"11 June 2021" Archive

Repeal of KVAT Act would not affect proceedings initiated by Authorities

Abhay Solvents Private Limited Vs Assistant Commissioner of Commercial (Karnataka High Court)

Abhay Solvents Private Limited Vs Assistant Commissioner of Commercial (Karnataka High Court) In terms of Section 174(1)(f), it is clear that the repeal of the Act specified in Section 173 shall not affect any proceedings including that relating to an appeal, revision, review or reference, instituted before, on or after the appointed date...

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Income Tax New Portal – Linking of Aadhaar with PAN

Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]...

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Automatic GSTR-3B PDF Summary in Excel

It is very important that GSTR3B Return is reconciled with books of account every year during the audit. Find attached an automatic excel tool for Summarizing the PDF. This is a macro enabled work book. PDF settings as per HOME page to be done....

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Online live Courses on GST, Income Tax Compliances & Advanced Excel

TaxGuru Edu, announces Live Online Short Term Certification Courses on GST Compliances, Income Tax Compliances and Advanced Excel – June 2021....

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GST: HC allows release of goods on Payment of 25% of disputed tax & penalty

Chandimata Iron Vs State of Tripura (Tripura High Court)

Chandimata Iron Vs State of Tripura (Tripura High Court) Since the order under challenge in this petition is appealable, we permit the petitioner to pursue such appeal for which, we are informed limitation period has yet not expired. However, considering the facts of the case, the goods of the petitioner which are in the nature […]...

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Facts already disclosed in return cannot constitute incriminating material found during search

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai)

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai) Facts already disclosed in return of income cannot constitute incriminating material found during search. Also held cross examination importance when requested without which addition becomes invalid In the present case, on perusal of facts available on record, we find that the AO has made additi...

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LTCG cannot be treated as Bogus merely on information from investigation wing

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai)

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue Circle Services Ltd. is not […]...

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TDS (Section 194Q) vs. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand

TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds […]...

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CBDT Issued Guidelines for Compulsory Selection of Returns for Complete Scrutiny for F.Y. 2021-22

On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2021- 22 to all PCC/CC/Pr.DG/DG of Income Tax. Study of these guidelines may help taxpayer analyze, as to under which category it falls. Framework is categorized as under: 1. Cases  related ...

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Whats is Form DPT-3 in ROC Compliances of Companies

What is Form DPT-3 ? The e Form DPT-3 is a Return of Deposits that has to be filed by a company online on the MCA website for reporting outstanding loans not treated as deposits. Form DPT-3 filing is mandatory for all companies other than a Govt. company. Hence, all Private Limited Companies, OPC, Limited […]...

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