"21 September 2021" Archive

Summary of 3 GST Circulars issued on 20.09.2021

Various circulars have been issued by the CBIC today to in line with the recommendations of the 45th GST Council meeting. Synopsis of the same is as follows: ♦ Circular No. 159/15/2021-GST Dated: 20th September 2021: Clarification has been provided on doubts related to scope of “intermediary” as per Sec 2(13) of IGST Act. Primary [&...

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MahaRERA: SOP for deletion of projects from list of lapsed projects

Order No. 24/2021 21/09/2021

MahaRERA has so far registered 30668 projects, out of which 7214 projects are completed. It is seen that 3371 projects have expired and Promoters have not applied for extension of the project date nor uploaded the Form 4....

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Court rejects bail plea of Ambience group’s promoter in Rs 800 crore fraud case

In Directorate of Enforcement v. Raj Singh Gehlot [ECIR/14/HQ-STF/2019 dated September 10, 2021], Raj Singh Gehlot (the Applicant) moved a bail application for grant of regular bail but the bail plea was dismissed by Hon’ble Patiala House Court. In this case the Hon’ble Patiala House Court dismissed the bail plea of Applicant, the own...

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Allowed deduction of business loss including amount paid as managerial remuneration on account of it being business expenses

Universal Buildrise Private Limited Vs ITO (ITAT Delhi)

Universal Buildrise Private Limited Vs ITO (ITAT Delhi)  M/S. Universal Buildrise Private Limited (Appellant) filed an appeal against Order dated September 30, 2019 of the Ld. CIT(A)-9, New Delhi, relating to the Assessment Year (AY) 2016-2017. The Appellant filed its return of income declaring loss and paid taxes on book profit under Mi...

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Mere time gap between withdrawals & deposits can’t be reason for alleging undisclosed income

Smt. Krishna Agarwal Vs ITO (ITAT Jodhpur)

Jodhpur Bench held that mere time gap between withdrawals and deposits cannot be a sole basis for rejecting the explanation of the Appellant as there was no material that amount so withdrawn had been utilized somewhere else. The Court believed that the explanation by the Appellant was reasonable and therefore, directed that the addition s...

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Analysis of Income Tax Due date & UDIN Upload time extension

Analysis of last dates of filling in lieu of extensions granted by I-Tax authorities & UDIN uploading by ICAI without any extension by MCA. 1. CBDT in lieu of non-proper working of I-Tax portal granted extension in filling of Income Tax Returns vide circular no 17/2021 dated 9th Sept 2021. Please note this is the […]...

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Section 148 notice invalid for reassessment initiated based on incriminating material

City Life Projects Pvt Ltd. Vs ITO (ITAT Delhi)

On the basis of incriminating material found, once reassessment proceedings was initiated on the basis of incriminating material found in the search of 3rd party then the provisions of section 153C of the I.T. Act were applicable which exclude the application of section 147 and 148 of the I.T. Act and notice u/s. 148 of the Act and procee...

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Deciphering the scope of ‘goods’ – A labyrinthine task!

The scope and ambit of ‘goods’ has always been a contentious issue from a taxation perspective. Tax policies in India have witnessed an evolution of diverse taxes levied on the acts of production, manufacture, sale, lease and transfer of ‘goods’. Thus, situations where one has had to contend with the question of whether an article...

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Section 153C notice issued to a dead person, is unenforceable in law

Late Bhupendra Bhikhalal Desai (Since Decd.) Through Legal Heir Raju Bhupendra Desai Vs ITO (Gujarat High Court)

Late Bhupendra Bhikhalal Desai (Since Decd.) Through Legal Heir Raju Bhupendra Desai Vs ITO (Gujarat High Court) The only proposition of law that is applicable in the present litigation is that a notice, be it under Section 148 of the Act or Section 153C of the Act, issued to a dead person, is unenforceable in […]...

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Clarification relating to Export of Services | Section 2(6)(v) | IGST Act 2017

Analysis of Circular No. 161/17/2021-GST: Clarification Relating to Export of Services-Condition (v) of Section 2(6) of the IGST Act 2017 Question: whether the supply of service by a subsidiary/ sister concern/ group concern, etc. of a foreign company in India, which is incorporated under the laws in India, to the foreign company incorpor...

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July 2022