"28 January 2022" Archive

Some Issues in Union Budget on Direct Tax 2022

There have been Buzz words and viral posts before the budget that income tax will be replaced by the expenditure tax, a new conception of direct tax in line with the prevailing social security taxes in the gulf nations notably in Saudi Arabia and UAE, where income tax in conventional mode not in vogue particularly […]...

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Posted Under: Income Tax |

GST and Service tax on redevelopment of societies

GST and Service tax on redevelopment of societies 1. GST and service tax on flats given free of cost to members of the society has been a bone of contention 2. Even though Hyderabad bench of honorable Tribunal in the case of Vasantha Green Projects [2019 (20) GSTL 568] has held that when the developer […]...

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Posted Under: Income Tax |

Money Laundering in India

Money Laundering is linked with banking and trading history because it hides assets as money from the state from getting confiscated as well as taxed. It is said that such laundering is originally originate from the Mafia ownership of Laundromats, during the time of famous gangsters that came initially out of the Prohibition-banning of al...

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Posted Under: Income Tax |

Section 14A disallowance needs to be re-worked based on investments which yielded tax free income

Zuari Investments Ltd. Vs ITO (ITAT Delhi)

Zuari Investments Ltd. Vs ITO (ITAT Delhi) As far as the alternate submissions of the Learned AR in working the disallowance u/s 14A only after considering the investment which have yielded tax free income is concerned, we find force in the submission of Learned AR. We find that Hon’ble Delhi High Court in the case […]...

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Rs. 258 Crore illegal ITC availment case – HC refuses Bail to accused

Paritosh Kumar Siingh Vs Senior Intelligence Officer (Chhattisgarh High Court)

Paritosh Kumar Siingh Vs Senior Intelligence Officer (Chhattisgarh High Court) Allegations against applicants are that they have committed economic offence causing loss of Rs.258 Crore approximately to the government ex-chequer by forming thirty fake companies. Applicant Nos.1 & 2 got prepared two Adhar Cards and PAN Cards in two diff...

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GST refund claim filed after 2 years from the payment of Tax gets time barred

Quest Global Engineering Services Private Limited Vs Deputy Commissioner (Madras High Court)

Quest Global Engineering Services Private Limited Vs Deputy Commissioner (Madras High Court) Neutralise alleged excess GST payments through credit note as refund application is time barred The Hon’ble Madras High Court in Quest Global Engineering Services Private Limited vs The Deputy Commissioner of GST and Central Excise [W.P. No. 121...

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Revenue is bound by SION norms fixed by Ministry of Commerce

GKB Vision Ltd. Vs Commissioner of Customs (NS-V) (CESTAT Mumbai)

GKB Vision Ltd. Vs Commissioner of Customs (NS-V) (CESTAT Mumbai) The twin issues that required consideration in this case are that as to whether the appellants would be eligible for the higher norms fixed by Ministry in respect of wastage/ loss/ breakage of raw materials and as to whether the demand is premature. On going […]...

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ITAT deletes 25% addition for jewellery made by CIT(A) without any rational basis

Vijay Kumar Maheshwari Vs DCIT (ITAT Jaipur)

Vijay Kumar Maheshwari Vs DCIT (ITAT Jaipur) Coming to the matter relating to jewellery received from Late Shri Shri Ramswaroop Maheshwari, it is noted that the assessee has submitted before the ld CIT(A) as well as before the AO that Late Shri Ramswaroop Maheshwari during the period 2005-06 was not keeping well and wanted to […]...

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Division Bench of Rajasthan HC Quashes Section 148 notices in 472 cases

Introduction: – The Division Bench of Hon. Rajasthan High Court consisting of Chief Justice Akil kureshi and Justice Sameer Jain. in Sudesh Taneja vs. ITO DB W.P No.969/2022. Order dated 27.01.22 quashed the reassessment notices issued after 31.03.21. Earlier the Ld. Single judge of Hon. Rajasthan HC had quashed reassessment notices...

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Posted Under: Income Tax |

Inspection And Inquiry Under The Companies Act, 2013

In this article, we are going to cover the following aspects related to Inquiry and Inspections conducted under Section 206 to 209 of the Companies Act, 2013. Article explains  Scope of Inquiry and Inspection, Trigger Point of Inquiry and Inspection, Persons authorized for Inquiry and Inspection, Power of registrars to call Informatio...

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Posted Under: Income Tax |