"05 May 2022" Archive

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

Rakesh Jewellers Vs State of Punjab (VAT Appellate Tribunal, Punjab)

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 [&he...

Interest payable on belated payment of GST: Madras High Court

Srinivasa Stampings Vs Superintendent of GST and Central Excise Hosur (Madras High Court)

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 [&hell...

Income Tax Reassessment Notices Under New Provisions

Hon’ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021. The decisions of the various High Courts which have [&h...

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

Om Parkash Nahar Vs. ITO ( ITAT-Delhi)

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 [&he...

Transfer pricing aspects of business restructuring

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

Everyone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws provide ample opportunities for smart persons to utilise and lower their tax liabilities. These aren’t methods of tax evasion rather there are tax planning tools [...

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

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

Uphill Farms Private Limited Vs Union of India And Another (Allahabad High Court)

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 ...

Recent Updates in GST till 05th May 2022

Ministry of Finance has released a ‘Status Note’ on GST compensation to states and UT’s on 28th April, 2022 stating that Rs. 2.78 lakh crore of compensation has been released to states for the year 2020-21 and nothing is pending for this year. It has further released Rs. 7.35 lakh crore and compensation of Rs. […]...

Income Tax Calculator – Financial Year 2022-23

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 Go...

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