"02 September 2021" Archive

HC upheld validity of section 148 notices issued between 01.04.2021 to 30.06.2021 without following section 148A procedure

Palak Khatuja Vs Union Of India (Chhattisgarh High Court)

Palak Khatuja Vs Union Of India (Chhattisgarh High Court) 1. The time for issuance of notice under Section 148, the end date was initially extended uptill on 30th day of April 2021 and subsequently again by notification dated 27th April, 2021 the time limit of 30th day of April 2021 was further extended up till […]...

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Section 10(46) exemption to ‘RERA, Panchkula’

Notification No. 100/2021-Income Tax [S.O. 3615(E)] 02/09/2021

Vide Notification No. 100/2021-Income Tax | Dated: 2nd September, 2021 CBDT notifies Tax Exemption under section 10(46) to Haryana Real Estate Regulatory Authority, Panchkula in respect of the specified income for Financial Years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL...

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CBDT notifies new Rule 26D, amends Rule 31 & 31A & 6 Forms

Notification No. 99/2021-Income-Tax [G.S.R. 612(E).] 02/09/2021

CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amended Rule 31 & 31A, Amended Form no. 12BBA, FORM NO. 16, FORM NO. 24Q, Form No.26QB, FORM NO. 26QC and Form No.26QD. Notification No. 99/2021 – (Income Tax) | 2nd September, 2021. MINISTRY OF FINANCE (De...

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CBDT notifies meaning of specified Bank for Section 194P

Notification No. 98/2021-Income-tax [S.O. 3595(E)] 02/09/2021

For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]...

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Bail Application got rejected of CA charged with creating fake firms to avail credit

Abhishek Singhal Vs Union of India (Rajasthan High Court)

This bail application filed on behalf of the petitioner deserves to be dismissed; for the reasons, firstly, the petitioner failed to appear before the Department while notices were issued to him, secondly, even after filing of complaint before the learned Trial court, he remained absconded for about one year and thirdly, the petitioner is...

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Depreciation on iPad chargeable at lower rates because it is not a computer

Kohinoor Indian Pvt. Ltd Vs ACIT (ITAT Amritsar)

Kohinoor Indian Pvt. Ltd Vs ACIT (ITAT Amritsar) M/S Kohinoor India Pvt. Ltd (Appellant) filed an appeal in the Appellate tribunal against the order dated March 14, 2017 passed by the Commissioner of Income tax (Appeals) (Respondent) in respect of assessment years 2012-13 and 2013-14, posing a question as to whether iPad falls under the [...

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Maximum time limit to avail ITC for financial year 2020-21

One of the main objects of GST Law is to avoid the cascading effect of taxes and to ensure seamless flow of credits whereas GST Law includes provisions, restricts admissibility of ITC of goods and/or services. Section 16(1) of the Central Goods and Services Tax, 2017 (CGST Act, 2017) provides provision regarding availment of credit [&hell...

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Posted Under: Income Tax |

Economy And GST Developments

On a brighter note, it is a official statement that Indians economy has grown fastest in Q 1 of current fiscal due to strong comeback of manufacturing and construction sectors. GDP has grown @ 20.1% in Q1 of 2021-22 benefiting from 24.4% decline in Q1 of previous year. The manufacturing sector expanded by 49.6% and […]...

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Posted Under: Income Tax |

CARO- 2020 is applicable for the financial year 2021-22 onwards

As per Ministry of Corporate Affairs (MCA) Order dated 25th February, 2020, CARO 2020 was applicable for the financial year 2019-20 onwards. It was subsequently amended vide its order dated 24th March, 2020 for the deferment of CARO 2020 from financial year 2019-20 to 2020-21. MCA has further deferred the applicability of CARO 2020 from [...

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Posted Under: Income Tax |

Sanctioned Refund cannot be considered as “erroneous”

RNB Carbides & Ferro Alloys Private Limited Vs Commissioner of Central Excise (CESTAT Kolkata)

RNB Carbides & Ferro Alloys Private Limited Vs Commissioner of Central Excise (CESTAT Kolkata) Current appeal has been filed against Order-in-Appeal No.29/SH/CE(A)/GHY/09 dated December 18, 2009 (OIA), wherein the revenue after scrutinizing the M/s. RNB Carbides & Ferro Alloys Private Limited (Appellants) accounts book held that t...

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