"September, 2021" Archive

Enable filing of revised Form TRAN-1 by opening of portal: Madras HC

Bharat Electronics Limited Vs Commissioner of GST & Central Excise (Madras High Court)

Bharat Electronics Limited Vs Commissioner of GST & Central Excise (Madras High Court) Section 120A grants only one opportunity to the petitioner to rectify the Form TRAN-1 and there is, in my view, no basis for such restriction. In this case, the last dates for filing of TRAN-1, and seeking revision of the same are […]...

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GST Transitional credit: Rigid view should not be taken in procedural matters

Carlstahl Craftsman Enterprises Private Limited Vs Union of India (Madras High Court)

In the present case, the error is seen to be inadvertent, constituting a human error. The Revenue does not dispute this either. Moreover, the era of GST is nascent and I am of the view that a rigid view should not be taken in procedural matters such as the present one....

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Comparable having extraordinary financial event of M&A cannot be considered for TP analysis

Optiva India Technologies Private Limited Vs DCIT (ITAT Pune)

ITAT held that in case A comparable having an extraordinary financial event of Merger and Acquisition (M& A) during the year the same cannot be considered as functionally comparable for transfer pricing (TP) comparability analysis....

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No further income attributable to a PE in India, if PE been remunerated at ALP

Mobileum Inc Vs DCIT (ITAT Mumbai)

Mobileum Inc Vs DCIT (ITAT Mumbai) since transactions between the assessee and its AE have been found at arm’s length prices no further income chargeable to tax in India can be said to be attributable for the PE of the assessee. FULL TEXT OF THE ORDER OF ITAT MUMBAI This appeal by the Assessee is […]...

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SC Recalls Suo Motu Extension Of Limitation Period

In re Cognizance for Extension of limited (Supreme Court of India)

In re Cognizance for Extension of limited (Supreme Court) 1. Due to the outbreak of COVID-19 pandemic in March, 2020, this Court took Suo Motu cognizance of the difficulties that might be faced by the litigants in filing petitions/ applications/ suits/ appeals/ all other proceedings within the period of limitation prescribed under the gen...

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HC can exercise its writ jurisdiction even if alternate remedy exists if it involves question of law: SC

Magadh Sugar & Energy Ltd. Vs State of Bihar & Ors. (Supreme Court of India)

Magadh Sugar & Energy Ltd. Vs State of Bihar & Ors. (Supreme Court of India) Writ petitions were filed in the High Court challenging the levy. The writ petitions were dismissed on the ground that an alternative remedy of a statutory appeal was available. An appeal against these orders was filed before this Court. The […]...

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FEMA 1999: Govt appoints Regional Special Director (Appeals) to hear appeal against order of Adjudicating Authority

Notification No. S.O. 3958(E). 24/09/2021

FEMA 1999: Govt appoints Regional Special Director (Appeals) to hear appeal against order of Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 24th September, 2021 S.O. 3958(E).—In exercise of the powers conferred by sub-section (1) of section 17 of the Foreign Exchange Management Act, 1999 (...

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Income-tax (30th Amendment) Rules, 2021

Notification No. 117/2021-Income-Tax [G.S.R. 661(E)] 24/09/2021

(1) These rules may be called the Income-tax (30th Amendment) Rules, 2021. (2) They shall be deemed to have come into force from the 1st day of April, 2021....

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Anti-Dumping investigation on imports of Peroxosulphates (Persulphates)

Case No. (AD-OI-21/2020) 24/09/2021

Case No. (AD-OI-21/2020) Anti-Dumping investigation concerning imports of Peroxosulphates (Persulphates) originating in or exported from China PR and USA....

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Capital Gain – Meaning of Capital Assets & Transfer of Assets

Income Tax Act, is the only Act in which there are bound to change in Budget of Central Government, every year. We know that there are FIVE heads of Income under the Income Tax Act since so many years and accordingly income is to be calculated. These heads are as under: 1. Salary Income: Under […]...

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