"24 May 2021" Archive

Redemption fine & penalty imposed without final assessment is not permissible

J S Steel Traders Vs Commissioner of Customs (CESTAT Chandigarh)

Redemption fine & penalty imposed by Revenue Department without final assessment is not permissible The Hon’ble CESTAT Chandigarh in matter of M/s J.S. Steel Traders v. the Commissioner of Customs, Ludhiana [Custom Appeal No. 60037 of 2021, Final Order No. 60840/2021 dated May 24, 2021] set aside the order passed by the Revenue Depa...

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Blocking of Credit under Rule 86A of SGST Rules-2017 – Guidelines issued

Circular No. 04/2021-SGST 24/05/2021

In Rule 86A, 4 scenarios has been mentioned for blocking of ITC. Out of the 4 scenarios, more importance has to be given for situation (a) and (c). It should be ensured that no input tax credit is availed on the strength of tax invoices or debit notes or any other documents prescribed under rule 36 issued by a registered person who has be...

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India attracted highest ever total FDI inflow during 2020-21

India attracted highest ever total FDI inflow of US$ 81.72 billion during 2020-21, 10% more than the last financial year Measures taken by the Government on the fronts of Foreign Direct Investment (FDI) policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. The following...

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Posted Under: Custom Duty |

IGST on import of oxygen concentrators as gift for personal use is unconstitutional

The Hon’ble Delhi High Court in Gurcharan Singh v. Union of India & Ors. [W.P. (C) 5149/2021, dated May 21, 2021] quashed the notification imposing Integrated Goods and Services Tax (IGST) on oxygen concentrators which are imported by individuals and are received by them as gifts i.e. free of cost for personal use, without a [&helli...

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Posted Under: Custom Duty |

Section 147 assessment based on specific, relevant & reliable information is valid: SC

Phool Chand Bajrang Lal Vs. ITO (Supreme Court) The Hon’ble Supreme Court judgement in favour of the department makes it clear that when an information which is specific, relevant and reliable reassessment proceedings u/s 147 are valid, otherwise not. One of the purposes of Section 147, appears to us to be, to ensure that a […]...

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Posted Under: Custom Duty |

Non Disposal of Objections Before Concluding of Assessment With Separate Speaking Order Makes Assessment Nullity

Duggal Estates Pvt. Ltd. Vs ITO (ITAT Delhi)

Duggal Estates Pvt. Ltd. Vs ITO (ITAT Delhi) From the reasons it can be seen that the Assessing Officer was not specific as to on what basis the Assessing Officer has the reason to believe that the income of the assessee to the tune of 1 crore has escaped assessment. In fact, in one para […]...

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SCN based on proposed incorrect classification of revenue not Sustainable

Laesen & Toubro Limited Vs C.C.-Mundra (CESTAT Ahmedabad)

Laesen & Toubro Limited Vs C.C.-Mundra (CESTAT Ahmedabad) In view of the settled law, irrespective whether the classification claimed by the appellant is correct or not since the classification proposed by the Revenue is absolutely incorrect, the entire case of the Revenue will not sustain. Therefore, we are not addressing the issue t...

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AO cannot revisit his conclusions at the stage of passing the final order

Galaxy Surfactants Limited Vs ACIT (ITAT Mumbai)

Galaxy Surfactants Limited Vs ACIT (ITAT Mumbai) Once an Assessing Officer prepares a draft assessment order, that is the end of his domain of powers so far as framing of assessment is concerned- unless of course there are any directions from the Dispute Resolution Panel which are required to be implemented by the Assessing Officer. [&hel...

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HC allows filing of ITR in Paper form till disposal of appeal challenging Rule 12

City And Industrial Development Corporation of Maharashtra Limited Vs ACIT (Bombay High Court)

City And Industrial Development Corporation of Maharashtra Limited Vs ACIT (Bombay High Court) In this case Bombay HC permitted the Petitioner to file paper return for the assessment year 2020-21 before 31st May, 2021 subject to the further orders that may be passed by this court at the stage of admission or thereafter till this […...

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Disallowance under section 14A cannot exceed exempt income

DLF Universal Ltd Vs DCIT (ITAT Delhi)

DLF Universal Ltd Vs DCIT (ITAT Delhi) Ld AO has applied 0.5% of investment of Rs. 53.51 crores whereas the ld CIT(A) restricting 0.5% only Rs. 30.84 holding that balance investment of approximately Rs. 22 crores was made in the subsidiary companies and there was no intention of earning any dividend income. The ld CIT(A) […]...

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