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Archive: 25 December 2021

Posts in 25 December 2021

Amended provisions of section 43B & 36(1)(va) not applicable for AYs prior to AY 2021-22

December 25, 2021 2580 Views 0 comment Print

Eskay Heat Transfers Private Limited Vs ADIT (ITAT Bangalore) Till Assessment Year (AY) 2020-2021 Assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the I.T.Act as Amendment by Finance Act, […]

Provisions for Jewellery found under Search

December 25, 2021 17703 Views 0 comment Print

Generally, addition of jewellery found during the course of search has been a litigated issue in India from a very long time. The jewellery found during search generally presumed to belongs to searched assessee and his family. The Assessee is required to explain the source of Acquisition of Jewellery.

Changes In Economy and GST

December 25, 2021 1779 Views 0 comment Print

According to MoF, economic recovery may further strengthen in current H2 of 2021-22 owing to positive market sentiment, exports, vaccination drive, capex expenditure etc. The current mood is backed by governmental policies as well as Reserve Bank’s actions. Still, however, risking inflation, interest rate reversal, commodity prices, rupee weakening, slower consumer demand etc are some […]

Bright-line test for TP adjustment on AMP expenditure is unsustainable in law

December 25, 2021 6219 Views 0 comment Print

Timex Group India Ltd. Vs ACIT (ITAT Delhi) Brief facts of the case are that the assessee is a company engaged in the business of manufacture, trading, sale and servicing of quartz, analogue and digital watches and watch components; manufacture and sale of plastic components, tools and moulds; and rendering information technology and financial support […]

ITeS’ functionally not comparable to Knowledge Process Outsourcing

December 25, 2021 1845 Views 0 comment Print

The assessee company provides back office support services to AEs with the help of tools, infrastructure and training provided by the AEs which is different than the functions of the KPO.

ITAT deletes addition for royalty – Dabur India gets relief

December 25, 2021 1542 Views 0 comment Print

Dabur India Ltd. Vs ACIT (ITAT Delhi) We have heard both the parties and perused the relevant material available on record. As regards to agreement with Dabur Nepal Pvt. Ltd. Nepal, it is pertinent to note that the issue stands covered in favour of the assessee by the order of the Tribunal in the asssessee’s […]

टैक्स चोरी में कैश, मुखौटा कंपनियों और फर्जी इनवायसिंग का हो रहा धड़ल्ले से इस्तेमाल

December 25, 2021 3735 Views 2 comments Print

हाल में ही सरकार ने जीएसटी में एक महत्वपूर्ण बदलाव करते हुए साफ कर दिया कि 1 जनवरी 22 से आपको इनपुट का सिर्फ उतना ही क्रेडिट मिलेगा जितना पोर्टल पर दिख रहा है और इससे ज्यादा लिए गए इनपुट की रिकवरी के लिए कर अधिकारी को पूरे अधिकार दे दिए गए हैं और हम […]

Annual Information Statement – Sale of Vehicle

December 25, 2021 3066 Views 0 comment Print

Recently, the income tax department has rolled out two new statements, namely, ‘Annual Information Statement’ and ‘Taxpayers Information Summary’. ‘Annual Information Statement’ provides a comprehensive view, whereas, ‘Taxpayers Information Summary’ provides the summarized view of all the financial transaction of the taxpayer. ‘Annual Information Statement’ collects information about the financial transaction of the taxpayer from […]

Representation for extension of Income Tax due dates to Finance Ministry

December 25, 2021 32982 Views 3 comments Print

Synopsis of the Representation by ‘Bhayandar CA Social Group’ made for extension of due dates – To the Finance Ministry on 24-12-2021 We have not asked any extension of the due dates. We have asked for our fundamental right to be professionally engaged in the profession of the Chartered Accountancy by having seamless access to […]

Classification of Fatty Alcohol Ethoxylate (1- mole, 2-mole, 7-mole)

December 25, 2021 4845 Views 0 comment Print

In re VVF (India) Limited (CAAR Mumbai) CAAR held that the goods ‘Fatty Alcohol Ethoxylate (1-mole, 2-moles, 7-mole)’ are non-ionic organic surface-active agents and merit classification under subheading 34021300 of Customs Tariff Act, 1975, subject to prescribed conditions under note 3 to Chapter 34. FULL TEXT OF ORDER OF CUSTOMS AUTHORITY OF ADVANCE RULING, MUMBAI […]

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