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Archive: 16 August 2021

Posts in 16 August 2021

Interplay of Sec 44AA, 44AB and 44AD of Income Tax Act,1961

August 16, 2021 44703 Views 3 comments Print

Section 44AB of the income-tax Act, 1961, which provides for tax audit of certain taxpayers, has been amended in the recent past in order to relax the compliance burden on small taxpayers. However, while these amendments are well-intentioned, they have increased confusion amongst taxpayers. We know that there are various monetary limits u/s Sec 44AA , […]

Depreciation on Tenancy Rights allowable under the Income Tax Act

August 16, 2021 2520 Views 0 comment Print

Premier Book Company Vs Addl. CIT (ITAT Delhi) M/s Premier Book Company (Appellant) has filed the current appeal challenging the order by the Commissioner of Income Tax (Appeals) (CIT(A)) dated June 03, 2016 pertaining to Assessment Year (A.Y) 2010-11, which upheld the disallowance of depreciation on tenancy rights. The Assessing Officers disallowed the claim under […]

Key decisions of Supreme Court for week ending 15 August 2021

August 16, 2021 2631 Views 0 comment Print

My summary of some key decisions of the Hon’ble Supreme Court of India has been provided below. Criminal law Quashing order under Section 482 CrPC may be set aside for failure to consider material collected during investigation/inquiry and statements recorded by IO In the case of Kaptan Singh v. State of Uttar Pradesh & Ors. […]

DGGI, Hyderabad detect and recover Rs. 79.66 crore of ITC availed

August 16, 2021 948 Views 0 comment Print

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 : D.O. No. 83/CH(IC)/2020 Date: 16th August 2021 Dear Colleague The week that went by, culminated on a festive note with all formations […]

Amount deposited in PLA account not become duty or tax unless appropriated

August 16, 2021 3567 Views 0 comment Print

WMW Metal Fabrics Limited Vs Commissioner, CGST (CESTAT Delhi) There is a distinction between the amount appropriated towards duty and amount deposited for payment of a duty. In a former case duty which has been levied and paid subsequently becomes the property of the Government and no person would be entitled to get it back […]

SEBI issues Directions to NCDEX regarding trading in Chana

August 16, 2021 309 Views 0 comment Print

Securities and Exchange Board of India  Press Releases No. 25/2021 SEBI issues Directions to NCDEX regarding trading in Chana SEBI has issued the following directions to National Commodity & Derivatives Exchange Limited (NCDEX), in respect of trading in Chana contracts: 1. No new Chana contract shall be launched till further orders. 2. In respect of […]

Pr. Commissioners of Customs can decide amount of security required in certain cases of provisional assessments

August 16, 2021 2484 Views 0 comment Print

Amendment in Circular no. 38/2016-Customs with the insertion of a new entry 5(d) to enable Pr. Commissioners/Commissioners of Customs to decide the amount of security required in certain cases of provisional assessments – reg. Circular No. 19/2021-Customs F. No. 15021/10/2020-ICD-CBEC Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and […]

Amendment in Export Policy of COVID-19 Rapid Antigen testing kits

August 16, 2021 1038 Views 0 comment Print

The export of COVID-19 Rapid Antigen testing kits falling under the ITC (HS) Codes specified above or falling under any other HS Code has been put under Restricted category, with immediate effect.

Free medicine samples given to physicians by pharma companies, cannot be treated as freebies

August 16, 2021 4032 Views 0 comment Print

ACIT Vs Solvay Pharma India Ltd (ITAT Mumbai) We observe that the CBDT Circular dated 1-8-2012 (supra) in its clarification has enlarged the scope and applicability of ‘Indian Medical Council Regulation 2002’ by making it applicable to the pharmaceutical companies or allied health care sector industries. Such an enlargement of scope of MCI regulation to […]

Fast Track CCI Investigation of Amazon & Flipkart

August 16, 2021 348 Views 0 comment Print

Confederation of All India Traders requested Minister of Commerce and Industry Shri Piyush Goyal to direct Competition Commission of India to conduct investigation against Amazon & Flipkart at fast track mode to meet ends of justice. Confederation of All India Traders “Vyapar Bhawan 925/1, Naiwala, Karol Bagh, New Delhi- 110005. phone: +91-11-45032664, Telefax: +91-11-45032664′ Email: […]

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