"16 April 2021" Archive - Page 5

No Tax on Compensation for Acquisition of Agricultural Land by State Government

Nariender Kumar Vs ITO (ITAT Delhi)

Nariender Kumar Vs ITO (ITAT Delhi) It is pertinent to note that the assessee had received Rs. 1.42 crore on account of enhanced compensation of land acquisition, which included compensation of Rs. 56.90 lakhs and interest of Rs. 85.32 Lakhs. The Assessing Office had made addition of Rs. 42.66 Lakhs being 50% of interest of […]...

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Clandestine removal cannot be upheld merely based upon third party documents

Sanjay Goel Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi)

Sanjay Goel Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi) Apparently and admittedly, no search was conducted in premises of any of the present appellants. No physical verification of the stock of present appellants was conducted. Both the show cause notices, the initial order-in-original and the impugned order under chal...

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Production Linked Incentive Scheme (PLI) For White Goods (Air Conditioners and Led Lights) Manufacturers In India

Notification No. F. No. P-29014/101/2020 16/04/2021

The Government has approved the Production Linked Incentive (PLI) Scheme for White Goods (Air Conditioners and LED Lights) to be implemented over FY 2021-22 to FY 2028-29 with a budgetary outlay of Rs. 6,238 crore....

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Reassessment proceedings after 4 Years invalid if reasons recorded not alleges failure on the part of Assessee

Bharti Cellular Ltd. Vs DCIT (ITAT Delhi)

Bharti Cellular Ltd. Vs DCIT (ITAT Delhi) It is trite that in order to reopen an assessment made under Section 143 (3) of the Act after the expiry of four years from the end of the relevant assessment year, the reasons recorded must allege that there was failure on the part of the assessee to […]...

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ITC not eligible on Promotional Products used in promotion of own Brand

In re Page Industries Ltd. (AAAR GST Karnataka)

The Promotional Products/Materials & Marketing items used by the Appellant in promoting their brand & marketing their products can be considered as "inputs" as defined in Section 2(59) of the CGST Act, 2017. However, the GST paid on the same cannot be availed as input tax credit in view of the provisions of Section 17(2) and Section 17(5)...

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Lighthouse Accounting and Financial Powers (Amendment) Rules, 2021

Notification No. G.S.R. 293 (E) 16/04/2021

1) These Rules may be called the Lighthouse Accounting and Financial Powers (Amendment) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Verifying Income Tax Return has never been this easy !

E-VERIFICATION OF ITR WITHOUT DIGITAL SIGNATURE  Verifying Income Tax Return has never been this easy ! Instead of sending ITR-V to CPC, Bengaluru, just use any of these simple methods to e-Verify your ITR. It’s Quick, Convenient and Eco-friendly! E-Verification Procedure while filing Income Tax Return 2. E-Verification Using Other...

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Posted Under: Income Tax |

10 GST related measures Suggested for Relief during Covid 19

With the increased transmissibility, morbidity, mortality of the emerging P2 Corona Variant and its ability to evade detection by diagnostic tests and decreased susceptibility to antiviral drugs, this new variant has taken everyone with a major surprise and setback. The so-called night curfews are a kind of mini lockdowns impending to be ...

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Posted Under: Income Tax |

17 Income Tax related measures Suggested for Relief during Covid 19

With the increased transmissibility, morbidity, mortality of the emerging P2 Corona Variant and its ability to evade detection by diagnostic tests and decreased susceptibility to antiviral drugs, this new variant has taken everyone with a major surprise and setback. The so-called night curfews are a kind of mini lockdowns impending to be ...

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Posted Under: Income Tax |

Priotity of Government Dues Over Debts due to Secured Creditors

The principle of priority of Government debts is founded on the rule of necessity and of public policy. The basic justification for the claim for priority of state debts rests on the well recognized principle that the State is entitled to raise money by taxation because unless adequate revenue is received by the State, it would not be abl...

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Posted Under: Income Tax |

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