"24 September 2021" Archive

ITAT deletes addition for alleged Bogus LTCG on Penny Stock

Shri Sanjay Singal Vs DCIT (ITAT Chandigarh)

Shri Sanjay Singal Vs DCIT (ITAT Chandigarh) Addition of Rs. 61.86 Crore in 9 Appeals on Account of Bogus Long Term Capital Gain U/S 10(38) Claimed Deleted on Facts of Alleged Penny Scrip of PIL (Praneta Industries Ltd) and Revenue Rule 29 Application Containing Fir Filed by ED Against Companies of Bhushan Group & Statement […]...

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Easing container availability for export cargo

Circular No. 21/2021-Customs 24/09/2021

As a temporary measure to ease containers available presently for export of containerised cargo and with aim of promoting export of laden marine containers, it is guided that, where the initial period of 6 months is till on or before 31.03.2022, the above provision of the Circular may also be applied on receiving intimation before expiry ...

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In absence of sufficient cause delay in filing of return cannot be condoned

Mr. C. Jegaveerapandian Vs ITO (ITAT Chennai)

For the condonation of the delay, the assessee has to show that there must be a sufficient cause to condone the delay. In this case, the assessee himself decided as per his affidavit not to go to his house knowingly that there must be an assessment order. No one is prevented the assessee to go to his house therefore, we are of the opinion...

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Section 54 exemption cannot be claimed on the basis of non-genuine agreement

Jayaseelan Vs ITO (ITAT Chennai)

Jayaseelan Vs ITO (ITAT Chennai) Shri Jayaseelan (the Appellant) has filed the current appeal being aggrieved against the order dated March 5, 2018 passed by the ld. Commissioner of Income Tax (Appeals) (the CIT(A)) for the assessment year 2014-15 wherein  the claim of the Appellant claiming benefit under section 54 of the Income Tax Act...

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Constitution of Group of Ministers (GoM) on GST System Reforms

Office Memorandum No. 31011/12/2021-DIR(NC) 24/09/2021

Group of Minister on GST System Reforms is constituted with following composition, subsuming the earlier GoMs on IT challenges and revenue mobilization:...

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Constitution of Group of Ministers (GoM) on GST Rate Rationalization

Office Memorandum No. S-31011/12/2021-DIR(NC) 24/09/2021

Council has decided to constitute a GoM to look into matters related to rate rationalization and correction of inverted duty structure. Accordingly, a Group of Ministers on Rate Rationalization is being constituted with following composition:...

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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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Supply of ‘Tertiary Treated water’ to NMC is ‘taxable supply’

In re Nagpur Waste Water Management Pvt Ltd (GST AAR Maharashtra)

In re Nagpur Waste Water Management Pvt Ltd (GST AAR Maharashtra) Question 1: – Whether the Royalty paid or payable by the applicant to Nagpur Municipal Corporation (NMC) for supplying ‘Tertiary Treated Water’ to Mahagenco, by treating the Sewage Water supplied by NMC is liable to tax under the GST Law? Answer: –...

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