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Archive: 14 June 2022

Posts in 14 June 2022

Undisclosed income addition by extrapolation of documents is unsustainable

June 14, 2022 2628 Views 0 comment Print

A. Sivashankar Vs DCIT (ITAT Chennai) In our considered view, the estimation made by the AO towards undisclosed income of under reporting of sales Revenue from sale of plots, is purely a guess work, which is based on the suspicion and surmises, but not based on any material evidences. Facts- The only issue that came […]

Rent Control Act protects both landlords and tenants

June 14, 2022 3954 Views 0 comment Print

Mangal Das son of late Shri Asandas Vs Amar Singh Son of Shri Moolchand Chauhan (Rajasthan High Court) The basic object of the Rent Control Act, 1950 is to save the harassment of tenant from unscrupulous landlords. However, such object of the Rent Control Act, 1950 may not be misconstrued to deprive the landlords of […]

Cancellation of registration, as returns not filed, directed to file all pending returns

June 14, 2022 13926 Views 1 comment Print

Tvl. GK Digital Printing Vs Assistant Commissioner (Circle) (Madras High Court) GST registration cancelled as returns for continuous period of 6 months not filed. Petitioner directed to file all the pending returns (before and after cancellation of registration) and also pay all the pending taxes, interest, fee, fine, etc. Facts- The petitioner has filed the […]

Bogus purchase, addition limited to GP Rate

June 14, 2022 6057 Views 0 comment Print

ITO Vs Satyanarayan Nathulal Gandhi Chowk (ITAT Raipur) Held that the entire purchase amount of such bogus purchase cannot be added at best the addition limited to the extent of G. P. Rate on purchases at the same rate of the genuine purchase. Facts- A survey operation u/s 133A was conducted in the business premises of […]

Penalty u/s 114AA levied for misdeclaration of value of imported goods

June 14, 2022 4035 Views 0 comment Print

S.D. Overseas Vs Joint Commissioner of Customs (CESTAT Delhi) Penalty u/s 114AA leviable in case of misdeclaration of the value of the imported goods as per the manufacturer’s price lists. Facts- The appellant had imported a consignment of Food Supplements through ICD, Tughlakabad and filed a Bill of Entry dated 04.01.2013 and the goods were […]

Crushing and screening iron ore classified as iron ore fines, exempt from CVD

June 14, 2022 1509 Views 0 comment Print

The appellant engaged in the manufacture of iron ore pellets. One of the raw materials required for the same is iron ore fines.

Changes in System with respect of AD Code Registration in exports

June 14, 2022 24057 Views 1 comment Print

There was a demand from trade that an AD code should required to be registered only once in Customs System for filing documents across all the customs locations. To facilitate trade, the following changes have been made in the System in respect of AD Code registration

IBBI (Inspection and Investigation) (Amendment) Regulations, 2022

June 14, 2022 837 Views 0 comment Print

These Regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022.

IBBI (Information Utilities) (Amendment) Regulations, 2022

June 14, 2022 1665 Views 0 comment Print

These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022.

‘Suncity Projects’ guilty of denying ITC benefit to homebuyers: NAA

June 14, 2022 612 Views 1 comment Print

Jotbir Singh Bhalla Vs Suncity Projects Pvt. Ltd. (NAA) Authority determines that the Respondent has profiteered an amount of Rs. 2,62,56,652/-. Therefore, given the above facts, the Authority under Rule 133(3)(a) of the CGST Rules orders that the Respondent shall reduce the price to be realized from the buyers of the flats commensurate with the […]

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