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Archive: 10 February 2022

Posts in 10 February 2022

Once there is a failure of rules of natural justice, even if there is an alternative remedy, a writ is maintainable

February 10, 2022 1317 Views 0 comment Print

Polu Venkata Lakshmamma Vs The State of Andhra Pradesh (Andhra Pradesh High Court) Once there is a failure of rules of natural justice, even if there is an alternative remedy, a writ is maintainable. The law is well settled. Hence, the impugned order, dated 22.12.2020 as communicated by the endorsement dated 14.12.2021 is hereby set […]

CIT justified in disallowing depreciation on Plant & Machinery, Purchase of which was already treated as Bogus by AO

February 10, 2022 1074 Views 0 comment Print

Lahari Laminates Pvt. Ltd. Vs DCIT (ITAT Raipur) With reference to the first issue i.e. incorrect allowance of depreciation of Rs.59,45,940/- on bogus purchase of Plant & Machinery, the learned counsel for the assessee fairy submitted that where the A.O. has made disallowance on Plant & Machinery, it was permissible for the A.O. to disallow […]

HC Stays Implementation of Haryana State Employment of Local Candidates Act, 2020

February 10, 2022 864 Views 0 comment Print

The Haryana State Employment of Local Candidates Act, 2020, was passed in November last year. It had come into effect on January 15, 2022.The High Court observed that the core issue for consideration was whether any State can restrict employment even in the private Sector on the basis of Domicile.

No justification of making addition in absence of any evidence of unaccounted investment

February 10, 2022 2424 Views 0 comment Print

Raj Enterprise Vs DCIT (ITAT Surat) The Hon’ble Gujarat high Court in CIT Vs Golden Finance (supra) held that where Assessing Officer made addition on account of unexplained investment on basis of document impounded during survey and statement recorded by partner of assessee-firm, in view of fact that said documents did not suggest that noting […]

Brokerage cannot be deducted from Capital Gain if Assessee not furnishes evidence of payment

February 10, 2022 12981 Views 0 comment Print

Smt. Preeti Rathi Vs ITO (ITAT Pune) The first issue raised herein is against not allowing deduction towards brokerage of Rs.80,000/- paid by the assessee at the time of purchase of the property in the computation of capital gain towards. The claim of the assessee is that she paid a sum of Rs.80,000/- as brokerage […]

Penalty cannot be imposed for mentioning wrong period in VAT challan

February 10, 2022 1221 Views 0 comment Print

Imposition of penalty is called for where the assessee fails to furnish returns by the due date, which is not the position in the present case. Admittedly, Petitioner has deposited the requisite tax for the relevant quarter of the assessment period but has inadvertently mentioned the wrong period in the challan and therefore, cannot be, in our view, saddled with the liability of penalty.

Employees’ contribution paid before due date of filing of return of income u/s 139(1) is allowable deduction

February 10, 2022 1998 Views 0 comment Print

Maheshwari Woods Pvt. Ltd. Vs DCIT (ITAT Bangalore) Amended provisions of section 43B as well as 36(1)(va) of the I.T.Act are not applicable for the assessment years under consideration as these are applicable from assessment year 2021-2022. By following the binding decision of the Hon’ble jurisdictional High Court in the case of Essae Teraoka Pvt. […]

Interest deduction from Salary cannot be claimed for advancing advancing interest free loans to employer company

February 10, 2022 969 Views 0 comment Print

In the instant case, there is no relation whatsoever between the interest expenditure from a mortgaged loan and the payment received for rendering certain services. Advancing interest free loans to the employer company cannot be a ground for claiming deduction of interest expenditure from the salary income received from it.

Analysis of Section 194R of Income Tax Act

February 10, 2022 28404 Views 4 comments Print

Analysis of applicability of section 194R Finance Bill 2022 has proposed to insert Section 194R in the Income Tax Act, 1961 (“Act”). As per the memorandum explaining the provisions in the Finance Bill, this change shall take effect from 1st July 2022, though the section has been inserted from 1st April 2022 itself. In this […]

Levy of 12% GST on Textiles : Request for withdrawal of the hike

February 10, 2022 5109 Views 0 comment Print

In an important communication sent to Finance Minister, Nirmala Sitharaman,CAAT urged for complete withdrawal of the proposed GST hike on Textiles as same is going to be a big burden on Traders & consumers and is also against the AatmaNirbharBharat vision of the Government. Confederation of All India Traders ‘Vvapar Bhawan’ 925/1, Naiwala, Karol Bagh, New Delhi.110005. […]

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February 2022