"01 August 2021" Archive

E-assessment- Personal hearing & Principles of Natural Justice

Civitech Developers Private Limited Vs National E-Assessment Centre (Delhi High Court)

Civitech Developers Private Limited Vs National E-Assessment Centre (Delhi High Court) Personal hearing, if prayed, should be allowed else E-assessment order vitiates for non compliance of statutory provisions & Principles of Natural Justice The scheme of faceless E- Assessment provides for personal hearing in certain circumstances. I...

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GST on second hand Jewellery

Recently,  the Karnataka bench of AAR has passed a very important ruling on Second-hand gold jewellery and it has been noticed by many experts that’s, this is going to give a significant impact on the industry. The Karnataka AAR has passed a ruling in case of an application filed by the Aadhya Gold Private Limited […]...

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Posted Under: Income Tax |

No need for cause & effect relationship for claiming expenditure u/s 37(1)

M/s. Vijaya Bank Employees Housing Co-operative Society Ltd. Vs ACIT (ITAT Bangalore)

M/s. Vijaya Bank Employees Housing Co-operative Society Ltd. Vs ACIT (ITAT Bangalore) Conclusion: In present facts of the case it was observed by the Hon’ble Bench that where a deduction is necessary in order to ascertain the profits and gains, such deductions should be allowed. Profits should be computed after deducting the expense...

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Section 9B of Income Tax Act, 1961

Overview of Section 9B Section 9B of the Income Tax Act, 1961 has been inserted vide Finance Act, 2021. It provides for taxation of Income on receipt of capital asset or stock in trade by the specified person from the specified entity. The section creates a deeming fiction that whenever there is a transfer by a specified entity to [&h...

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Posted Under: Income Tax |

Input Tax Credit – Restriction on ITC Utilisation in Electronic Credit Ledger

The Central Board of Indirect Taxes and Customs (CBIC) vide notification number 94/2020 dated 22nd December, 2020 has introduced new rule 86B. Rule 86B is gets effective from 1st day of January 2021. As per new Rule 86B ITC has reduced from 10% to 5% of eligible ITC if ITC to be availed in respect of […]...

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Posted Under: Income Tax |

Mere filing of voluminous correspondence, reports etc. not a proper compliance

M/s. Exide Life Insurance Company Ltd. Vs ACIT (ITAT Bangalore)

M/s. Exide Life Insurance Company Ltd. Vs ACIT (ITAT Bangalore) The assessee has in the present case filed material before the TPO to demonstrate the nature of services rendered. In the paper book filed before us the index of the paper book gives a description of the service. We are of the view that the […]...

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Section 194LA TDS not attracted if it is not possible to quantify value in monetary terms

Chief Accounts Officer Vs ITO (ITAT Bangalore)

Chief Accounts Officer Vs ITO (ITAT Bangalore) Provisions of section 194LA of the Act would apply only in the case of a compulsory acquisition and not to a case where lands were surrendered by land owners under section 14B of KTCP Act. Hon’ble High Court also held that since BBMP is not paying consideration for […]...

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Succession Planning ‘The Pressing Necessity’ in times of Pandemic

The ongoing Covid-19 pandemic has left all of us in a situation of uncertainty, fear, trauma, helplessness and our businesses at the verge of collapsing. Folks have been at the receiving end on both Personal and Professional front, tales of children losing both their parents, founders of companies passing away have become a common norm [&...

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Posted Under: Income Tax |

Personal Information not related to public activity/interest cannot be disclosed under RTI Act

Har Krishan Vs President Secretariatt (Delhi High Court)

Har Krishan Vs President Secretariatt (Delhi High Court) This Court is of the opinion that whenever information is sought under the RTI Act, disclosure of an interest in the information sought would be necessary to establish the bonafides of the applicant. Non-disclosure of the same could result in injustice to several other affected pers...

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शेयर बाजार में क्या फर्जी निवेशक

शेयर बाजार में बढ़ता खुदरा निवेशक- कितना सही और कितना फर्जी? जिस तेजी से खुदरा निवेशक शेयर बाजार में बढ़ रहे हैं, विरोधाभास बढ़ता ह...

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Posted Under: Income Tax |

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