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Archive: 26 November 2021

Posts in 26 November 2021

Bail to person accused of wrongful availment of ITC not granted

November 26, 2021 1245 Views 0 comment Print

This court is of considered view that the present accused does not deserves to be released on bail. It is settled preposition of law that economic offences in itself are considered to be gravest offence against the society at large and hence are required to be treated differently in the matter of bail.

Concluded assessment/ reassessment cannot be disturbed if no incriminating material found during search

November 26, 2021 3672 Views 0 comment Print

PCIT Vs Delhi International (Karnataka High Court) Facts- Assessment orders were passed u/s 143(3) read with 153A, in consequence to a search and seizure operation conducted at the premises of the assessee. The AO made certain additions and demanded tax thereon. The said assessment orders were challenged by the assessee before the Commissioner (Appeals), the […]

No section 271(1)(c) penalty on mere making of unsustainable claim

November 26, 2021 3042 Views 0 comment Print

Penalty under section 271(1)(c) was not leviable as mere making of a claim which was not sustainable in law, by itself, would not amount to furnishing inaccurate particulars regarding the income of assessee.

Proceedings for confiscation & penalty cannot sustain if duty demand fails

November 26, 2021 1035 Views 0 comment Print

Show cause notice was not issued by the proper officer. Accordingly, duty demand fails. The proposal for confiscation of goods and imposition of penalty cannot be segregated from the duty demand and, therefore, if the duty demand fails as the show cause notice was not issued by the proper officer, the proceedings for confiscation and penalty cannot survive.

Deductee eligible to avail TDS credit despite non-payment of TDS by deductor

November 26, 2021 7176 Views 0 comment Print

It is held that the petitioner assessee deductee is entitled to credit of the tax deducted at source with respect to amount of TDS for which Form No.16A issued by the employer deductor. Also held that the department is precluded from denying the benefit of the tax deducted at source by the employer during the relevant financial years to the petitioner.

Kerala VAT: State entitled to recover differential VAT from dealers

November 26, 2021 1989 Views 0 comment Print

Held that the retrospectivity of tax or its collection brought in by the Finance Act 16 of 2011 is not controlled by the validation clause in section 12 of that Kerala Value Added Tax Act, 2003.

Non-registered units eligible to claim ‘Scheme of Budgetary support under GST’: HC

November 26, 2021 1452 Views 0 comment Print

The dispute in the present writ petition lies in a narrow compass and relates to the rejection of the petitioners claims for budgetary support under a  ‘Scheme of Budgetary Support under Goods and Service Tax’ regime on the ground that the claims were made for the period prior to the GST registration which is impermissible.

Detailed compliance checklist for a Company w.r.t. IEPF

November 26, 2021 14004 Views 0 comment Print

Detailed compliance checklist for a Company w.r.t. Investor Education and Protection Fund (IEPF) BACKGROUND Investor Education and Protection Fund (IEPF) is a Fund established by the Central Government to pool all the unpaid / unclaimed amounts belonging to the Investors and remaining unpaid / unclaimed for 7 (seven) years. The Fund has been created for […]

Informative note on section 13 of SARFAESI Act, 2002

November 26, 2021 16884 Views 2 comments Print

Note on Section 13 of SARFAESI Act, 2002 ENFORCEMENT OF SECURITY INTEREST 1. any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor.  2. When SARFAESI trigger: A. borrower, who is under a liability to a secured creditor B. under a […]

Bright Opportunities In 2022 For CS In India

November 26, 2021 8229 Views 1 comment Print

Some concerned people become company secretaries in their careers and have the right to seek information about them. In a good way, the company secretary should have the ability to communicate with people from various other departments in the organization to ensure that company practices are only legal and financially pleasing at the same time. […]

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