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Archive: 09 February 2022

Posts in 09 February 2022

Budget 2022-23 – 18 Changes in GST you must Know

February 9, 2022 21783 Views 1 comment Print

The Budget for infrastructure, connectivity and vision but lacks growth-invigorating proposals. A budget with big hopes for streamlining the GST Law, GST Rate balancing but received only Retrospective amendments. Budget for scrapping self-assessment for availing Input Tax Credit (ITC), ending constitutional right under self-assessment to assess GST. Lets have a look at the Amendments in […]

Customs Broker cannot be penalized for wrong quoting in shipping bill

February 9, 2022 1221 Views 0 comment Print

Mov and Go Logistics Vs Commissioner of Customs (CESTAT Chennai) It is the case of the Revenue that on examination of the shipping bills filed online by M/s. Mov and Go Logistics, Customs Broker (appellant herein) on behalf of the exporters, it is found that the appellant had furnished wrong Rotation number for the shipping […]

Non communication of intimation by Tax Professional is sufficient cause for condonation of delay in appeal filing

February 9, 2022 1611 Views 0 comment Print

Sameer Granites Pvt.Ltd. Vs ACIT (ITAT Bangalore) In the instant case, the assessee had submitted that the orders passed u/s 200A of the Act were never served on the assessee physically or otherwise. It was stated that intimation u/s 200A downloaded from the office of the Assessing Officer by the Tax Professional, was not communicated […]

Depreciation not allowable on Portion of Factory leased to earn Rent

February 9, 2022 5532 Views 0 comment Print

In this case, assessee is engaged in manufacturing of automobile components and let out 50% of its factory building on lease and earned rental income. Thus, the ld. CIT(A) has rightly held the rental income as income under the head house property. Having the rental income held as income under the head house property, the assessee is not eligible for claim of depreciation on the let out portion.

No Capital Gain arises on mere permissive possession & not legal possession

February 9, 2022 2661 Views 0 comment Print

Krishna Prasad Mikkilineni Vs DCIT (ITAT Bangalore)  In the instant case also we have noticed that the assessee has given only permissive possession and not legal possession. Accordingly, following the above said decision of the coordinate bench, we hold that the transfer has not taken place during the year under consideration. Accordingly, capital gain is […]

AO cannot change Valuation Method of Shares to Tax Share Premium

February 9, 2022 1959 Views 0 comment Print

Fortigo Network Logistics Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, both the additions, i.e., addition made u/s 56(2)(viib) of the Act and sec.68 of the Act relate to the share premium amount, i.e., both the additions arise out of common issue only. The assessee has also filed certain additional evidences. We earlier […]

Books of account cannot be rejected merely for Non-Issuance of Sale Memos

February 9, 2022 912 Views 0 comment Print

Cresent Co. Vs CIT (Orissa High Court) In the present case, mere non-issuance of production of sale memos could not have been a ground to reject the entire books of account particularly since it pertained to sale of country liquor to tribal populations. Also the ITAT appears to have overlooked the fact that the books […]

Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109

February 9, 2022 3810 Views 0 comment Print

Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109- Comparative Information – Amendments to Ind AS 117, Insurance Contracts

ICSI announces Cut-off Dates for the year 2022

February 9, 2022 1653 Views 0 comment Print

Institute of Company Secretaries of India Note: It is clarified that on the scheduled cut-off date even if there is a holiday/Off-day, there shall be no change in the prescribed cut-off date Particulars of Cut-off Dates Scheduled Cut-off Date Acceptance of Applications for Admission to Executive/ Professional Programme (for appearing in Any one module in […]

Non-Maintainance of FEMA Records

February 9, 2022 1014 Views 0 comment Print

Vigilance towards the FEMA Compliances is rapidly increasing. This shift is characterized by an increase in awareness, involvement of investors, due diligence, and regulatory actions. All leads towards the compliant economy and also increase the ranking in the Compliance Risk Index. Foreign Investment or FDI is a vital part of FEMA and FDI is always […]

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