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Archive: 11 August 2021

Posts in 11 August 2021

Activity of re-gasification of LNG owned customers, amounts to rendering of service by job work

August 11, 2021 3141 Views 0 comment Print

AAR held that, assessee’s activity of re-gasification of LNG owned by its customers, amounts to rendering of service by Job Work and leviable to GST @ 12%.

CBDT notifies new Rule 10RB and FORM No. 3CEEA

August 11, 2021 5238 Views 0 comment Print

Vide Notification No. 92/2021-Income Tax | Dated: 10th August, 2021 CBDT notifies New 10RB. Relief in tax payable under sub-section (1) of section 115JB due to operation of sub­section (2D) of section 115JB and  FORM No 3CEEA. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 92/2021-Income Tax | […]

Section 43B not attracted on issue of debentures in lieu of interest: SC

August 11, 2021 6942 Views 0 comment Print

M.M. Aqua Technologies Ltd. Vs CIT (Supreme Court of India) In the return filed by it, the Appellant claimed a deduction of Rs.2,84,71,384/- under Section 43B based on the issue of debentures in lieu of interest accrued and payable to financial institutions. By an order dated 29th October, 1998, the Assessing Officer rejected the Appellant’s […]

Provision of section 43B not applicable to ground rent

August 11, 2021 2262 Views 0 comment Print

Ajay Enterprises Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground raised by the assessee in this appeal pertains to disallowance of Rs. 10,47,025/- incurred by the assessee during the year as ground rent on lease hold properties to L& DO. According to the AO this amount is not allowable u/s 43B of the Income […]

Penalty on banks if Cash-out at any ATM of more than ten hours

August 11, 2021 14055 Views 4 comments Print

RBI has provided that Cash-out at any ATM of more than ten hours in a month will attract a flat penalty of ₹ 10,000/- per ATM with effect from 1st October 2021. RESERVE BANK OF INDIA RBI/2021-22/84 DCM (RMMT) No.S153/11.01.01/2021-22 August 10, 2021 The Chairman / Managing Director & CEO All Banks Dear Sir / […]

18% GST payable on Diesel as part of a Composite Service

August 11, 2021 9345 Views 0 comment Print

Applicant has sought an advance ruling on applicability of Goods and Services Tax (GST) on cost of the diesel incurred in the form of reimbursements for running Diesel Generator (DG) Set in the course of providing DG Rental Service

ALP & Resultant excess profit to be treated as deemed income under ‘other sources’: HC

August 11, 2021 1353 Views 0 comment Print

Since there was close association between the seller and the buyer and their ‘arranged’ pricing were adequately substantiated by TPO / AO / CIT(A), therefore, that part of the CIT(A)’s order was upheld which confirmed in toto AO ‘s order as regards the ALP and the resultant excess profit to be treated as deemed income under ‘other sources’.

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