Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
Vinay Kumar Dhingra (HUF) Vs ITO (ITAT Delhi) Contention of Assessee: 1. The assessee fulfills all conditions specified u/s. 10(38) 2. Though the purchase of securities are off market, the sale of shares was made online on which STT has been duly paid. 3. The shares were held for approximately 18 to 20 months 4. […]
PCIT (Central) Vs Rashmi Rajesh Bafna (Gujarat High Court) Appeals Could Not Be Filed In High Court As Per CBDT Circular No. 23/2019 On Low Tax Effect Appeals If Review Application Before Tribunal Has Already Been Filed When Revenue Already Filed Rectification Application Before Tribunal For Review Of Order Which Has Been Dismissed Than Appeal […]
HDFC Bank Limited Vs Government of India (Patna High Court) In the case on hand what is noticeable that the statutory authority under Section 5 of the P.M.L.A., 2002 has not acted in accordance with the provisions of the enactment in question rather acted in defiance of the fundamental principles of judicial procedure and in […]
Reliance Globalcom Limited Vs DCIT (ITAT Mumbai) Conclusion: Standby Maintenance Charges received by assessee from TCL could not be assessed as FTS and was its “business income‟ that was taxable only to the extent of its reference to the “business connection” in India. Turnover (receipts) of Standby Maintenance Charges from TCL i.e attributable to the […]
Delhi Police Welfare and Recreational Club Fund vs. CIT (ITAT Delhi) We have gone through the record in the light of the submissions made on either side. Insofar as the nature of activity of promotion of welfare and recreational activities of the police personnel, by its nature, is concerned, Ld. CIT(E) does not dispute whether […]
Import of potatoes under Exim Code 07019000, is allowed from Bhutan without license upto 30th June, 2022 vide Notification No. 9/2015-2020 Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade New Delhi Notification No. 9/2015-2020 | Dated: 28th June, 2021 Subject: Amendment of import policy conditions for items […]
M. Ajit Kumar Chairman Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110001 Tel. No +91-11-23092849, Fax : +91-11-23092890 E-mail : ajit.m@gov.in D.O.No.75/CH(IC)/2020 Date: 28th June 2021 Dear Colleague Last week, the department participated in two virtual International Events organised by the World Customs […]
Co-operative banks are advised to conduct a self-assessment of their existing outsourcing arrangements and bring the same in line with Guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks within a period of six months from the date of issue of this circular.
In re Apar Industries Ltd. (GST AAAR Gujarat) Marine pressure tight cables and non-pressure tight cables manufactured and supplied by the applicant to the Indian Navy are essential and integral parts of the submarine warship and hence the benefit of reduced rate of GST of 5% is available to the appellant as per Sr. No. […]
