"22 April 2021" Archive

ITAT confirms addition for cash deposited during demonetization

Leela Devi Vs ITO (ITAT Delhi)

Leela Devi Vs ITO (ITAT Delhi) It is not in dispute that assessee made cash deposit of Rs. 15 lakhs in her bank account during demonetization period. The assessment year under appeal is 2017-18 and the assessee deliberately filed the return of income belatedly on 25.03.2018. The assessee explained before AO the source of the […]...

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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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Maharashtra VAT assessments – Denial of Set-off denied and Addition to turnover in an arbitrary way – Need for revamp of assessment procedure

Maharashtra VAT assessments – Denial of Set-off denied and Addition to turnover in an arbitrary way – Need for revamp of assessment procedure 1. The procedure followed in VAT assessments under Maharashtra VAT Act has been putting the dealers to severe hardship, so far as it relates to denial of set-off and addition to turnover [&helli...

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Posted Under: Income Tax |

ICSI Plasma Bank: An Initiative To Gift Life

In view of the challenges posed by the pandemic and given the rising numbers, Plasma donation and blood donation are critically important activities that contribute to saving lives in such a scenario. Given the few unique solutions and cures available, Plasma donated will be used to create therapies that would provide apt treatment in the...

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Posted Under: Income Tax |

Snapshot of Various Time Limit Prior & after Finance Act 2021

Snapshot of Various Time Limit Prior to Finance Act 2021 and After Finance Act 2021 Finance Act 2021, has brought a series of amendment in the Income Tax Act 1961 making it simple and assessee friendly. With the advancement in technology and introduction of Faceless Assessment, various proceedings under the Act is getting streamlined and ...

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Posted Under: Income Tax |

Benefits of Meditation for Students

Meditation is a spiritual practice which helps one to achieve a state of peace. It is used to their advantage not only by spiritual seekers but also by everyone. Working with the mind through meditation leads to an increased sense of presence, serenity, mindfulness and an increase in cherished human qualities such as empathy and […...

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Posted Under: Income Tax |

COVID AND AFTER

Nobody expected Covid-19 to take an aggressive u-turn as is being witnessed now. Today, the daily new cases in India are past 3 lakh which is perhaps the highest in the world. The lock downs are back again in most parts of the country with complete lock down in few states. The shops and businesses […]...

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Posted Under: Income Tax |

CBDT notifies ‘Canada Pension Plan Investment Board Private Holdings (4) Inc’ U/s. 10(23FE)

Notification No. 35/2021-Income Tax/S.O. 1673(E). 22/04/2021

Central Government hereby specifies ‘Canada Pension Plan Investment Board Private Holdings (4) Inc’, as the specified person for the purposes of sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 22nd [&...

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CBDT notifies ‘Canada Pension Plan Investment Board’ U/s. 10(23FE)

Notification No. 34/2021-Income Tax/S.O. 1672(E). 22/04/2021

Central Government hereby specifies ‘Canada Pension Plan Investment Board’, as the specified person for the purposes of sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 22nd April 2021 but [&hellip...

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RBI issues instructions on Declaration of dividends by banks

RBI/2021-22/23 DOR.ACC.REC.7/21.02.067/2021-22 22/04/2021

Commercial Banks may pay dividend on equity shares from the profits for the financial year ended March 31, 2021, subject to the quantum of dividend being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in paragraph 4 of the said circular. Other instructions in the circular dated May 4, 2005...

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