"09 May 2022" Archive

Section 263: ITAT explains five steps “Queen Principle”

Akola Janta Commercial Co-Op Bank Ltd. Vs ACIT (ITAT Nagpur)

Akola Janta Commercial Co-Op Bank Ltd. Vs ACIT (ITAT Nagpur) A plain reading of Section 263 makes it clear that, the precondition to exercise revisionary jurisdiction by the PCIT/CIT suo moto under it, is that the order of AO is erroneous insofar as it is prejudicial to the interests of the revenue is concern. Consequently, […]...

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ITR-U (New Income Tax Form)

Notification No. 48/2022-Income Tax 29/04/2022

ITR FORM-U Summary(Updated Return) ♦ Form Notified on 29th April, 2022 ♦ Dealt under section 139(8A) and Rule 12AC of Income Tax rules. ♦ Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. […]...

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Posted Under: Income Tax |

Transition of ITC cannot be denied merely for technical difficulties

Vetrivel Explosives Pvt. Ltd. Vs Union of India (Madras High Court)

Vetrivel Explosives Pvt. Ltd. Vs Union of India (Madras High Court) Judgement The Madras High Court has held that credit which remained unutilized on the date of accident in the regular returns filed by the Petitioner, shall be allowed to the Petitioner either by way of suitable credit entry in the electronic cash register of […]...

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FAQs on e-invoice / IRN System under GST

Q.1 What is ‘e-invoicing’? As per Rule 48(4) of CGST Rules, notified class of registered persons shall prepare an invoice by incorporating the Invoice Reference Number (IRN) and the QR-Code generated by uploading specified particulars in FORM: GST INV-01 on Invoice Registration Portal (IRP). Such invoice containing, inter alia, the QR...

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Posted Under: Income Tax |

Bank Responsible for Theft in Locker

In an important decision, the learned National Consumer Commission held that the bank is responsible for the bank locker theft and the bank shall pay compensation for loss on account of being stolen. In compliance of the order, the bank has paid compensation to its 11 customs of Kanpur branch to the tune of Rs. […]...

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Posted Under: Income Tax |

Canadian taxation: Role of foreign income

Being the leader in annexing talents from all countries by offering the best immigration status to all types of citizens of international repute based on a merited scale, it is not a surprise that Canada Revenue Agency keeps an eagle eye on the global income of all Canadian resident taxpayers. Foreign Income Verification Statement T [&hel...

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Posted Under: Income Tax |

Notification providing for mandatory deeming fiction for deduction towards value of land is ultra-vires the provisions of GST & Constitution

Notification providing for mandatory deeming fiction for deduction towards value of land is ultra-vires the provisions of GST and Constitution The Hon’ble Gujarat High Court in Munjaal Manishbhai Bhatt v. Union of India [R/Special Civil Application No. 1350 of 2021 dated May 06,2022] has quashed and set aside the order passed by the AAA...

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Posted Under: Income Tax |

Landmark SC Judgment on Section 148 notices which is in Favour of both Assessee & Revenue

Landmark Judgment by Supreme Court on notices issued u/s 148 which is in Favour of both Assessee and Revenue This article is on Judgment dated 4th May 2022, by Hon’ble Supreme Court of India in the case of Union of India Vs Ashish Agarwal (Supreme Court of India), vide Civil Appeal No. 3005/2022 and various other appeals in [&hel...

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Posted Under: Income Tax |

Key Changes to Companies act, 2013

Journey of Companies act, 2013 √ Companies act, 2013 (1.4.2014) √ Companies Amendment act, 2015 (w.e.f.4-4-2015) √ Companies Amendment act, 2017 (w.e.f.5-1-2018) √ Companies amendment ordinance 2018 (w.e.f.5-11-2018) √ Companies amendment Second ordinance 2019  (15-1-2019) √ Companies amendment ordinance 2019   (26-03-2019)...

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Posted Under: Income Tax |

Weekly newsletter from Chairman, CBIC dated 09.05.2022

DO No. 23/CH(IC)/2022 09/05/2022

On the Anti-Evasion side, on the basis of a specific input from the National Customs Targeting Centre, officers of Delhi Customs Preventive Commissionerate intercepted a consignment declared as Photocopy Paper at ICD Palwal, Haryana. Examination of the consignment revealed that except the front row, the consignment contained more than 79,...

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