"13 June 2021" Archive

Penalty could not be imposed on sole proprietor along with proprietorship firm as it amounted to double jeopardy

Shahid Ali Vs Principal Commissioner Customs (Import) (CESTAT Delhi)

Shahid Ali Vs Principal Commissioner (CESTAT Delhi) Conclusion: Adjudicating authority had imposed penalty on the importing firm as well as the proprietor thereof which amounted to double jeopardy. The penalty could not be imposed against the sole proprietor of proprietor ship firm along with the penalty upon said firm. Held: Department b...

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Consequences of Not Filing a Declaration for Commencement of Business in e-Form INC-20A

Declaration for Commencement of Business Form INC-20A: e-Form INC-20A is required to be filed Pursuant to Section 10A(1)(a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014 for the purpose of Declaration for Commencement of Business. Section 10A: COMMENCEMENT OF BUSINESS etc. A company incorporated afte...

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Posted Under: Custom Duty |

Conversion of Partnership into Limited Liability Partnership (LLP)

Initially, people tend to form a partnership firm as it can be easily formed with minimum compliances and cost. Then, when the business grows or any dispute arises between the partners, they generally intend to convert their existing partnership firms into a Limited Liability Partnership (LLP) in order to formalise the business. The same ...

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Posted Under: Custom Duty |

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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Revenue cannot take a different stand in case of Co-Owners

Smt. Bachupally Laxmi (alias Routhu Laxmi) Vs ITO (ITAT Hyderabad)

Smt. Bachupally Laxmi (alias Routhu Laxmi) Vs ITO (ITAT Hyderabad) For the purpose of computation of LTCG arising out of the development agreement cum GPA, the Assessing Officer has accepted that the assessee has acquired the flats as on 9.11.2009 and therefore, in the year 2012 when the assessee has sold the flat, the holding […]...

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No Penalty under Wealth tax if AO not specifies that default relates to concealment and/or furnishing of inaccurate particulars

Smt.Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot)

Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and levied under section 18(1)(c) of the Wealth Tax Act, without clearly specifying particular default relates concealment of wealth and/or furnishing of inaccurate particulars is valid in law ? The contention of ...

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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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New Section 16(2)(aa) – ITC cannot be availed beyond GSTR-2A/2B

Finance Bill, 2021 inserted new Section 16(2)(aa) What is the impact of Section 16(2)(aa) on ITC  in the near future which is introduced by Finance bill 2021. In this Article we are trying to discuss & analysis sec 16(2)(aa) with sec 37. Provision as per Law 16(2) (aa) The details of the invoice or debit […]...

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Posted Under: Custom Duty |

Rent to wife of director for use of Bungalow for business purpose allowable

M/s. Chandri Papers and Allied Products Pvt. Ltd. Vs ACIT (ITAT Mumbai)

M/s. Chandri Papers and Allied Products Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that assessee had taken property on lease for the purpose of its business. The said property is situated at Lonavala. The said property belongs to the wife of director of the assessee company. The property has been taken on lease based […]...

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ITAT deletes section 56(2)(vii)(b) addition as land was not a fresh purchase

ACIT Vs Ajay Jagdishnarain Agarwal (ITAT Mumbai)

ACIT Vs Ajay Jagdishnarain Agarwal (ITAT Mumbai) fter going through the order passed by the CIT(A), we noticed that the property was purchased by Jagdish Narian Agarwal in the year 1974 after paying the full consideration. The original owners/vendors confirmed the transaction and the parties had given requisite confirmation before the dis...

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