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Archive: 16 June 2022

Posts in 16 June 2022

CBIC Notifies Rate of Exchange of Foreign Currencies wef 17.06.2022

June 16, 2022 9588 Views 0 comment Print

CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 17th June, 2022 vide Exchange rate Notification No. 51/2022-Cus (NT) dated 16.06.2022 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ***** Notification No. 51/2022 – Customs (N.T.) New Delhi, dated the 16th June, […]

Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

June 16, 2022 12630 Views 2 comments Print

Learn about the eligibility of interest income for deduction u/s 80IA of the Income Tax Act. Discover the benefits for industrial undertakings and infrastructure development.

Uploading or serving of a summary of show cause in Form GST-DRC-01 under rule 142(1) is mandatory

June 16, 2022 4566 Views 1 comment Print

Balaji Traders Vs State Tax Officer (Madras High Court) The uploading or serving of summary of show cause in Form GST-DRC-01 under Rule 142(1) is not a mere formality, but it is mandated under the Rule, so that, the Assessee would have a chance of getting summary of show cause and to respond the same […]

Notice under GST Rule 68 to be issued electronically or through post?

June 16, 2022 3174 Views 0 comment Print

Jabir Hasan Vs Assistant Commissioner of State Tax GST (Uttarakhand High Court) It is not disputed that Rule 68 of Central Goods and Services Tax Rules, 2017 provides for notice to the non filers of returns – a notice in form GSTR – 3A shall be issued electronically to a registered person who fails to […]

Order passed within 3 years from the due date of GST return not hit by limitation

June 16, 2022 1122 Views 0 comment Print

Quality Mart Vs Assistant Commissioner (ST) (Madras High Court) One of the ground raised by the petitioner dealer is that under Section 73 (10) of the TNGST Act, 2017 (Act) that the assessing officer should have passed an order within three years period from the due date for furnishing of annual return for the financial […]

No penalty on income suo motu offered by assessee in his return of income

June 16, 2022 2127 Views 0 comment Print

ACIT Vs Swapnadeep Krushi Paryatan Kendra (ITAT Pune) The AO has imposed penalty only with reference to the amount of Rs.1.50 crore which was suo motu declared by the assessee in the return. In that view of the matter, the ratio laid down in MAK data Pvt. Ltd. (supra) has no application to the facts […]

Mutual Agreement Procedures (MAP)

June 16, 2022 8505 Views 2 comments Print

Learn about Mutual Agreement Procedures (MAP) and how they help resolve double taxation and non-taxation issues in cross-border transactions.

Front Running With Context To Axis Bank’s AMF Case

June 16, 2022 1893 Views 0 comment Print

Front Running is an illegal practice of trading in the stocks based on non- published information in regard to an expected large stocks transaction which will be affecting the price of that share

Non-jurisdictional AO cannot issue Section 148 notice to Appellant

June 16, 2022 2346 Views 0 comment Print

Louis Dreyfus Company Asia Pte. Ltd Vs CIT (International Taxation) (Delhi High Court) Learned counsel for the petitioner submits that since the impugned notice dated 30th March, 2019 has been issued under Section 148 of the Act by respondent no.3 based in Mumbai, who is a non-jurisdictional Assessing Officer, he is not entitled to exercise […]

Articles seized by police, may be released to Owner after detailed panchnama

June 16, 2022 4863 Views 0 comment Print

S K Industries Vs State of Gujarat (Gujarat High Court) it is settled law that, the articles seized by the police, may be released to the person, who in the opinion of the Court, is lawfully entitled to claim, after preparing detailed panchnama of such articles as well as photographs of such articles and security […]

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