"01 May 2021" Archive - Page 3

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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Assessment based on unsigned section 148 notice is bad in law

Yeshoda Electricals Vs ACIT (ITAT Bangalore)

Yeshoda Electricals Vs ACIT (ITAT Bangalore) This notice issued u/s. 148 is a manual notice and not a digital document. The digital document only does not require signature. A manual notice u/s. 148 is required to be dated and duly signed by the Officer who is issuing the same. A notice or an order without […]...

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ITAT allows loss due to Forfeiture of amount paid against Land Purchase

ACIT Vs K.B. Developers (ITAT Kolkata)

ACIT Vs K.B. Developers (ITAT Kolkata) Sole ground on which the disallowance is made is that the assessee had entered into these agreements, without making solid provisions to raise funds by due dates and hence it does not make any sense for a firm engaged in commercial venture to enter into these agreements. He drew […]...

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SC extended limitation period w.r.t. filing of cases/appeals until further orders due to COVID-19 surge

The Hon’ble Supreme Court of India in Re: Cognizance for extension of limitation [Miscellaneous Application No. 665/2021 in SMW(C) No. 3/2020, dated April 27, 2021] extended the limitation period for the filing of cases in Courts and Tribunals w.e.f. March 14, 2021 until further orders in view of the steep rise in COVID-19 cases due [&h...

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Posted Under: Income Tax |

ICSI Increases medical reimbursement limit from CSBF due to Covid-19 pandemic

Considering the very grim phase the country is facing due to the phenomenal surge in Covid-19 pandemic and in order to support its stakeholders, the Company Secretaries Benevolent Fund w.e.f 1st May, 2021, has enhanced the medical reimbursement limits for those affected by Covid 19....

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Posted Under: Income Tax |

Incorporating Internal Financial Control Over Financial reporting empirically

Incorporating Internal Financial Control Over Financial reporting empirically (Listed Companies Call) As captioned, I will surely not sail through statutory sections sight u/s 134, 143,177 of Companies Act, 2013 but certainly carve into crux of the topic. This article will dive deep intro review as well as testing touch of IFC (Per se mea...

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Posted Under: Income Tax |

HC quashes order in Form ASMT-13 Without Opportunity of Being Heard

Vidyarthi Construction Private Limited Vs State of Bihar (Patna High Court)

Vidyarthi Construction Private Limited Vs State of Bihar (Patna High Court) We are of the view that the impugned orders dated 29.10.2018, 31.7.2019, 7.8.2019, 24.7.2019 and 20.8.2019 passed by the Respondent No.3, the Joint Commissioner of Sate Taxes, Danapur Circle, East Circle, Muzaffarpur in Form ASMT-13 need to be quashed and set asid...

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Incentives to procurement of medical oxygen & related accessories, ventilators, vaccine, medicines etc

Notification No: GST-102021-Tax-1-GST Cell 01/05/2021

State of Gujarat is facing acute shortage of medical oxygen and related accessories, ventilators, vaccine, medicine etc. Large number of Corporates, NGOs and individuals are coming forward to help the State Government in its efforts to overcome the Pandemic by way of procuring such material from foreign countries....

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Reassessment initiation solely based on report of Investigation Wing liable to be quashed

Future Tech IT Systems Pvt. Ltd. Vs ITO (ITAT Chandigarh)

Reassessment proceedings initiated upon report of the Investigation Wing was not valid as AO had not applied his mind independently and acted solely upon the report of the Investigation Wing....

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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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June 2021