"19 April 2021" Archive

Repayment of Loans Mitigates Invocation of Section 68 When Genuineness Proved

Shree Samruddhi Overseas Trading Co. Vs DCIT (ITAT Ahmedabad)

Shree Samruddhi Overseas Trading Co. Vs DCIT (ITAT Ahmedabad) It is submitted on behalf of the assessee that the assessee had taken a temporary loan of Rs.8 Lakhs and Rs.2 Lakhs aggregating Rs.10,00,000/- in the month of June 2012 from Shri Rakesh Vallabhbhai Swadia. The loan so obtained was also repaid in the month of […]...

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Have You Missed Action on Intimation Notice Received – E- Campaign?

1. Have you received an e-mail or SMS from Income Tax Department on March 29 / 30 March 2021 related to the Income-tax return (ITR) filed for the financial year 2019-20 and missed the response by the due date i.e., 31st March 2021? 2. THE MESSAGE READS LIKE THIS: “The Income Tax Department has received […]...

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Posted Under: Income Tax | ,

CARO 2020 – Unfold Practical Aspects

UNFOLD CARO 2020, COMPANIES ACT, 2013 PART 1 – CLAUSES 3(i) to 3(iii) {As empowered to the Central Govt. under Section 143(11) of Companies Act, 2013 with the consultation “National Financial Reporting Authority” (NFAR)} When I started my career as ‘Practicing Chartered Accountant’ then reporting under Companies (Auditor...

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Posted Under: Income Tax |

Shri Piyush Goyal launches Startup India Seed Fund Scheme

Minister says the Startup India Seed Fund Scheme will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start startup revolution;...

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Posted Under: Income Tax |

COVID vaccination for everyone above the age of 18 wef 01.05.2021

Everyone above the age of 18 to be eligible to get vaccine against Covid-19. Vaccine manufacturers incentivized to further scale up their production, as well as attract new national and international players. Vaccine manufacturers empowered to release up to 50% of their supply to State Govts. and in the open market at a pre-declared price...

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Posted Under: Income Tax |

Report Major/Important cases on Daily Basis: CBIC instruct Officers

Instruction No. 06/2021-Customs 19/04/2021

Customs field formations regularly make seizure/ commercial fraud cases. These cases are later on reported on a periodic basis on the DDM portal, though at times with delay and also informed through UO notes in important cases. Many of the cases made by the DRI/ Customs involve not only big seizures of prohibited goods or commercial fraud...

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CBDT notifies ‘Norfund, Govt of Norway’ as sovereign wealth fund | Section 10(23FE)

Notification No. 33/2021-Income Tax/S.O. 1661(E). 19/04/2021

CBDT specifies the sovereign wealth fund, namely, the Norfund, Government of Norway, as the specified person for the purposes of the said clause in respect of the investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024...

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Once property let out it loses its character as a business asset

Nutech Engineering Technologies Ltd. Vs DCIT (ITAT Mumbai)

Nutech Engineering Technologies Ltd. Vs DCIT (ITAT Mumbai) We noted that the assessee has claimed depreciation on the property sold as Lunkard Sky Max of 17 units in AYs 2010-11 and 2011-12. But from AY 2012-13 i.e. Financial Year 2011-12 out of 17 units 7 units were given on rent and accordingly rental income was […]...

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Weekly newsletter from Chairman, CBIC Dated 19.04.2021

D.O.No.63/CH(IC)/2020 19/04/2021

Customs officers at the IGI Airport intercepted and arrested two individuals coming from abroad and seized 14 Kgs of a white substance prima facie confirmed found to be Heroin. Officers in Lucknow, in two different cases made at the Lucknow International Airport, seized gold weighing about 2.3 Kgs valued at Rs. 1.13 crore and 33 Gold Bisc...

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No service tax prior to 01/05/2011 on operational & administrative assistance under BSS category

NCR Corporation India Private Limited Vs Commissioner of Central Tax (CESTAT Bangalore)

Since the definition of Business Support Service was amended w.e.f. 01.05.2011 to include 'operational or administrative assistance in any manner' hence, the services in relation to operational and administrative assistance could only be taxed post the said amendment and not before that....

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May 2022