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Archive: 27 December 2021

Posts in 27 December 2021

CBIC Notifies Rate of Exchange of Turkish Lira wef 28.12.2021

December 27, 2021 252 Views 0 comment Print

CBIC notifies Rate of Exchange of Turkish Lira against Indian Rupees with effect from 28th December, 2021 vide Notification No. 104/2021-Customs (N.T.) | Dated: 27th December, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 104/2021 – Customs (N.T.) New Delhi, dated the 27th December, […]

Belated payment of employees’ contribution to PF & ESI – ITAT allowed

December 27, 2021 1452 Views 0 comment Print

Vansh Jain Vs DCIT (ITAT Delhi) Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in sustaining the adjustment made […]

Disallowance under Section 43B due to wrong reporting in Audit Report- ITAT restores the issue to AO

December 27, 2021 4644 Views 0 comment Print

Rukmini Polytubes Pvt. Ltd. Vs DCIT (ITAT Delhi) ITAT find the adjustment of Rs. 1,82,543/- under section 43B(b) was made by the CPC on account of belated payment of PF and ESI payment of Bonus and GST. It is the submission of the Learned Counsel for the Assessee that the above payments were made before […]

ITAT deletes disallowance for belated payment of employees’ contribution to PF & ESI

December 27, 2021 1647 Views 0 comment Print

Worldwide Facility Management Services Pvt. Ltd. Vs DCIT (ITAT Delhi)  Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in […]

ITAT delete disalllowance for Employees’ contribution to PF & ESI paid before due date of ITR filing

December 27, 2021 1290 Views 0 comment Print

Aroon Facilitation Management Services Pvt. Vs DCIT (ITAT Delhi) I find the A.O. CPC in the instant case has computed the income of the assessee at Rs.16,58,230/- as against the returned income of Rs.6,98,610/- by making an adjustment for a sum of Rs.9,59,624/- on account of belated payment to employees’ contribution towards PF & ESI […]

5% GST Payable on Soya husk: AAR Madhya Pradesh

December 27, 2021 11451 Views 0 comment Print

In re Adani Wilmar Limited (GST AAR Madhya Pradesh) Soya husk resulting from the extraction of Soyabean oil, being principal input/ ingredient for manufacture or processing of Cattle feed and Poultry feed which may become value added product in the market. Soya husk being principal input/ ingredient to Poultry feed and Cattle feed industry, which […]

Right to receive annuity on toll road eligible for depreciation

December 27, 2021 1824 Views 0 comment Print

The assessee classified such cost incurred and right to receive annuity on the toll road as an intangible asset eligible for depreciation u/s.32(1)(ii) of the Act.

HC grants bail to persons accused of issuing bogus GST bills

December 27, 2021 1029 Views 0 comment Print

Petitioner along with co-accused was found to have indulged themselves in evasion of the State Tax to the Govt., by flouting bogus firms and showing fake billings and transactions in order to draw the refund of the GST payment, and thereby had caused a loss to the tune of Rs.8.95 crore to the State Government.

TDS on advertisement expenses paid to Facebook, Tapjoy etc. -ITAT Restores matter to AO

December 27, 2021 5787 Views 0 comment Print

Moonfrog Labs Pvt. Ltd. Vs ACIT (ITAT Bangalore) The Ld.CIT(A) held that the advertisement expenses paid to Facebook and other entities constitutes use of industrial, commercial or scientific equipment under section 9(1)(vi) of the Act whether active or passive and hence ‘Royalty’ under the Act. As regards taxability as ‘“Fees for technical services’, it was […]

HC quashes Custom order passed in violation of Principle of Natural Justice (No Cross-examine Opportunity)

December 27, 2021 1092 Views 0 comment Print

It is recorded that this court has set aside the impugned adjudication order only on the ground of violation of principle of natural justice and has not gone into the merits of the case itself.

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