIT (Kerala High Court) The compensation awarded for the acquisition of land, buildings etc of the petitioner by Kochi Metro Rail Project is Rs.7,54,24,705/-. During the Assessment Year 2016-17 the petitioner has received 80% of the compensation determined through Award dated 30.10.2015. While computing th...

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Running of Business by Manager not sufficient ground for Bail in GST Evasion Case

Smt. Chhaya Devi Vs Union Of India (Andhra Pradesh High Court)

Smt. Chhaya Devi Vs Union Of India (Andhra Pradesh High Court) Admittedly in the case in hand the applicant is the proprietor of the company and is responsible to the company for conduct of the business of the company, even if the business is being managed by the so-called manager. The offence alleged against the […]...

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Bank Audit 2021- Decoding Multiple Banking & Consortiums

In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India...

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Posted Under: Income Tax |

Duty paid under protest- Rejection of refund for time-bar is unsustainable

AGFA Healthcare Pvt. Ltd Vs Commissioner of Customs (CESTAT Chennai)

AGFA Healthcare Pvt. Ltd Vs Commissioner of Customs (CESTAT Chennai) On perusal of the documents, it is seen that there is no dispute that the appellant has paid excess duty of Rs.29,57,931/- after reassessment of the bills of entry by extending the benefit of Notification No. 12/2012-CE. The refund has been rejected on the ground [&helli...

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Govt notifies 46 Sections of National Bank for Financing Infrastructure and Development Act, 2021

S.O. 1657(E) 16/04/2021

Govt notifies applicability of 46 Sections of National Bank for Financing Infrastructure and Development Act, 2021 with effect from 19th day of April, 2021 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 16th April, 2021 S.O. 1657(E). – In exercise of the powers conferred by sub-section (3) of sect...

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