"17 April 2021" Archive - Page 2

Exempt income cannot be taxed merely for not mentioning in ITR ‘Schedule EI’

Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore) The assessee, out of ignorance or inadvertence has omitted to mention the details of exempt income in the relevant ‘Schedule EI’. So, the ignorance of the assessee or inadvertent mistake committed by the assessee should not come in his way in claiming exemption, which is o...

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Some Important Aspects of HUF under Income Tax Act 1961

HUF means HINDU UNDIVIDED FAMILY. HUF is taxed separately from an individual i.e. its members. Only Hindu, Janis, Buddhists and Sikhs family can come together and form a HUF. HUF is a separate entity under the Income Tax Act and has its own PAN and files Income Tax Returns independent of its member. Hindu Succession […]...

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Posted Under: Income Tax |

Sale Consideration cannot be Determined merely on Form 26AS

Jaya Prakash Vs ITO (ITAT Bangalore)

Jaya Prakash Vs ITO (ITAT Bangalore) Admittedly in this case, the CIT(A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 26AS. The provisions of s.2(47)(v) can [&...

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Mumbai CP mandates Sticker on Vehicles to restrict Movement

CP/X1(6)/144/(Prohibitory Order)/2021 17/04/2021

Mumbai Police Commissioner prohibits movement of any person in public using any vehicle, unless a sticker (Red, Green, Yellow colour) of circular shape of 6 inches diameter of the following description is affixed visibly on the front screen and rear screen of the vehicle, and in the case of two-wheelers on a visible portion on […]...

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Orissa HC stays payment of IGST on Ocean Freight subject to SC decision

Indian Farmers Fertilizers Co-operative Ltd. Vs Union of India (Orissa High Court)

In that view of the matter, it is clarified that while the question of the Petitioner being entitled to refund will await the final decision of the Supreme Court in the aforementioned SLPs, the Opposite Parties will not require the Petitioners before this Court hereafter to pay IGST on ocean freight until further orders....

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Bombay HC Takes Cognisance of Covid-19 Surge In Prisons

High Court on its own motion Vs State of Maharashtra and Ors. (Bombay High Court)

High Court on its own motion Vs State of Maharashtra and Ors. (Bombay High Court) This Suo Motu Public Interest Litigation is initiated Re: the rise in COVID-19 Virus cases in March-April 2021 in the prisons in the State of Maharashtra. 2. Newspaper reports, more particularly, Hindustan Times dated 16 April 2021(Annexure 1) and Free [&hel...

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Bombay HC Stays Evictions, Dispossessions, Demolitions Till 07.05.2021

In re Court On Its Own Motion (Bombay High Court)

In re Court On Its Own Motion (Bombay High Court) The second wave of the pandemic, arising out of COVID-19 virus, has been wreaking havoc just as the first wave did in the year that went by. To combat the rising second wave, the Government of Maharashtra in the Department of Revenue and Forest, Disaster […]...

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Liability shown in balance sheet can amount to acknowledgement of debt : SC

Asset Reconstruction Company (India) Limited Vs Bishal Jaiswal & Anr. (Supreme Court of India)

Asset Reconstruction Company (India) Limited Vs Bishal Jaiswal & Anr. (Supreme Court) An exhaustive judgment of the Calcutta High Court in Bengal Silk Mills Co. v. Ismail Golam Hossain Ariff, 1961 SCC OnLine Cal 128 : AIR 1962 Cal 115 [“Bengal Silk Mills”] held that an acknowledgement of liability that is made in a balance [&helli...

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Trade Union & Dispute Settlement under Industrial Relation Code 2020

Trade Union & Dispute Settlement under Industrial Relation Code 2020.  On September 28th, the Lok Sabha passed 3 new labour codes namely  the Industrial Relations Code, 2020, the Occupational Safety, Health and Working Conditions Code, 2020 and the Code on Social Security, 2020 among which Industrial Relations Code has encompassed T...

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Posted Under: Income Tax |

IRDAI fines Bajaj Allianz General Insurance Company Ltd.

Ref: IRDAI/NL/ORD/MISC/092/04/2021 17/04/2021

The inspection, inter-alia, revealed that the insurer had been transacting motor insurance business through certain Automobile Dealers without appointing them as Motor Insurance Service Providers (MISP) to distribute and/ or service motor insurance policies. Based on the motor insurance premium register for the period 1st November, 2017 t...

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