"28 August 2021" Archive - Page 4

Terminology used in respect of Agriculture Lands

KHASRA – Khasra means annual village register showing the possession of the land as a cultivator. A khasra is normally a field book containing a list of the tenants in occupation of Agriculture land and it is not one of the registers which are included in the record of rights which carries with it a […]...

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Posted Under: Corporate Law |

Income Tax Department conducts searches in Visakhapatnam

The Income Tax Department carried out search and seizure operation on 25.08.2021 on a group based in Visakhapatnam at 17 different premises across Andhra Pradesh, Chhattisgarh, Nagpur and Kolkata. The group entities are engaged in extraction of vegetable oils, mining of manganese ore, and manufacturing of ferro alloys....

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Posted Under: Corporate Law |

Income Tax Department conducts searches in Rajkot

The Income Tax Department carried out a search and seizure operation on 24.08.2021 on a group based in Rajkot. The group is among Gujarat’s prominent real estate builders & developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the operation...

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Posted Under: Corporate Law |

Section 14A disallowance based on invalid satisfaction not sustainable

HCL Comnet Ltd. Vs DCIT (ITAT Delhi)

HCL Comnet Ltd. Vs DCIT (ITAT Delhi) It is settled principle of law that generic dissatisfaction as to the correctness of the claim of the assessee without assigning any reason is not a valid satisfaction which is mandatory under section 14A(2) of the Act, as has been held by Hon’ble Supreme Court in case of […]...

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ITC under GST – Conditions for availment

ITC─Conditions for availment S.16(2) stipulates 4 conditions for taking ITC as under; (a) Possession of tax invoice or debit note; (b) Receipt of goods or services; (c) Payment of tax in cash or through utilization of admissible ITC; (d) Filing of Return u/s 39. This clause starts with non obstante words, viz., “Notwithstanding anythi...

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Posted Under: Corporate Law |

Orissa HC stays section 148 notice issued in violation of section 148A

Charana Panda (HUF) Vs ITO (Orissa High Court)

Charana Panda (HUF) Vs ITO (Orissa High Court) 1. The Petitioner contends that there is violation of Section 148-A of the Income Tax Act, 1961 (‘Act’) and also that the proceedings are time barred. The competency of the officer who issued notice under Section 148 of the Act is also questioned. 2. Issue notice. 3. […]...

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