"18 January 2022" Archive

Voluntary Surrender of Income does not mean Immunity from Penalty

Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?...

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Posted Under: Income Tax |

Availment, utilisation and refund eligibility of ITC on capital goods on rendering of zero-rated supplies

Availment, utilisation and refund eligibility of ITC on capital goods on rendering of zero-rated supplies by taxpayers registered as Regular or EOU/STPI/SEZ/HTP etc.: Brief background: Goods and Services Tax law provides specific mechanism to claim refund of tax paid on zero-rated supplies or refund of unutilized input tax credit ‘ITC...

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Posted Under: Income Tax |

FM Madam- Please Enhance limit of Section 80C of Income Tax Act

Whenever a Budget is introduced in the Parliament, the middle income group primarily eye Section 80C of the Income Tax Act as it is the most popular and favourite section affecting the nett tax liability of the taxpayers. The rationale behind this deduction is to induce savings by investing in tax saving investments or incurring […...

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Posted Under: Income Tax | ,

Expectations of Tax Payers In Budget -2022

We all know that Central Budget -2022 will announce on 1st February, 2022 by or Finance Minister Smt. Nirmala Sitaraman. During the year 2022-23, what should be the expected income and expenditure of the Government, will put before the Parliament for discussion. Till date deficit budget were published, and people expect the same for comin...

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Posted Under: Income Tax | ,

America included as area of operation of ‘Hamilton Steel Logistics Inc’, a PSIA

Public Notice No. 47/2015-2020 [F. No. 01/53/8/AM22/PSIA-1/Import Cell.] 18/01/2022

United States of America has been included as area of operation of M/s Hamilton Steel Logistics Inc, a PSIA vide Public Notice No. 47/2015-2020 | Dated the 18th January, 2022. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Public Notice No. 47/201...

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Balance credit not lapses in terms of Rule 11(3) of Cenvat Credit Rules, 2004 despite availment of benefit of Notification No 30/2004-CE

Synfab Sales And Industries Ltd. Vs C.C.E & S.T.-Silvasa (CESTAT Ahmedabad)

Synfab Sales And Industries Ltd. Vs C.C.E & S.T. (CESTAT Ahmedabad) From the plain reading of the above rule 11(3) (i) (ii) it is clear that in terms of Clause (ii) of Rule 11(3) the balance credit shall lapse only if the assessee availed an exemption which is absolutely and exempted which is other than […]...

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Reopening of Assessment not permissible to take another view on same material

Vodafone Idea Ltd. Vs ACIT (Bombay High Court)

Vodafone Idea Ltd. Vs ACIT (Bombay High Court) The entire basis for proposing to reopen, as can be seen from the reasons, is on the documents and submissions which were available before the Assessing Officer, before passing of the original assessment order. In fact, in the reasons, it is also recorded that the same issue […]...

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Classification by taxpayers is correct or not becomes immaterial if classification proposed by Revenue is incorrect

Sunrise Traders Vs C.C.-Mundra (CESTAT Ahmedabad)

Sunrise Traders Vs C.C.-Mundra (CESTAT Ahmedabad) To decide the correct classification of goods the commissioner held the Subheading 540751 to 540754 cover “other woven fabric, containing 85% or more weight of textured polyester filaments. For that the authority has relied upon report of ATIRA stating the fabric is made entirely of text...

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Making rash, careless, erroneous allegations against tax authorities should be strongly discouraged: ITAT

Abdul Wahab Vs ITO (ITAT Delhi)

Abdul Wahab Vs ITO (ITAT Delhi) The specific words which arouse ITATs concern are the allegation that the CIT(A) order under challenge is alleged to have been passed in routine, arbitrary and whimsical manner having no sustainability in law. On-going through the record in the specific case ITAT find that none of the above allegations [&he...

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Non-Fungible Tokens (NFT’S) and Its Tax Implications

What are NFT’S? Before we delve into the definition let us first understand the meaning of the term Non-Fungible. What does it exactly mean? In simple terms the term non-fungible means non replaceable. Let me explain this with an example. For instance, the book Harry Potter and the Prisoner of Azkaban by J.K. Rowling must […]...

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Posted Under: Income Tax |

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