"21 May 2022" Archive

No markup chargeable in case of pure reimbursement of expenditure by AE

Capgemini India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Capgemini India Pvt. Ltd. Vs DCIT (ITAT Mumbai) Facts- Assessee filed its return of income on 7 October 2010 declaring income of ₹113,19,82,875/-. As the assessee has entered into several international transactions, reference was made to the Learned Additional Commissioner of Income-Tax, Transfer Pricing, 1(3), Mumbai for determination ...

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CBDT Notification is pre-conditional for grant of Section 80IA(4) deduction

Salarpuria Properties Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Salarpuria Properties Pvt. Ltd. Vs DCIT (ITAT Kolkata) Facts- The assessee has filed ROI on 9.10.2010 which was revised on 27.12.2010. The return was processed u/s 143(1) of the Act accepting the returned income. Thereafter the case of the assessee was selected under scrutiny and statutory notices were duly issued and served upon the asse...

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Deciding the termination of mandate of arbitrator via application u/s 11(6) is not possible

Swadesh Kumar Agarwal Vs Dinesh Kumar Agarwal (Supreme Court of India)

In a case where there is a dispute/controversy on the mandate of the arbitrator being terminated on the ground mentioned in section 14(1)(a), such a dispute has to be raised before the “court”, defined under section 2(e) of the Act, 1996 and such a dispute cannot be decided on an application filed under section 11(6) of the Act, 1996....

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Sec 80GG – Deduction in respect of rent paid

This section has been introduced to provide relief to those individuals who do not receive any HRA but are paying rent for the stay. Thus, an individual (i.e. Deduction not available to any other taxpayer) can claim a deduction for rent paid even if he or she does not get house rent allowance (HRA). 1. […]...

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Posted Under: Income Tax |

SC Judgment in Mohit Minerals & Refund of IGST under RCM on Ocean Freight

No separate levy of IGST under RCM is to be made on the Indian importer for the supply of services of transportation of goods by the shipping line since it would be in violation of Section 8 of the CGST Act, 2017....

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Posted Under: Income Tax |

Consequences of Non-Payment of Stamp Duty & Non-Registration of Instruments

It is normally experienced that drafting any agreement or completing any complex transaction is still easier than forming a legal opinion when it comes to calculation of applicable stamp duty on such agreement. Payment of applicable stamp duty is essential as non-payment of stamp duty or insufficient payment of stamp duty may prove fatal ...

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Posted Under: Income Tax |

GST refund cannot be denied merely for Mistake in Filing GSTR-3B

Abi Technologies Vs Assistant Commissioner of Customs (Madras High Court)

Madras HC directs sanction of refund, which was not sanctioned due to non transmission of data from GST portal to Customs portal, due to entry of wrong details in GSTR 3B by the taxpayer....

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Form ADT1 : Essence of Appointment of Statutory Auditors

Statutory Auditors to be appointed in any kind of Company plays an important role in the financial affairs of the company. The Companies Act, 2013 prescribes appointment of Statutory Auditors a mandatory process for every company/LLP. A Valid and properly filled up and on time filed Form ADT 1 serves many purposes and benefits to [&hellip...

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Posted Under: Income Tax |

SC explains Scope of Review Petition- Verdict in Sidhu reviewed

Jaswinder Singh (Dead) Vs Navjot Singh Sidhu & Ors. (Supreme Court of India)

The brief facts of the case are that during a road rage, Gurnam Singh died in a scuffle and Sidhu & his friend faced charges of culpable homicide. The trial court post trial acquitted both the accused in1999 as it was of the view that the death was not caused by subdural haemorrhage and the deceased suffered sudden cardiac arrest under st...

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Exemption cannot be denied once granted by the competent Revenue Authority on components required for solar power generation

KEC International Limited Vs Commissioner of Central Excise (CESTAT Delhi)

KEC International Limited Vs Commissioner of Central Excise Central Goods & Service Tax (Appeals) (CESTAT Delhi) The CESTAT, New Delhi in M/s. KEC International Limited v. Commissioner of Central Excise and Central Goods & Service Tax (Appeals) [Excise Appeal No. 52907 of 2019 dated May 10, 2022] set aside the order passed by the ...

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March 2023