"13 February 2022" Archive

Past and Present of Income Tax Advance Ruling

Advance Ruling was a concept roughed on in early 1970s recommended by Wanchoo committee introduced through Chapter XIXB Income Tax act via finance act,199 and from sections 245N to section 245V. The concept of advance ruling is a common institution in Europe and western countries, and the primary objectives for AAR was firstly to reduce [...

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Posted Under: Income Tax |

SME Listing and Criteria of SME Listing

What is SME Exchange ? SME exchange is a stock exchange for trading the shares of small and medium enterprises who otherwise would find it difficult and costly to get listed in the main board of a recognized stock exchange as per SEBI (ICDR) Regulations, 2018. Stock Exchange for SME ? There are currently 2 […]...

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Posted Under: Income Tax |

Residency Provisions under Income Tax Act, highlighting contrasts with FEMA, Companies Act & Direct Tax Code

Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by the state such as good governance, welfare schemes, defense and others which are required for a state for maintenance and expansion. This principle although looks simple and efficient, requires the state to answ...

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Posted Under: Income Tax |

Once source of expenditure is proved addition u/s 69C is unsustainable in law

Sahara City Homes Vs ITO (ITAT Lucknow)

It is amply clear that the additions under sections 68 and 69C of the Act can be made provided the transaction takes place during the previous year / financial year. Further, for making addition under section 68 of the Act, the assessee must fail to offer explanation and for making addition under section 69C of the Act, the source of the ...

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Joint commissioner is directed to quantify the duty, bond amounts etc. and release black pepper consignment

Shabeer Enterprises Vs Commissioner of Customs (Madras High Court)

The captioned matter pertains to import of Black Pepper of Sri Lankan origin, seizure of the same on alleged grounds of over valuation to circumvent a custom notification and the captioned matter pertains to release of consignment under Section 110A of 'the Customs Act, 1962....

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Yoga, Physical, Mental and Spiritual Practices – Taxability under GST

‘Educating and training physical, mental and spiritual practices of Yoga’ are classifiable under Physical well-being including health club and fitness centre” Services under HSN code 999723 and liable to 18% GST....

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Posted Under: Income Tax |

Better to Abolish Tribunals If Govt cannot Appoint Presiding Officer/Chairman In DRT/DRAT

Canara Bank/Assets Recovery Mgmt. Branch Vs Debts Recovery Tribunal (Allahabad High Court)

Canara Bank/Assets Recovery Mgmt. Branch Vs Debts Recovery Tribunal (Allahabad High Court) 1. Notices in Writ A No.682 of 2022 on behalf of respondent Nos.2 and 3 has been accepted by Mr.Amarjeet Singh Rakhra, Advocate and Mr. Rakesh Srivastava, Advocate respectively. learned Additional Chief Standing Counsel. Notices in Writ C No.692 of ...

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ITAT upholds DRP’s Order deleting Section 234B Interest payable by Taxpayer

DCIT Vs Microsoft Regional Sales Corporation (ITAT Delhi)

We have carefully perused the orders of the authorities below. We find that the interest levied u/s 234B of the Act was deleted by the DRP relying upon the decision of the Hon'ble Jurisdictional High Court of Delhi in the case of GE Packaged Power 373 ITR 65 in which the Hon'ble High Court followed the decision in the case of Agence Franc...

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What is Form INC 20A Business Commencement Form?

INC-20A is a Declaration for Commencement of Business form. According to the new section 10A(1)(a), of the Companies Act, 2013, and Rules 23A of the Companies (Incorporation) Rule 2014, it is imperative for a director of an incorporated company to file an INC 20A form with the Registrar of Companies (RoC). The company cannot conduct [&hel...

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Posted Under: Income Tax |

GST Authority should follow procedure under Section 70 of CGST Act: HC

Dhariwal Products Vs Union of India (Rajasthan High Court)

Dhariwal Products Vs Union of India (Rajasthan High Court) By way of the instant writ petition, the petitioner seeks to assail the action of the respondent GST Department and its officials in conducting search and seizure of the petitioner’s premises, coercing the petitioner to deposit a huge sum of Rs.11.5 crores during the course of [...

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