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Archive: 21 February 2022

Posts in 21 February 2022

Concessional tax rate on gross receipt basis not allowable if Assessee claims exclusion of reimbursements

February 21, 2022 843 Views 0 comment Print

GRI Renewable Industries S.L. Vs ACIT (IT) (ITAT Pune) It is seen that the assessee offered its income from ‘royalties’ and ‘fees for technical services’ on gross basis, albeit at the concessional rate of tax. The assessee claimed that a sum of Rs.35.67 lakh was received as reimbursement of expenses which was not liable to […]

HC directs restoration of GST registration on payment of tax, penalty & uploading of returns

February 21, 2022 10722 Views 0 comment Print

Tvl. Suguna Cutpiece Center Vs The Appellate Deputy Commissioner (ST) (GST) (Madras High Court) These Writ Petitions pertain to the challenge to the cancellation of GST Registrations issued to the petitioners under the provisions of the Tamil Nadu Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017. Some of the […]

ITAT allows filing of Additional Evidence before AO which were not submitted earlier due to Family Disputes

February 21, 2022 4509 Views 0 comment Print

Vatsal Navnitlal Parikh Vs ITO (ITAT Ahmedabad) We find that additional evidences are produced for the first time before the Tribunal. These documents were not filed before the lower authorities during assessment proceedings due to family disputes. Therefore, in the interest of justice, we deem it fit to remand the matter back to the file […]

GST: Bail denied to person accused of clandestine manufacturing & sale

February 21, 2022 1449 Views 0 comment Print

GST Vs Krishna Kant Pandey, Laxmi Kant Pandey & Shashi Kant Pandey (Patiala House Court) The present case is of clandestine manufacturing and sale which is covered by Section 132 (1) (a). Although, the punishment and the status of the case has cognizable and non bailable is the same, the evidence of both category of […]

NCLAT invites application for appointment on Various Posts

February 21, 2022 1032 Views 0 comment Print

Filling up of the posts in the National Company Law Appellate Tribunal on deputation basis. The National Company Law Appellate Tribunal invites applications for filling up of the following posts on deputation basis: –

Set-off of LTCL on sale of quoted equity shares allowable against LTCG on sale of properties

February 21, 2022 14544 Views 0 comment Print

Section 10(38) exempts only a stream of capital gain from tax and not the entire source. So if the assessee incurs loss in sale of equity shares, the gain from sale of which is exempt under section 10(38), then such loss will be allowed to be set off against long-term capital gain from sale of shares as well from sale of other assets.

CAAR Order on grounds of Awaiting Decision of Delhi High Court

February 21, 2022 942 Views 0 comment Print

In re Amazon Seller Services Pvt. Ltd. (CAAR Mumbai) M/s. Amazon Seller Services Pvt. Ltd. (the applicant, hereinafter) had filed 10 applications for advance rulings before the Authority for Advance Rulings, Customs, Central Excise and Service Tax, New Delhi (AAR, hereinafter). These applications were pending at the time of appointment of the Customs Authorities for […]

Amazon wireless Speaker device classifiable under heading 8518

February 21, 2022 1851 Views 0 comment Print

In re Amazon Seller Services Pvt. Ltd. (CAAR Mumbai) CAAR held that wireless speaker device model no. P5B83L merits classification under heading 8518 and more specifically under subheading 85182100 of the first schedule to the Customs Tariff Act. FULL TEXT OF ORDER OF CUSTOMS AUTHORITY OF ADVANCE RULING, MUMBAI Ruling M/s. Amazon Seller Services Pvt. […]

LCR – RBI Compliances on NBFC for LCR w.e.f March 2022

February 21, 2022 13758 Views 0 comment Print

RBI Compliances for LIQUIDITY RISK MANAGEMENT FRAMEWORK AND LCR to NBFC along with the changes w.e.f March 31, 2022 Applicability: All Deposit taking NBFCs and Non-Deposit taking NBFCs with asset size of ₹ 100 crore and above. Compliances: All deposit taking NBFCs irrespective of their asset size and Non-deposit taking NBFC with asset size of […]

Request to extend due date for submission of FORM GSTR-9, 9A & 9C

February 21, 2022 27528 Views 1 comment Print

Adverting to finalization of Forms 9, 9A & 9C under the Goods and Services Tax Acts which not only requires reconciliations in the accounts of the Tax Payer but it also requires reconciliations with the accounts of the suppliers and recipients. The time of 13 days available, that too, if we do not consider the intervening holidays is too short to do the needful, by 28th Feb., 2022.

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