"18 June 2021" Archive

OVAT Act: Penalty in Turnover escaping Assessment was not Automatic

National Alumini Vs Dy. Commissioner (Orissa High Court)

National Alumini Vs Dy. Commissioner (Orissa High Court) It is seen under Section 43 (2) of the OVAT Act the levy of penalty in the event of turnover escaping assessment, or under assessement, is not automatic. The AO has to be satisfied that escapement or under assessment of tax “is without reasonable cause”. Further upon […]...

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HC grants Bail to Former GST Official in Disproportionate assets case

B. Sreenivasa Gandhi Vs Inspector of Police (Telangana High Court)

B. Sreenivasa Gandhi Vs Inspector of Police (Telangana High Court) This Criminal Petition, under Sections 437 and 439 of the Code of Criminal Procedure, 1,973, is filed by the petitioner/A-1 seeking to grant bail to him in connection with F.I.R.No.RC 10 (A)/201,9, dated 08.09.2019 of C.B.I., A.C.B., Hyderabad, which was registered agains...

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Compliance to be ensured by SEBI registered Investment Advisers

Circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/579 18/06/2021

As per Regulation 14 of SEBI (Investment Advisers) Regulations 2013 , SEBI may inter-alia recognize any body or body corporate for the purpose of regulating Investment Advisers and delegate administration and supervision of the IAs on such terms and conditions as may be specified....

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Addition merely on the basis of Dumb Documents not sutainable

Smt. Rontala Tirumala Vs ACIT (ITAT Hyderabad)

Smt. Rontala Tirumala Vs ACIT (ITAT Hyderabad) ITAT finds that the statement of the M.D Shri Rontala Raji Reddy was recorded on 17.10.2014 i.e. a day after the survey on 16.10.2014 and the diaries impounded during the course of survey allegedly corroborated the statement. It is a settled position that no addition can be made […]...

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CS Executive Entrance Test on 10th July 2021

The Institute of Company Secretaries of India Important Announcement COMPANY SECRETARY EXECUTIVE ENTRANCE TEST (CSEET) TO BE CONDUCTED ON 10th July 2021 THROUGH REMOTE PROCTORED MODE On Account of Covid 19 Pandemic precautions, the Council of the Institute has decided to conduct the next CSEET on Saturday, the 10th July 2021 as per the fo...

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Minimum Wages Rates from 01/04/2021 in Delhi

F.No. 12(142)/02/MW/VII/Partfile/2044-2055 18/06/2021

1-The Government of national capital territory (NCT) of Delhi has revised the minimum wages rates in scheduled employments under the minimum wages act,1948 in the national capital territory (NCT) of Delhi vide notification No-12(142)/02/mw/vii/3636 date 22.10.2019. 2- in the above-mentioned notification it was stipulated that the dearness...

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COVID Relief Measures – Reduction in GST rate of specified items – Impact on Rate of Tax, ITC & MRP

Introduction Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses that is killing people worldwide. The normal life in India was disrupted due to lockdown, restrictions on commutation etc. due to covid. It affected almost all the industries in India and the second wave of [&hell...

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Guidance Notes On Mentioning Of HSN & SAC Codes

Guidance Notes On Mentioning Of HSN & SAC Codes And Furnishing The Details Of Nil Rated, Exempted, And Non GST Supplies In FORM GSTR-1w.E.F.1.4.2021-Reg Guidance Notes on supply of Exempted Goods and Services- Whether Mandatory to mention HSN Code &SAC Code on Invoice – How and Where to mention such supply of Exempted Goods and ...

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Concept of “change of opinion” stands obliterated WEF 01.04.1989?

CIT Vs Kelvinator of India Limited (Supreme Court of India)

CIT Vs Kelvinator of India Limited (Supreme Court of India) Under the Direct Tax Laws (Amendment) Act, 1987, Parliament not only deleted the words ‘reason to believe’ but also inserted the word ‘opinion’ in Section 147 of the Act. However, on receipt of representations from the Companies against omission of the wor...

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Highlights of recent Relaxation in Late Fees & Interest under GST

a. Applicable only if GSTR-3B returns for these tax periods are furnished during the period between 01.06.2021 to 31.08.2021; b. Late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;...

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