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Archive: 05 May 2022

Posts in 05 May 2022

PVAT: HC deletes penalty imposed for carrying Invoice in Mobile instead of Hard Copy

May 5, 2022 681 Views 0 comment Print

Rakesh Jewellers Vs State of Punjab (VAT Appellate Tribunal, Punjab) Brief facts relevant for the decision of the present appeal are that the appellant had purchased 1KG gold bar from M/s Robiun Jewellers Pvt. Ltd., Sarafan Bazar, Hoshiarpur vide invoice dated 23.03.2017 and was transporting the same in the car. The said gold bar was […]

Interest payable on belated payment of GST: Madras High Court

May 5, 2022 12852 Views 0 comment Print

Srinivasa Stampings Vs Superintendent of GST and Central Excise (Madras High Court) Interest has been demanded on the net tax liability of the petitioner on account of belated payment of tax during the aforesaid period under Section 50(1) of the CGST Act, 2017. Since tax was paid by the petitioner belatedly, petitioner is liable to […]

Income Tax Reassessment Notices Under New Provisions

May 5, 2022 7077 Views 0 comment Print

Understanding the implications of the Honble Supreme Court order on income tax reassessment notices under new provisions. Learn more here.

No addition for cash deposited during demonetization out of earlier cash withdrawals

May 5, 2022 6687 Views 0 comment Print

Om Parkash Nahar Vs. ITO ( ITAT-Delhi) The amount deposited during demonetization period was relate to out of withdrawals from the same account from 2014,2015 & 2016 is not treated as income from undisclosed source The assessee’s explanation is that looking to his old age and suffering from various ailments as he had suffered a […]

Transfer pricing aspects of business restructuring

May 5, 2022 10482 Views 0 comment Print

It is highly essential for multinational enterprises to come up with different workable business strategies to compete in today’s economy. One such strategy is business restructuring. Business restructuring is an activity wherein companies significantly modify their financial and operational aspects of a company.

Super Seven Income Tax Planning Tips

May 5, 2022 16020 Views 2 comments Print

Discover seven smart income tax planning tips to reduce your tax liabilities legally and effectively.

Treat Section 148 notice as deemed to be issued under Section 148A: SC on notices issued between 01.04.2021 to 30.06.2021

May 5, 2022 18402 Views 1 comment Print

The issue of validity of notices issued between April 01, 2021 and June 30, 2021 has been a subject matter of major litigation in the past year. Large number of writ petitions were filed across the country, challenging the constitutional validity of the notices issued under section 148 of the Act.

Principles, powers & limitations on exercise of Section 147/148 powers

May 5, 2022 5895 Views 0 comment Print

Uphill Farms Private Limited Vs Union of India (Allahabad High Court) HC explains principles, powers and limitations on exercise of powers under Section 147/148 by Income Tax Officers/ Authorities under the Income tax Act, 1961, as under:- (a) The assessing officer under Section 147 of the Act, 1961 has the power to re-assess any income which […]

Recent Updates in GST till 05th May 2022

May 5, 2022 24249 Views 1 comment Print

Stay updated on the recent developments in GST till 05th May 2022. Learn about the released and pending compensation to states and UTs.

Income Tax Calculator – Financial Year 2022-23

May 5, 2022 651954 Views 40 comments Print

Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful for the salaried employees of government and private sector. “Let everyone be subject to the governing authorities, for there is no authority except that which God has established. Give to […]

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