"10 June 2021" Archive

Addition on estimation by AO do not call for initiation of penalty

ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai)

ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai) Assessing Officer levied penalty under section 271(1)(c) of the Act on estimate basis without any evidence on record with regard to concealment of income. Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or fu...

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No bar on ED to file appeal under section 26 of PML Act, through Assistant Director

Nillesh Parrekh Vs Assistant Director (Calcutta High Court)

Nillesh Parrekh Vs Assistant Director (Calcutta High Court) The Enforcement Directorate (ED) happens to be the specialised financial Investigating Agency under the Department of Revenue, which is entrusted to enforce the provisions of the Prevention of Money Laundering Act, 2002 (PML Act). As such, it will be utterly fallacious to suppose...

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No Cenvat Credit on Capital Goods for which full Depreciation is claimed under Income Tax

Surya Alumex Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi)

Surya Alumex Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi) Rule 4(4) of CENVAT Credit Rules, 2004 do not permit CENVAT Credit in respect of part of value of capital which represents duty of amount on such capital goods or which the manufacturer or producer of output service claims as depreciation under section […]...

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CBDT Interim Action Plan for the F.Y. 2021-22

F. No. 380/02/2021- IT(B) 10/06/2021

INTERIM ACTION PLAN FOR FINANCIAL YEAR 2021-22 Apart from the time barring work being attended to by the respective Charges, the following Key Result Areas have been identified for achievement within the time lines as indicated below:...

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Include CAs in Priority Group for Vaccination & Professional works: KSCAA

Representation Seeking Inclusion of Chartered Accountants In To 'Priority Group' For Covid Vaccination And For Performing Professional Work As Usual...

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Posted Under: Income Tax |

Guidelines for compulsory complete Income Tax Scrutiny during FY 2021-22

F. No. 225/61/2021/ITA-II 10/06/2021

Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2021- 22 - conduct of assessment proceedings in such cases...

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GST Appellate Authority should adopt more liberal approach in matters of condonation of delay

M/s. Shree Udyog Vs Commissioner of State Tax Odisha (Orissa High Court)

M/s. Shree Udyog Vs Commissioner of State Tax Odisha (Orissa High Court) The difficulties generally faced by lawyers and litigants in applying for and obtaining certified copies of orders is generally known. Acknowledging this reality, the explanation offered for the delay in furnishing such certified copy ought to have been accepted by t...

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No criminal prosecution on same allegations if departmental proceedings ended in favour of accused

M/s. Deccan Tobacco Processors Limited and another Vs Union of India (Telangana High Court)

The standard of proof in criminal proceedings was higher than the standard of proof in civil/departmental proceedings. In a reverse case, where criminal proceedings ended in acquittal but simultaneous departmental proceedings continued, the result of the criminal proceedings would not have any bearing on the departmental proceedings, as j...

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No Penalty for Addition for Bogus Purchases on estimated basis

DCIT Vs Toshvin Analytical Private Limited  (ITAT Mumbai)

DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai) As per facts recorded above, the penalty in this case is only with reference to addition on bogus purchases amounting to Rs.3,83,388/-. The addition was sustained by the ITAT @8% of the bogus purchases. We find that on the facts and circumstances of the case, the Ld. […]...

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Addition for On-money only of income element & not of entire amount

Ekta Housing Pvt. Ltd Vs DCIT (ITAT Mumbai)

Ekta Housing Pvt. Ltd Vs DCIT (ITAT Mumbai): Conclusion: Addition as regards the on-money received by assessee was to be made to the extent of the income element embedded in such receipts and the entire amount of on-money could not have been added in the hands of the assessee.  No reason or logic had been […]...

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