Internal Comparable Uncontrolled Price Method (CUP) to be preferred as the Most Appropriate Method over External CUP, where direct internal comparable price is available.
As the persons are coming forward and showing keen interest to settle the issues it is requested that time extension i.e. till 31′ December, 2021 may kindly be approved. It will not only for the benefit of the business community but it also it will be good for the department to settle the long pending issues may of 25-30 years old.
This is to inform you that the Ministry of Corporate Affairs (Registrar of Companies of various States) vide its Order dated 23.09.2021 has extended the timeline to conduct Annual General Meeting (AGM) of the Companies by two months beyond the due date within which the companies ought to have conducted their AGM for the FY 2020-21 ended on 31.03.2021.
The figures of Direct Tax collections for the Financial Year 2021-22, as on 22.09.2021 show that net collections are at Rs. 5,70,568 crore, compared to Rs. 3,27,174 crore in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%.
The above Amnesty Scheme 2021 is valid up to 30.09.2021. In this regard it is submitted that there are so many rectification application for mismatch of ITC are also pending with the Commercial Taxes Deptt. Level which are to be disposed off and due to this the dealers are not able to avail the benefit of the Amnesty Scheme.
