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"05 December 2021" Archive

CESTAT allows transitional credit as petitioner complied with Procedures for availing credit

Jindal Texofab Ltd Vs C.C.E. (CESTAT Ahmedabad)

Jindal Texofab Ltd Vs C.C.E. (CESTAT Ahmedabad) As per the above report it can be seen that after proper verification some discrepancy was found for Rs 1, 50,250/- which was reversed by the appellant. As per the procedure the proper stock verification was conducted by the Superintendent thereafter the Adjudicating Authority seeking furthe...

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Tax Exemption allowed to Charitable Society using its profit for charitable activities

PCIT Vs Servants of People Society (Delhi High Court)

PCIT Vs Servants of People Society (Delhi High Court) A perusal of the paper book reveals that the assessee/society is running a printing press and publishing a newspaper. The profit so generated is used for charitable purposes and apparently there is no profit motive in the activities of the assessee. As such it cannot be […]...

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HC Quashes reopening notice issued merely based on change of opinion

Rama Devi Sabat Vs DCIT (Orissa High Court)

Rama Devi Sabat Vs DCIT (Orissa High Court) Contending that the initiation of the reassessment proceedings was based merely on a change of opinion, the present petition has been filed. A perusal of the reasons mentioned above for reopening of the assessment reveals that there was no new material available with department. It is also [&hel...

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Loan repayment allowable as Application of Income If Cost of Assets purchased out of Loan was not allowed

Dr. Chandrashekar Foundation Vs CIT (E) (ITAT Bangalore)

Dr. Chandrashekar Foundation Vs CIT (ITAT Bangalore) With regard to issue relating to repayment of loan, we modify the direction of the CIT (Exemptions) and direct the A.O. to examine this claim afresh i.e. if the cost of assets acquired out of loan funds have already been allowed as application of income, then the repayment […]...

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Is it be Possible to Re-Open Assessment only Because of Change of Opinion?

We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]...

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Posted Under: Excise Duty |

Analysis of Provisional Attachment Under GST

RELEVANT STATUTORY PROVISIONS Section 83: Provisional attachment to protect revenue in certain cases.— (1) Where during the pendency of any proceedings under section 62 or section 63 or section 64 or section 67 or section 73 or section 74, the Commissioner is of the opinion that for the purpose of protecting the interest of the [&hellip...

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Posted Under: Excise Duty |

RBI Working group: Private sector banks ownership

An Internal Working Group (IWG) was constituted by Reserve Bank on June 12, 2020 to review the guidelines on ownership and corporate structure for Indian private sector banks. The report submitted by the IWG was placed on the RBI website on November 20, 2020 inviting comments of stakeholders and members of the public by January […]...

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Posted Under: Excise Duty |

Section 138 NI Act Attracted even in cases where Debt is incurred after Cheque is Drawn but before Presentation: SC

Sunil Todi & Ors. Vs State of Gujarat & Anr. (Supreme Court of India)

Sunil Todi & Ors. Vs State of Gujarat & Anr. (Supreme Court of India) The object of the NI Act is to enhance the acceptability of cheques and inculcate faith in the efficiency of negotiable instruments for transaction of business. The purpose of the provision would become otiose if the provision is interpreted to exclude […...

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GST on manufacture of tooling kit for further manufacture of forgings

In re Ramkrishna Forgings Limited (GST AAR Jharkhand)

In re Ramkrishna Forgings Limited (GST AAR Jharkhand) Q.1 Whether the manufacture of tooling kit for further manufacture of forgings is to be treated as a separate supply or it may be said that manufacture of tooling kit is only incidental to the ultimate supply of forgings. Hence, the supply is only that of the […]...

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GST on building of Body of buses

In re Adithya Automotive Applications Pvt. Ltd. (GST AAR Uttar Pradesh)

In re Adithya Automotive Applications Pvt. Ltd. (GST AAR Uttar Pradesh) Q-1 Whether the Body Building Activity on the Chasis provided by the principal would Amount to manufacturing Services Attracting 18% of GST ? Ans-1 No. Q-2 Whether Clarification of CBIC vide para No. 12.3 of circular no 52/26/2018-GST dated 09.08.2018 Clarifying 18% r...

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