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Archive: 18 January 2022

Posts in 18 January 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6267 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19290 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Voluntary Surrender of Income does not mean Immunity from Penalty

January 18, 2022 4878 Views 0 comment Print

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?

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

January 18, 2022 42342 Views 1 comment Print

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’ on zero-rated supplies without payment […]

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

January 18, 2022 8133 Views 3 comments Print

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 […]

Expectations of Tax Payers In Budget -2022

January 18, 2022 8226 Views 1 comment Print

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 coming […]

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

January 18, 2022 573 Views 0 comment Print

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. 47/2015-2020 | […]

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

January 18, 2022 756 Views 0 comment Print

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 […]

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

January 18, 2022 5523 Views 0 comment Print

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 […]

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

January 18, 2022 2202 Views 0 comment Print

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 texturised yarn to be […]

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

January 18, 2022 4131 Views 0 comment Print

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 […]

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

January 18, 2022 8370 Views 1 comment Print

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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