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Archive: 17 November 2021

Posts in 17 November 2021

CGST Officials unearth ITC fraud of around Rs 34 crore involving 7 firms

November 17, 2021 663 Views 0 comment Print

CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices […]

Taxability of Interest on Compensation Awarded by MACT (Motor Tribunal)

November 17, 2021 8064 Views 0 comment Print

Rupesh Rashmikant Shah v. UOI (2019) 417 ITR 169 / 182 DTR 203 / 310 CTR 826 / 266 Taxman 474 (Bom.)(HC) Sub: Whether Compensation awarded by Motor Accident Claims Tribunal – Interest on compensation awarded up to date of order of Tribunal or Court is taxable . FACTS OF THE CASE: Petitioner when he […]

Role of Women Director as Independent Director

November 17, 2021 28365 Views 1 comment Print

If we are a shareholder in a company, would we want that company to do well? We would want a higher return on equity or would we like a bigger market capitalisation? Would we want all this at lesser risk, and as a bonus would we also like the company to face fewer governance issues?

Section 54F(1) of Income Tax Act, 1961 with amendment from AY 2015-16

November 17, 2021 7842 Views 0 comment Print

Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a […]

Comments & Response on NFRA Consultation Paper on Statutory Audit & Auditing Standards for MSMCs

November 17, 2021 684 Views 0 comment Print

NFRA Chairman can be Part Time in terms of Companies Act (CA with a Minimum Audit Experience of more than 25 years) It is important to ensure that only CAs with Audit experience of more than 10 years should be considered for nomination for any part-time or full-time members role in NFRA, except Ex-Officio Members.

Adjudication of disputed claims under IBC

November 17, 2021 9090 Views 0 comment Print

The Insolvency and Bankruptcy Code, 2016 (IBC) is silent on determining a mechanism for adjudication of disputed claims. There is no provision regarding the appropriate authority which would exercise adjudicatory functions to adjudicate the disputed claims. Whether Adjudicating Authority would be an Adjudicator of disputed claim is not clear under IBC. Section 60(5) of the […]

Form 3CA/3CB /3CD Upload Process A.Y. 21-22 on New Income Tax Portal

November 17, 2021 111774 Views 16 comments Print

PREREQUISITES 1. TAX AUDIT REPORT READY WITH ALL ANNEXURES 2. SCANNED – SIGNED BS PL 3. CLIENT DSC ( check not expired)( In case of P.firm /LLP/ Company , You need Login ID Password of Authorized Signatory as well for register DSC of such Authorized Signatory) (One time exercise) 4. CA DSC (You need to […]

Income Tax Dept conducts searches in Andhra Pradesh & Telangana

November 17, 2021 402 Views 0 comment Print

The Income Tax Department carried out search and seizure operations on 10.11.2021 on three different groups at 30 different premises in Visakhapatnam, Hyderabad, Vizianagaram and Srikakulam. These groups are mainly engaged in real estate business of development of residential plots and construction of apartments.

Income Tax search in Pune – Unaccounted income of Rs. 120 crore Detected

November 17, 2021 705 Views 0 comment Print

Income Tax Department conducts searches in Pune The Income Tax Department carried out a search and seizure operation on 11.11.2021 on a group at Pune which is engaged in manufacturing of heavy machinery like excavators, cranes, concrete machinery which are used in mining, piling and port, etc. Search operation has covered around 25 locations across […]

Distribution of free mobile to care centres employees & dealers is business expense

November 17, 2021 2037 Views 0 comment Print

Nokia India Sales Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal held that creating a demand for non-deduction of tax while the recipient has paid taxes on the same amount would result in recovery of taxes on the same amount twice and on the issue of […]

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