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Archive: 12 October 2021

Posts in 12 October 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7059 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

October 12, 2021 1596 Views 0 comment Print

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 question arose for allotment of plots for commercial ventures.

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

October 12, 2021 2751 Views 0 comment Print

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.

Income Tax Department searches 3 major contractors in Bengaluru

October 12, 2021 765 Views 0 comment Print

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.

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

October 12, 2021 2004 Views 0 comment Print

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.

General spray purpose Aaerosol valves merits classification under heading 8424

October 12, 2021 1656 Views 0 comment Print

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. Thus, […]

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

October 12, 2021 1761 Views 0 comment Print

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 […]

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

October 12, 2021 855 Views 0 comment Print

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 […]

An understanding of Private Companies as per Companies Act, 2013

October 12, 2021 54630 Views 0 comment Print

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 […]

GST on Manufacturer of Alcoholic Liquor on Job Work Basis

October 12, 2021 14679 Views 3 comments Print

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 […]

ICRICT Open letter to G20 Heads of State and Government

October 12, 2021 678 Views 0 comment Print

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 years ago.

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