"12 June 2021" Archive

Section 147: Assessee cannot be put to mercies of careless, casual, arbitrary or whimsical exercise of power

Smt. Simar Kaur Vs ACIT (ITAT Chandigarh)

Simar Kaur Vs ACIT (ITAT Chandigarh) It is seen that the assessee has consistently maintained its challenge that notice was not issued as it has not been served. The tax authorities have rejected the challenge holding that non-receipt is not equivalent to non-service. It is seen that though the challenge is recorded the wording in [&helli...

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Department should not have attached bank account once it came to know of appeal with mandatory pre-deposit

J.S. Grover Autos Pvt. Ltd. Vs Commissioner of Central Goods & Services Tax (Punjab & Haryana High Court)

J.S. Grover Autos Pvt. Ltd. Vs Commissioner of Central Goods & Services Tax (Punjab & Haryana High Court) It is undisputed fact that petitioner has filed an appeal before First Appellate Authority against the assessment order, whereby demand was created. It is also undisputed that Board Circulars are binding on department and as p...

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Service Tax/VAT not to be considered for recognizing revenue under AS7

Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 towards Value Added Tax and Service Tax included in the customer’s work order as constituting part of construction contract value for the purposes of recognizing revenue under AS7. The CBDT Circular No. 4/...

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Credit cannot be denied on the basis of faulty investigation

Bansal Steel Power Limited Vs Commissioner of CE & ST, Rohtak (CESTAT Chandigarh)

Bansal Steel Power Limited Vs Commissioner of CE & ST, Rohtak (CESTAT Chandigarh)  CESTAT finds that in the statement of M/s. Adarsh Enterprises and M/s Gandhi Springs, it is clearly mentioned that they have not returned the goods but produced the ledger account. The ledger accounts are with the department, the department could have ...

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Section 263 need not be invoked for computational error: ITAT

Manoj Singhal Vs PCIT (ITAT Delhi)

Manoj Singhal Vs PCIT (ITAT Delhi) On going through the details, we find that the deduction claimed u/s 54F was Rs.6,12,10,100/- whereas the deduction eligible was Rs.6,11,19,500/-. Thus, there is a computational difference of Rs.90,600/- in the claim of deduction u/s 54F which could have been rectified u/s. 154. The provisions of section...

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Provisions of IBC was having overriding effect over other State Acts

Dreams Infra India Pvt. Ltd Vs Competent Authority Dreamz Infra India Pvt. Ltd (Karnataka High Court)

Provisions of the IBC was having overriding effect over other laws and the same would prevail in view of Section 238 of the Code. Hence, the proceedings initiated against assessee under Section 7(1) of the Act, 2004 was quashed....

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Assessee to substantiate if he claims FMV is Higher than Book Value

Abhinav International Pvt. Ltd. Vs DCIT (ITAT Delhi)

Abhinav International Pvt. Ltd. Vs DCIT (ITAT Delhi) In the present case, the assessee is saying that value of the shares owned by the assessee company of the listed companies which are recorded at the book value (cost price) is far less than the listed price (traded price) of those shares, therefore, same should be […]...

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No penalty could be levied u/s 271(1)(c) without specifying the limb of provision

DCIT Vs Sucon India Ltd. (ITAT Delhi)

Notice issued by AO was bad in law since it did not specify under which limb of section 271(1)(c), the penalty proceedings had been initiated i.e. whether for concealment of income or for furnishing of inaccurate particular of income and merely because AO had treated the business loss claimed by assessee as speculation loss, the same coul...

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ITAT deletes addition for Opening Stock as existence of same was accepted in Earlier Years

ACIT Vs Madhur Jain (ITAT Delhi)

The allegation of AO that the opening stock of assessee was an unexplained income of the assessee as such stock in trade was not in existence seem to be unsustainable because why a person would show and on accounted opening stock of the magnitude of ₹ 51,000,000 just to on a meager net profit of ₹ 875,000/–....

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Electricity charges during CIRP would form part of CIRP Costs

Executive Engineer of Uttar Gujrat VIJ Company Ltd. Vs Devang P Samapat RP of Ms. Kanoovi Foods Pvt. Ltd. (NCLAT Delhi)

Executive Engineer of Uttar Gujrat VIJ Company Ltd. Vs Devang P Samapat RP of M/s. Kanoovi Foods Pvt. Ltd. (NCLAT Delhi) If the electricity consumption was for manufacturing and output of the Biscuits which is the normal operation of the Corporate Debtor, in that case dues arising from such supply of electricity during moratorium would [&...

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