"04 July 2021" Archive

Electronic credit ledger cannot be blocked for any period in excess of one year

M/s Vimal Petrothin Private Limited. Vs Commissioner, CGST and others (Uttarakhand High Court)

M/s Vimal Petrothin Private Limited. Vs Commissioner, CGST and others (Uttarakhand High Court) Petitioner’s electronic credit ledger cannot be blocked for any period in excess of one year, in view of express provision contained in Sub-Rule (3) of Rule 86(A) of C.G.S. T. Rules. Thus, he submits that petitioner’s contention to this exte...

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Issues about FCRA amendment 2020 regarding SBI account Delhi

ISSUES ARISING DUE TO AMENDMENTS IN FCRA REQUIRING ALL FCRA TRUST TO FIRST DEPOSIT FOREIGN CONTRIBUTION TO SBI ACCOUNT DELHI DESIGNATED FRO THE PURPOSE: Under the FCR Amendment Act 2020, all the FCRA registered organizations have to receive foreign contributions first in specified branch of State Bank of India in New Delhi. The foreign co...

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No section 68 addition if assessee discharges burden put upon it

Kruti Organisers P. Ltd. Vs ITO (ITAT Ahmedabad)

In balance sheet of assessee credit balance of lenders had been shown at Rs. 49 lacs and Rs. 13 lacs and details of accounts along with confirmation, addresses and PAN of lenders were furnished before AO for verification. Even assessee had furnished copy of assessment orders passed in case of lender for the relevant year for verification....

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Direct & Indirect Tax Updates June 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or sectio...

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AO cannot be solely guided by proposal given by Enforcement Wing Officers

M/s Jain Granites and Projects Pvt. Ltd. Vs Assistant Commissioner (CT) (Madras High Court)

M/s Jain Granites and Projects Pvt. Ltd. Vs Assistant Commissioner (CT) (Madras High Court) Assessing Officer cannot be solely guided by the proposal given by the Enforcement Wing Officers and that the Assessing Officer has to independently consider the same, without being influenced by such proposals of the higher officials. Some of the ...

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Appeal before ITAT cannot continue for or against a dead person unless revised form 36 is filed

ACIT Vs Chironji Lal Shivhare (ITAT Agra)

ACIT Vs Chironji Lal Shivhare (ITAT Agra) During the course of hearing on 23/2/2021 it was informed by the Ld.AR for the assessee that the assessee has expired in the month of November 2020, therefore he will not be able to argue the matter and sought time to bring on record the Legal Heirs, death […]...

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Section-194Q TDS on Purchase of Goods with Some Burning Issues Clarifications

SECTION-194Q-TDS ON PAYMENT OF CERTAIN SUM FOR PURCHASE OF GOODS Section 194Q was inserted by the Act No. 13 of 2021, w.e.f. 1-7-2021 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s see in detail how the whole provisions of this section works, its applicability & other burning issues. ...

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Section 194DA TDS on Payment in respect of Life Insurance Policy

 1) Who is responsible to deduct tax under section 194DA of Income Tax Act, 1961? Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under section 10(10D), shall […]...

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Section 194D TDS on Insurance Commission- Analysis

1) Who is responsible to deduct tax under section 194D of Income Tax Act, 1961? The tax must be deducted by the entity that makes the payment to the resident person, as remuneration/ rewards, by the way of commission or for the following purposes: ♦ Soliciting or obtaining insurance business ♦ Continuance, renewal or revival […...

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Admissibility of credit has to be considered at the time of receipt of input service

Shanti Construction Co Vs C.C.E. & S.T.-Rajkot (CESTAT Ahmedabad)

Shanti Construction Co Vs C.C.E. & S.T.-Rajkot (CESTAT Ahmedabad) Held: The brief facts of the case are that during the period 01.04.2015 to 29.02.2016 the appellants have provided works contract service to various Government Departments. The appellant have also availed the input services in the nature of works contract service from v...

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