"11 June 2021" Archive - Page 3

Reopening invalid if no mention of failure on the part of assessee in reasons recorded

Soul Jewels Vs DCIT (ITAT Mumbai)

Soul Jewels Vs DCIT (ITAT Mumbai) We find that assessee is a partnership firm engaged in the business of trading in diamonds. The original assessment was completed for the A.Y.2007-08 u/s.143(3) r.w.s. 153A of the Act determining the total income at Rs.56,34,520/- vide order dated 27/12/2011. This assessment was sought to be reopened by i...

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HC allows Chinese Lady accused of Smuggling Foreign Currency to Travel Abroad

Chen Hsui Yun Vs Directorate of Revenue Intelligence (Delhi High Court)

Chen Hsui Yun Vs Directorate of Revenue Intelligence (Delhi High Court) In the instant case, according to the respondent, amount of USD 90000 was recovered from the petitioner which was around Rs.65,00,000/- in Indian currency. The petitioner in the instant case is a lady, aged about 54 years, and there is nothing on record to […]...

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Rent cannot be treated as Business income merely for commercial nature of Property

DCIT Vs Cache Properties Pvt. Ltd. (ITAT Hyderabad)

DCIT Vs Cache Properties Pvt. Ltd. (ITAT Hyderabad) Fact that the property let out is a commercial complex is not sufficient to treat the rental income therefrom as ‘Business Income’. The tests to be applied are; 1) the tenure of the lease, 2) the objects of the company; 3) the intention of the company; and […]...

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Mandatory enquiry u/s 202 of Code even if accused resided beyond territorial jurisdiction of Trial Court

Sheetal Amit Patil and Anr. Vs State of West Bengal (Calcutta High Court)

As the law required that an enquiry be held under Section 202 of the Code if the accused stayed outside the Court’s jurisdiction, such enquiry had to be undertaken in clear terms and the Trial Court, after making such enquiry whether by taking evidence on affidavit or by restricting the enquiry to examination of documents or not, was re...

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Reassessment Valid if AO had ‘reason to believe’ income chargeable to tax escaped assessment

Valmik Thapar Vs ACIT (ITAT Delhi)

While recording of the reasons to reopen an assessment, AO was required to form only prima Facie opinions about escapement of income as he was not making an assessment but taking a first baby step for making the assessment by forming a reasonable belief that whether the claim of assessee should be tested in reassessment proceedings or not...

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Anti-dumping duty imposed on imports of Ammonium Nitrate- Reg.

Case No. AD(SSR)–11/2021 11/06/2021

Case No. AD(SSR)–11/2021Initiation of sunset review of anti-dumping duty imposed on imports of Ammonium Nitrate originating in or exported from Russia, Georgia and Iran....

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Burden of proof that lease rent paid to trustees was beyond FMV lies on Revenue

Sardar Partapsingh Education society Vs CIT (E) (ITAT Mumbai)

Revenue ought to have brought evidence on record by bringing comparative quotations to prove the fact that the lease rent paid in the sum of Rs. 2 lakhs per month to the trustees was excessive or unreasonable and beyond the fair market value thereon. Since ssessee placed on record that the market value of the land was Rs.13,03,76,400/- as...

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CCI allowed investigation against Flipkart, Amazon for alleged Anti-Competitive agreements

Amazon Seller Services Private Limited Vs Competition Commission of India (Karnataka High Court)

Competition Commission of India had allowed to investigate against Flipkart and Amazon for alleged involvement in Anti-competitive Agreements. An order directing investigation be supported by 'some reasoning' (CCI Vs. SAIL para 97), which the Commission had fulfilled. Therefore, it would be unwise to prejudge the issues raised by Amazon a...

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Request to extend date for Phase-I of Rajasthan Amnesty Scheme 2021

Tax Bar Association Jodhpur (Rajasthan) has written a letter to DC (Administration), Jodhpur and requested for extension of Date for Phase-I of ‘Rajasthan Amnesty Scheme-2021’ from 30th April 2021 to 31st July 2021. Date: 09/06/2021 To, DC (Administration) Jodhpur Hon’ble Sir, Greetings of the Day! Sub: Request to extend of ...

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Posted Under: Income Tax |

Advisory on TDS on goods & TDS on non filers of Income Tax Return

Tax Practitioners’ Association, Indore – Team TPA has released Advisory on Section 194Q (TDS on Goods) and TDS on non Income Tax Return Filers filers. Full Text of the Advisory is as follows:- TDS on purchase of Goods – Section 194Q (Applicable w.e.f. 1st July, 2021) Finance Act 2021 has introduced new provision which requires [&hel...

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Posted Under: Income Tax |

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August 2022