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Archive: 20 June 2022

Posts in 20 June 2022

Merger & Acquisitions provisions under Income Tax Act, 1961

June 20, 2022 93150 Views 0 comment Print

We are recovering from COVID-19 pandemic era in which whole world has stopped due to deadly COVID-19 virus and business activities have also been at hold. The business houses are starting their activities of merger and acquisitions.

GST department cannot block ITC under Rule 86A without assigning any reason to assessee

June 20, 2022 11157 Views 0 comment Print

Understanding the recent ruling on blocking Input Tax Credit (ITC) under Rule 86A by the GST department. Learn more about the implications and legal considerations.

Summons to Directors & major shareholder for criminal proceedings for non co-operation with IRP/RP during CIRP

June 20, 2022 1428 Views 0 comment Print

It is also alleged that the accused persons failed to cooperate and provide any assistance even to the statutory and forensic auditors of the Corporate Debtor during Corporate Insolvency Resolution Process.

LIC HFL Care Homes guilty of not passing ITC benefit to 243 Customers

June 20, 2022 1275 Views 0 comment Print

Niranjan Swain Vs LIC HFL Care Homes Ltd. (NAA) Authority finds that the Respondent has profiteered by an amount of Rs. 1,85,70,263/- during the period of investigation i.e. 01.07.2017 to 30.09.2020. This amount of Rs. 1,85,70,263/- includes the amount relating to the Applicant No. 1 amounting to Rs. 1,27,892/-. The above amount that has been […]

Miraj cinema guilty of not passing benefit of GST rate reduction to Customers: NAA

June 20, 2022 1260 Views 0 comment Print

Santosh Vs Miraj Entertainment Limited (NAA) The rates of GST on Services by way of admission to exhibition of cinematograph films where the price of admission ticket was above one hundred rupee was reduced from 28% to 18% and Services by way of admission to exhibition of cinematograph films where the price of admission ticket […]

HC quashed order passed in haste in violation of principle of natural justice

June 20, 2022 1926 Views 0 comment Print

Court is of the view that the impugned order under Section 148A(d) of the Act has been passed in great haste and in gross violation of principle of natural justice as the Petitioner was not given reasonable time to file a reply.

Section 148A notice not tenable for matter falling under Section 153C

June 20, 2022 2532 Views 0 comment Print

Pradeep Kumar Varshney Vs ITO (Delhi High Court) Learned counsel for the Petitioner states that in the present case notice under Section 148A is not warranted as it is a case of Section 153C of the Act to which proviso (c) of Section 148A applies. In response to a pointed query, Mr. Sunil Agarwal, learned […]

Land Development Expense Not Deductible in absence of Evidence

June 20, 2022 531 Views 0 comment Print

Rohan Pereria Vs ITO (ITAT Pune) The issue in the present appeal raised through various grounds of appeal relates to the allowance of expenditure claimed as development expenditure on sale of land situated at Baner, Pune while computing the capital gains on the sale of said land. On careful perusal of the order of the […]

Director KYC: Latest Provisions, Checklist and FAQs

June 20, 2022 6717 Views 0 comment Print

DIN refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is obtained by filing an application in eForms DIR-3.

ITC shall be allowed in case of genuine transaction with supplier whose GST registration cancelled

June 20, 2022 26847 Views 1 comment Print

Input tax credit shall be allowed in case of genuine transactions made before the cancellation of GST registration. ITC cannot be denied on genuine transaction with suppliers whose GST registration was cancelled after transaction.

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