There has been encouraging news from Kolkata on the trade facilitation front. On the 7th of April, our officers cleared the second riverine protocol route for exports from Bangladesh to India. A barge laden with 40,000 cartons of food products started its journey from Palash in Bangladesh and reached Kolkata in eight days after travelling around 710 Kms on the inland waterway.
Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act As per Notification issued by Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR Funding. And Filing […]
The export of Injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API) falling under the ITCHS Codes specified above or falling under any other HS Code has been prohibited, with immediate effect.
New Modern Bazaar Vs ITO (ITAT Delhi) The conditions of the allowability of expenditure is laid down u/s 37 (1) of the income tax act which speaks that any expenditure which is not a capital expenditure or personal expenses of the assessee which is laid out or expended wholly and exclusively for the purpose of […]
RBJ Infratech Pvt. Ltd. Vs ITO (ITAT Delhi) We are of the view that penalty U/s 271(1)(c) of I.T Act levied by AO has no legs to stand at present, when the corresponding additions made by the AO have already been deleted by ITAT vide its aforesaid order dated 22.12.2020 when the aforesaid quantum addition […]
Macrotech Developers Limited Vs PCIT (Bombay High Court) In so far the prosecution against the petitioner is concerned, the same has been initiated under section 276-C(2) of the Act because of the delayed payment of the balance amount of the self-assessment tax. Such delayed payment cannot be construed to be a tax arrear within the […]
Greatship (India) Ltd. Vs DCIT (ITAT Mumbai) The assessee has further assailed the disallowance worked out by the A.O under Sec. 1 4A r.w Rule 8D, on the ground that there was no recording of an objective satisfaction by the A.O that the suo-motto disallowance offered by the assessee under Sec. 14A was not correct. […]
Additions to income–Addition towards sale proceeds of the agricultural produce–Assessee produced all the documentary evidences towards ownership of land and towards carrying on agricultural activities
Jayasakthi Papers Vs Commissioner of Customs (Madras High Court) The only question that arises for my consideration is whether the goods imported by the petitioner can be termed as a stock lot. This expression in normal parlance refers to those goods whose transaction value is less than the market value on account of their purchase […]
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
