"12 October 2021" Archive

Allotment of Flat to Sourav Ganguly was quashed as no one above Law

Humanity, Salt Lake &

The allotment of a plot by the West Bengal Housing Infrastructure Development Corporation (HIDCO) to former cricketer and current BCCI President Sourav Ganguly for the purpose of establishing an educational institution was quashed as no one could claim to be exclusive, above the law and sought benefits from the State, especially when ques...

Read More

Base Oil SN50 cannot be reclassified as HSD in absence of conclusive evidence

Rajkamal Industrial Pvt Ltd Vs C.C.-Kandla (CESTAT Ahmedabad)

Base oil SN50 could not be classifiable as High-Speed Diesel (HSD) in absence of any conclusive evidence to hold that the imported product was only HSD and it could be used as Automotive Fuel, the imported base oil in question could not be reclassified as HSD....

Read More

Income Tax Department searches 3 major contractors in Bengaluru

The Income Tax Department carried out search and seizure operations in the case of three major contractors based out of Bengaluru engaged in the execution of irrigation and highway projects. The searches commenced on 07.10.2021 have been carried out at 47 premises spread across 4 states....

Read More
Posted Under: Corporate Law |

S. 153A Addition based on mere Statement of One Dummy Director not sustainable

DCIT Vs Frost Falcon Distilleries Ltd. (ITAT Delhi)

Action of the Ld. CIT(A) in confirming the addition of Rs.75 lakhs on the basis of sole statement of one dummy director, recorded during the survey action in case of that company, without confronting the same to the assessee, cannot be held to be justified....

Read More

General spray purpose Aaerosol valves merits classification under heading 8424

In Re Spraytec India Ltd (CAAR Delhi)

In Re Spraytec India Ltd (CAAR Delhi) Product in question is a component of spray mechanism, capable of spraying fluid (aerosol) from a bottle/container. Therefore, I am of the considered opinion that goods in question can also be mounted on bottle/can of Scent spray for delivery of Scent/perfume which can be containerized under pressure....

Read More

Demand cannot be enforced by Revenue if refunds are due & substantial issues are covered in favour of Taxpayer

Samsung India Electronics Pvt. Ltd. Vs Additional CIT National E-Assessment Centre (ITAT Delhi)

Samsung India Electronics Pvt. Ltd. Vs Additional CIT National E-Assessment Centre (ITAT Delhi) From the report of the Assessing Officer as well as the clarification given by the ld. counsel it is seen that there are a huge refunds which are due to the assessee and as per the report of the Assessing Officer, substantial […]...

Read More

A comparable cannot be rejected merely for extremely high/low margin compared to peers

JCIT Vs Amway India Enterprises Pvt. Ltd. (ITAT Delhi)

JCIT Vs Amway India Enterprises Pvt. Ltd. (ITAT Delhi) A comparable should not be rejected simply on the ground that is margin is extremely high (or low) in relative comparison to the data pertaining to its peers. It is specifically observed by the CIT(A) that the rejection of the two comparables by the TPO, are […]...

Read More

An understanding of Private Companies as per Companies Act, 2013

Private Company means: Sec 2(68) defined Private Company as a Company having a minimum paid up share capital, as may be prescribed and which by its articles: a) restricts the rights to transfer its shares if any; b) limit the number of member to 200, not including:- i) persons who are in the employment of […]...

Read More
Posted Under: Corporate Law |

GST on Manufacturer of Alcoholic Liquor on Job Work Basis

The 45th meeting of the GST Council was held on 17th September, 2021 in physical mode at Lucknow. The GST Council took various decisions inter alia, including exemptions, rate rationalization, extension of relaxations to Covid supplies, exports, ITC, debit notes, late fees, inclusion of some goods / services in tax net and so on. The [&he...

Read More
Posted Under: Corporate Law |

ICRICT Open letter to G20 Heads of State and Government

Eight years ago, you mandated the OECD to address corporate tax avoidance by multinationals, which cost countries at least $240 billion a year in lost fiscal revenues. After years of negotiations including 140 countries, the agreement announced last Friday shows that it is finally possible to change a system that was built one hundred yea...

Read More
Posted Under: Corporate Law |

Search Posts by Date

July 2022