"05 October 2021" Archive

CBIC instruction on Submission of Intimation of Arrest Report under Customs

Instruction No. 21/2021-Customs 05/10/2021

i. Besides intimating to the Zonal Member concerned, arrest reports shall also be intimated to the Member (Investigation). Further, I am directed to reiterate that: ii. A monthly report of all persons arrested in the Zone shall be sent by the Chief Commissioner to the Principal Director General/ Director General of Revenue Intelligence...

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AO cannot estimate GP rate without rejection of books & without showing defects

Sanjay Agrawal Vs DCIT (ITAT Raipur)

Sanjay Agrawal Vs DCIT (ITAT Raipur) There are large number of decisions which say in unison that AO cannot estimate gross profit rate without rejection of books and without showing defects. In CIT v. Paradise Holidays [2010] 325 ITR 13 (Delhi), the hon’ble Delhi High Court has held that if accounts which are regularly maintained [&...

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Deduction of Interest waived under OTS Scheme

DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai)

DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai) we are of the considered view that as the assessee as per the terms and conditions of the OTS had during the year under consideration made a payment of interest of Rs.1,91,19,083/- to GIIC out of the interest of Rs.3,23,84,509/- (supra) that was disallowed u/s 43B in the […]...

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No disallowance under rule 8D(2)(ii) RW section 14A if interest free funds exceeds investment

Nashik Road Deolali Vyapari Sahakari Bank Ltd. Vs ACIT (ITAT Pune)

When the funds available to the assessee both interest free and interest bearing loans, there shall be a presumption that the investments made would be out of the interest free funds available with the assessee, provided the interest free funds were sufficient to meet the investments which means that when the interest free funds are avail...

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Expense on Land Acquisition etc for executing border outpost work for MHA is Revenue Expense

ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi)

ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi) Executed border outpost work for the Ministry of Home Affairs and has incurred the expenditure on land acquisition, compensation, service connection charges and miscellaneous expenditure are revenue in nature As per work order (MOU) the assessee was required to acquire t...

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Applicability of Change in GST Rates of Various Services

The CBIC vide Notification No. 06/2021 Central Tax (Rate) dated September 30, 2021 has further amended Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017 , as under- 1. Section 12AB shall be put in addition to 12AA, wherever mentioned in the notification dated 28th June, 2017; 2. A rationalized rate of 18% shall be charged...

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Posted Under: Custom Duty |

Minimum guarantee amount paid by distributor for acquiring exhibition rights of a movie is not Royalty & TDS not deductible

ACIT Vs Yashovardhan Tyagi (ITAT Delhi)

ACIT Vs Yashovardhan Tyagi (ITAT Delhi) Clause (v) of Explanation 2 to Section 9(1) consists of two different transactions, one inclusive another non-inclusive. The inclusive part consists of the transfer of all or any rights (including the granting of a licence) in respect of any copyright, literary, artistic or scientific work including...

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Levy of service tax on TDS portion borne by appellant not sustainable

Indian Additives Ltd. Vs Commissioner of GST (CESTAT Chennai)

The issue to be decided is whether the levy of service tax on the TDS portion borne by the appellant is legal and proper. The issue stands decided by the order of the Tribunal in the appellant’s own case for a different period....

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GST Compliance Calendar Oct 21 & important legal developments

1. Circulars or Clarifications 1.1. Amount of CGST, SGST, or IGST wrongly paid for Intra-State or Inter-State shall be Refunded within 2 years, clarifies CBIC (Circular No. 162/18/2021-GST; Dated 25th Sep 2021) The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed before the expiry of two years […]...

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Posted Under: Custom Duty |

A change of opinion cannot be the basis of reopening the completed assessment

JRS Pharma and Gujarat Microwax Private Limited Vs DCIT (Gujarat High Court)

JRS Pharma and Gujarat Microwax Private Limited Vs DCIT (Gujarat High Court) Question of law: whether the revenue is justified in reopening the assessment for the year under consideration? Writ application filed before the Hon’ble HC of Gujrat challenging notice u/s 148 of the Income Tax Act, 1961 for reopening the assessment for AY 201...

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