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Archive: 17 November 2021

Posts in 17 November 2021

ITAT confirms addition of unexplained cash deposited in bank account

November 17, 2021 3864 Views 0 comment Print

Shaheen Khan Vs ITO (ITAT Allahabad) Facts- The main sources of income of the assessee were from interest on FDRs, interest on saving bank account and interest income of his minor son and daughter. ROI of the assessee was processed by Revenue u/s 143(1) of the Act, and later on the case of the assessee […]

Reopening of assessment u/s 147 without tangible material is unsustainable in law

November 17, 2021 3756 Views 0 comment Print

Shujaat Ali Khan Vs ITO (ITAT Jaipur) Facts- Case of the assessee was reopened u/s 147 and notice u/s 148 was issued. The assessment U/s 143(3) r.w.s 147 was completed after making addition of Rs. 7,71,826/- being alleged undisclosed short-term capital gain on alleged sale of immovable property after invoking Section 50C of the Act. […]

Collection of cash handling charges from stamp vendors by SBI is illegal: HC

November 17, 2021 1704 Views 0 comment Print

HC held that is not proper on the part of State Bank of India to collect cash handling charges from the stamp vendors. Accordingly, the Second and Third Respondents have failed to establish that they have the authority to collect cash handling charges from the stamp vendors, who all are depositing money through Treasury Challans for purchase of stamps.

Import Export In India- IEC, Tax & Licenses Registration

November 17, 2021 4074 Views 1 comment Print

You will be very surprised to know that India is the 14th largest exporter of goods and services in the world. According to a recent report by the HSBC. India will be among the top 5 exporters by 2030. In last few years the Government of India is aggressively promoting the initiative of “Make in […]

Clarification on Preparation of Consolidated Financial Statement

November 17, 2021 5238 Views 0 comment Print

A subsidiary should be excluded from consolidation when: 1. control is intended to be temporary because the subsidiary is acquired and held exclusively with a view to its subsequent disposal in the near future; or 2. it operates under severe long-term restrictions which significantly impair its ability to transfer funds to the parent.

All About Small Company | Companies Act, 2013 | Section 2(85)

November 17, 2021 5709 Views 0 comment Print

All About Small Company The concept of small companies in India is relatively new. It was introduced by the Companies Act 2013 to support better facilitation of small businesses. Small Company – A private company is classified into a small company based on its size, i.e., paid-up share capital and turnover. In other words,such companies may be called […]

Why what and how of ITR ? read to know!

November 17, 2021 8202 Views 1 comment Print

It is often seen that ITR is a confusing concept. To begin with, ITR is an abbreviation for Income Tax Return. It is a form that an employee files for information about his/her income and tax. Every citizen in India is liable to pay a specific amount of tax. State and federal governments have amended […]

GST Rate Analysis Ice-cream parlours supplying manufactured ice creams

November 17, 2021 4875 Views 0 comment Print

Takeaway from 45th GST Council meeting (Ice-cream parlours supplying manufactured ice creams) Recently in the 45th GST council meeting, it has been recommended that “Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuant to the above meeting clarified that where ice cream parlours sell already manufactured ice cream and […]

Separate GST registration not required for selling goods directly from port of import before clearing it for home consumption

November 17, 2021 3093 Views 0 comment Print

Maharashtra Authority for Advance Ruling (MAAR) held that in a case where imported goods are sold and delivered directly from Container Freight Station (CFS) / Direct Port Delivery (DPD) to a state different from the state where assessee is registered, the assessee need not take a separate registration in that state.

Section 271(1)(c) penalty not sustainable if notice not specifies limb for levy of penalty

November 17, 2021 3492 Views 0 comment Print

It is a settled position of law that if notice under section 274 read with 271(1)(c) is not specific about the charge or limb under which penalty is being levied under section 271(1)(c) of the Act, then any penalty levied on the basis of such notice is bad in law and liable to be deleted.

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