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Archive: 01 May 2022

Posts in 01 May 2022

DGFT notifies procedure for allocation & imports under India–UAE CEPA

May 1, 2022 9717 Views 1 comment Print

The Tariff Rate Quotas (TRQ) as mentioned in Notification No. 22/2022-Customs dated 30th April 2022 under India–UAE CEPA and procedure for allocation and imports under given TRQs is notified.

GST Revenue collection for April 2022 highest ever at Rs 1.68 lakh crore

May 1, 2022 1581 Views 0 comment Print

The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which CGST is Rs  33,159 crore, SGST is Rs  41,793 crore, IGST is Rs  81,939 crore (including Rs  36,705 crore collected on import of goods) and cess is Rs  10,649 crore (including Rs  857 crore collected on import of goods).

Section 148 Notice after expiry of 4 years on facts already available before AO, is bad in law

May 1, 2022 2451 Views 0 comment Print

Reopening of assessment u/s. 147 and issuance of notices u/s. 148 admittedly after expiry of four years from the end of relevant assessment year on the self­same material facts which were already available before the assessing officer at the time of regular assessment and without recording of any omission or failure on the part of the petitioner to disclose fully and truly any material fact necessary for assessment before the assessing officer in course of regular assessment proceeding.

6% interest allowed on wrongful withholding of amount by Income Tax authority

May 1, 2022 1485 Views 0 comment Print

Assessee who is deprived of refund of their amount in view of wrongful withholding of their amount by the authority cannot be refused to compensate for such wrongful deprivation of their amount lying with the authority for no fault of the assessees. We are inclined to allow the claim for the interest by way of compensation/damages at the rate of 6% p.a. for delayed period.

Section 126 of Electricity Act empowers AO to carry out provisional assessment & pass appropriate order

May 1, 2022 24081 Views 0 comment Print

Vridhi Iron Steels Vs Assam Power Distribution Company Limited (Guwahati High Court) Facts- The brief facts of the case is that the petitioner is a consumer of electricity having authorized connected load of 1105KW = 1300KVA and contracted demand of 1001 KVA. On 9/10/2018, a technical inspection of the petitioner’s electrical installation was undertaken and […]

Addition permissible on the basis of digital data recovered during search

May 1, 2022 2628 Views 0 comment Print

With regard to the evidentiary value of data recovered from computer in the form of digital data and other documents listed in earlier part of this order is concerned, section 132(4) of the Income-tax Act, permits the authorised officer to seize books of accounts and other documents.

Canadian Taxation for the tax year 2021

May 1, 2022 2007 Views 0 comment Print

Learn about Canadian taxation for the tax year 2021. Explore the process of filing income tax returns and understanding form T1.

Printing Press activity is a manufacturing process under ‘ESI Act’

May 1, 2022 1527 Views 0 comment Print

U.P. Cooperative Federation Ltd. Vs Emoployees State Insurance Corporation (Allahabad High Court) In the present case, the demand was raised for an amount of Rs.33,846/- for the employer’s contribution for the employees working in the account section of PCF Press for the period January 1981 to September 1986 and from January 1988 to May 1989. […]

Limitation period would be 3 years from tax date of receipt of tax that has been retained by Revenue

May 1, 2022 4899 Views 0 comment Print

State of Tamil Nadu Vs Everest Industries Limited (Madras High Court) It is useful to refer to the Judgment of the Apex Court in A. Venkata Subbarao v. State of A.P., (1965) 2 SCR 577 : AIR 1965 SC 1773 while dealing with the claims relating to tax that was illegally retained. In the above […]

TVAT: Appellate/Revisional authority not justified in out-rightly rejecting stay application

May 1, 2022 567 Views 0 comment Print

We are of the view that both the appellate authority as well as the revisional authority were not justified in out-rightly rejecting the prayer for stay of the petitioner. Power to entertain prayer for stay is incidental and ancillary to the power to hear appeal and revision.

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