"01 January 2022" Archive

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

ITO Vs Mayuri Constructions (ITAT Hyderabad)

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 […]...

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Gross neglect of Footwear Sector by Finmin/GST council

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 […]...

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Posted Under: Income Tax |

Passing off and Infringement of Trademark

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 so...

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Posted Under: Income Tax |

Analysis of CGST 10th Amendment Rules, 2021

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 […]...

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Posted Under: Income Tax |

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

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 pr...

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Posted Under: Income Tax |

How You Can Be CA after 12th Science?

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 [...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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)....

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Posted Under: Income Tax |

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

More Credit Securities (P) Ltd. Vs ITO (ITAT Delhi)

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 […]...

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Posted Under: Income Tax | |

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

Sunandan Kumar Minocha Vs ITO (ITAT Delhi)

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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