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Archive: May, 2022

Posts in May, 2022

Onus of proving nature and source of receipt lies on the assessee

May 30, 2022 3618 Views 0 comment Print

Law is well settled that the onus of proving the source of a sum of money found to have been received by an assessee is on him.

TDS not deductible on business profit of non-resident in absence of PE in India

May 30, 2022 2679 Views 0 comment Print

Merely because a person has not deducted tax at source from a remittance abroad, it cannot be inferred that the person making a remittance has committed a failure in discharging his tax withholding obligations because such obligations come into existence only when recipient has a tax liability in India.

Adjustments by section 143(1) intimation on debatable issues not permissible

May 30, 2022 3462 Views 0 comment Print

It is well settled that any adjustments u/s 143(1) of Income Tax Act by way of intimation u/s 143(1) of Income Tax Act, on debatable and controversial issues, is beyond the scope of Section 143(1) of Income Tax Act.

Weekly newsletter from Chairman, CBIC dated 31/05/2022

May 30, 2022 717 Views 0 comment Print

I would like to reiterate a message that bears repetition till we have internalized it fully viz. that as an organization, we stand for zero-tolerance for behavior that in any manner compromises our integrity or our professional excellence.

Mere association with a terrorist organization not sufficient to attract section 38 offence

May 30, 2022 969 Views 0 comment Print

HC held that mere association with a terrorist organisation as a member or otherwise will not be sufficient to attract the offence under Section 38 unless the association is with intention to further its activities.

Additional depreciation available on installation of power plant & windmill

May 30, 2022 645 Views 0 comment Print

It is held that assessee is entitled to additional depreciation u/s 32(1)(iia) on power plant and the windmill installed during the year.

Reexamine imposition of anti-dumping duty on Viscose Staple Fibre: CESTAT Delhi

May 30, 2022 948 Views 0 comment Print

Anti-Dumping Appeal is allowed to the extent that the designated authority shall re­examine and give a fresh finding as to whether cessation of anti-dumping duty would likely lead to continuation or recurrence of injury so as to warrant imposition of anti-dumping duty for a further period of five years.

Section 271B Penalty not leviable when books of accounts not maintained

May 30, 2022 1641 Views 0 comment Print

ITAT Chennai held in the case of Shanthilal D Jain Vs DCIT that Penalty under Section 271B for failure to get account audited not leviable when books of accounts are not maintained.

Section 8 companies cannot change objects to include Micro Finance/Credit

May 30, 2022 4074 Views 0 comment Print

Micro Finance/Micro Credit as an object in Object Clause of Memorandum of Association (MoA) of Section 8 companies not allowed

All about Chit Fund in India

May 30, 2022 42237 Views 2 comments Print

Discover everything you need to know about Chit Funds in India. Understand how they work, who can participate, and the benefits of this unique investment option.

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