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Archive: 01 January 2022

Posts in 01 January 2022

Reopening based on Audit objection valid if cash payments above Rs. 20000 escaped scrutiny

January 1, 2022 7962 Views 3 comments Print

ITO Vs Mayuri Constructions (ITAT Hyderabad) The brief facts of the case are that the assessee is a firm engaged in the business as civil contractor filed its return of income for the AY 2008-09 on 14/10/2008 declaring total income of Rs. 65,254/-. Initially, the return was processed U/s. 143(1) of the Act and thereafter […]

Gross neglect of Footwear Sector by Finmin/GST council

January 1, 2022 6324 Views 0 comment Print

Gross neglect of Footwear Sector by Finmin/GST council- Fallout of NN 21/2021 CT(Rate) How can it be forgotten that one upon a time, Footwear ruled India, literally!! When Lord Ram refused to return at the behest of Shri Bharat, his footwear were taken to Ayodhya and were enthroned as a Ruler, until Lord Rama returned […]

Passing off and Infringement of Trademark

January 1, 2022 131424 Views 1 comment Print

According to the Trademark Act 1999, a trademark denotes a mark qualified for representing a brand. Also, it helps with distinguishing the products or services of one person from the competent and may retain the shape of product, packaging and colour combination. But, what is passing off and infringement of the trademark. Well, it is something really […]

Analysis of CGST 10th Amendment Rules, 2021

January 1, 2022 8022 Views 0 comment Print

CGST 10th Amendment Rules, 2021 Introduction CGST rules have been amended for the 10th time in 2021 vide Notification No. 40/2021 CT dated 29.12.2021. List of Rules Amended / inserted S. No Rule Title Chapter 1 36(4) Conditions for claiming Input Tax Credit Input Tax Credit 2 80(1A) Annual Return Returns 3 80(3A) Annual Return […]

Producer Company – Registration, Management, Members, Meeting & Compliances

January 1, 2022 7941 Views 1 comment Print

The Companies Act defines Producer as any person engaged in any activity connected with or relatable to any primary produce. A Producer Company is thus a body corporate having an object that is one or all of the following: – Production, harvesting, procurement, grading, pooling, handling, marketing, selling, the export of primary produce of the […]

How You Can Be CA after 12th Science?

January 1, 2022 12231 Views 14 comments Print

Science students who have passed the class 12th usually ask if they can pursue a Chartered Accountancy course. Can a science student be a chartered accountant or can they become CA after 12th science? Or are there students who themselves have been certified Chartered accountants up to grade 12 with science background? If these questions […]

5.89 crore Income Tax Returns filed as on 31st December, 2021

January 1, 2022 1407 Views 0 comment Print

Nearly 5.89 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 31st December, 2021, the extended due date. More than 46.11 lakh ITRs were filed on 31.12.2021.

Rs 1,29,780 crore gross GST Revenue collection for December 2021

January 1, 2022 1656 Views 0 comment Print

The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).

ITAT deletes Addition of Rs. 17.32 crore for alleged Accommodation Entries

January 1, 2022 3741 Views 0 comment Print

More Credit Securities (P) Ltd. Vs ITO (ITAT Delhi) We find the Ld. CIT(A) while deleting the addition made by the A.O. under section 68 of the I.T. Act, 1961 has noted that assessee has filed the copies of the returns of income for A.Y. 2010-11 of all the applicants, copies of their audited balance-sheets […]

Section 54 exemption eligible on multiple residential houses before A.Y. 2015-16

January 1, 2022 7446 Views 0 comment Print

Sunandan Kumar Minocha Vs ITO (ITAT Delhi) ITAT held that assessee is eligible for claim of exemption u/s 54 in respect of purchase of 3 different residential houses and amendment brought in the Finance Act, 2014 w.e.f. 01.04.2015 will not be applicable in AY 2013-14. FULL TEXT OF THE ORDER OF ITAT DELHI Aforesaid appeal […]

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