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"28 November 2021" Archive

HC expunges adverse remarks made by Customs Commissioner against an Advocate

M. S. Srinivasa Vs Union of India (Karnataka High Court)

The portion of the observations that are highlighted would reflect on the professional conduct of the petitioner, argues his counsel; learned Panel Counsel appearing for the respondents opposes the writ petition contending that the said observations are case specific and therefore petitioner may not read too much in that; so contending he...

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No deemed dividend on loan given on interest to Sister Concern for business

TCI Exim Pvt. Ltd. Vs ACIT (ITAT Delhi)

TCI Exim Pvt. Ltd. Vs ACIT (ITAT Delhi) The Delhi bench of the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that loan on interest received from the sister concern to fulfill the enhanced requirement of working capital for export orders does not attract the provisions of deemed dividend under section 2(22)(e) of the […...

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Institute of Cost Accountants of India elects new President & Vice-President

CMA P.Raju Iyer has been elected as the President and CMA Vijender Sharma has been elected as the Vice-President of the Institute of Cost Accountants of India for the year 2021-22....

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Posted Under: Income Tax |

Royalty received under BREW Operator agreement not taxable under India-US DTAA

Qualcom Technologies Inc. Vs DCIT (ITAT Delhi)

Qualcom Technologies Inc. Vs DCIT (ITAT Delhi) ITAT held that Considering the assessment order of the AO wherein he has followed the findings given in earlier assessment years and considering the fact that the same agreement is being carried on since A.Y.2005-06, we do not find any reason in differing with the view taken by […]...

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Shifting of Office of LLP within the Same State

A Limited Liability Partnership (LLP) can be said to be a hybrid of the Company and a partnership firm. It provides for the advantages of both. At the time of incorporation, the Limited Liability Partnership is required to submit the details of its registered office. It might be the possibility that the partners intend to […]...

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Posted Under: Income Tax |

Note relating to Long Term Capital Gain/Loss (LTCG/LTGS)

Govt of India introduced the Grand Fathering principle in the Indian Income tax Act for the purpose of safeguarding the Unrealised Profit earned by the Assesses upto 31-01-2018. In order to achieve this objective, the Actual Cost of Acquisition of the securities together with the unrealised profit is to be treated as Revised Cost of Acqui...

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Posted Under: Income Tax |

PCIT can exercise section 263 powers only in respect of original assessment

Royal Western India Turf Club Vs PCIT (ITAT Mumbai)

Royal Western India Turf Club Vs PCIT (ITAT Mumbai) Undisputedly, the original assessment in case of the assessee was completed under section 143(3) of the Act on 06-02-2014. Subsequently, the assessment was reopened under section 147 of the Act and notice under section 148 of the Act was issued to the assessee on 26-03-2018. The [&hellip...

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GST registration proceedings cannot be kept pending for failure of assessee fails to reply within given time

Avon Udhyog Vs State of Rajasthan (Rajasthan High Court)

Avon Udhyog Vs State of Rajasthan (Rajasthan High Court) Suspension of a registration of an assessee has its own consequences – it brings the entire business of an assessee to a stand still. In a way it is worse than cancellation. Against cancellation, an assessee can take legal remedies but against suspension pending an enquiry, [&hell...

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No section 11UA penalty if there is no case of duty short paid due to collusion, willful misstatement or suppression of facts

So-Hum Trading Company Vs Commissioner of Customs (Preventive)(CESTAT Kolkata)

So-Hum Trading Company Vs Commissioner of Customs (CESTAT Kolkata) We find that the Appellant was not availing any benefit in terms of the Exemption Notification and there was no occasion for confiscation of the live goods under Bill of Entry No.2321708 dated 05.07.2017 as the letter dated 16.07.2017 shows that the Country of Origin Certi...

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Custom duty refund due to re-assessment of Bills of Entry cannot be denied merely for not filing appeal

Brightpoint India Pvt. Ltd. Vs Commissioner of Customs Mumbai (Air Cargo Import) (CESTAT Mumbai)

Brightpoint India Pvt. Ltd. Vs Commissioner of Customs Mumbai (Air Cargo Import) (CESTAT Mumbai) The Revenue against the sanction of the refund which arose out of re-assessment of the Bills of Entry, filed appeal before the Commissioner (Appeals), and the Commissioner (Appeals) accepted the appeal by holding that since the appellants have...

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