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Archive: 10 January 2022

Posts in 10 January 2022

Revenue cannot deny section 154 Rectification merely because return was filed online

January 10, 2022 1578 Views 0 comment Print

New Vision Net to Home (P) Ltd Vs ITO (ITAT Delhi) The assessee noticed the error in its computation of fringe benefits and moved a rectification application which was denied by the AO who was of the opinion that the online filed ITR cannot be rectified u/s.154. We have carefully considered the grievance of the […]

Digital GST Ready Reckoner by CA Raman Singla

January 10, 2022 77070 Views 4 comments Print

This Digital GST Ready Reckoner is beyond just a PDF version to our paper book. It has some distinct benefits and offers versatility in comparison to the printed version. It can be said that both serve their own different purpose.

Fraudulent availment of Cenvat Credit: CESTAT reduces penalty

January 10, 2022 1365 Views 0 comment Print

Dolphin Metals I Ltd Vs C.C.E. (CESTAT Ahmedabad) The brief facts of the case are that based on the intelligence, an investigation was undertaken against M/s Nisha Industries which revealed that the appellant had wrongly availed CENVAT credit on invoices without actual receipt of inputs; that the finished goods were found at both the manufacturing […]

Request to extend date of filing Income tax audit report & other forms

January 10, 2022 5013 Views 0 comment Print

Chartered Accountants Association, Jalandhar has made a request to FM for Extension of specified date of filing tax audit report and other forms falling due on or before 15th January, 2022. Text of their representation is as follows:- CHARTERED ACCOUNTANTS ASSOCIATION (C R Building, Model Town Road, Jalandhar) For correspondence care:- CA. Ashwani Jindal, General […]

Price of bank note paper purchased by assessee from DLRI was an ALP which included cost associated with know how and design

January 10, 2022 681 Views 0 comment Print

Since Respondent had pointed out that all security features relating to the banknotes were already incorporated on the paper purchased by assessee from DLRI to be used to print the banknotes under the contract that assessee with CBK thus, any technical support or IP provided by DLRI to assessee was fully compensated in the price charged by DLRI for the paper on which the banknotes were to be printed.

Assessee cannot be asked to prove source of source under Section 68

January 10, 2022 9282 Views 0 comment Print

ACIT Vs S.P. Singla Construction P. Ltd. (ITAT Delhi) Income Tax Act, 1961, Section 68 Conclusion: In present facts of the case, the Hon’ble Tribunal dismissed the Revenue appeal under Section 6 of the Income Tax Act and held that that assessee discharged its initial onus to prove the identity of the Investors, their creditworthiness […]

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