"25 June 2022" Archive

Division of single Tender to answer particular situations & ignore other situations is not correct: AAR

In re Cummins India Ltd. (GST AAR Maharashtra)

AAR held that division of the single Tender to answer particular situations and ignore other situations will not be the right way to go forward and therefore this Authority will not be able to answer the questions raised by the applicant....

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Letting out being primary intention, income taxable under house property

Mahesh Devdutta Gupta Vs ACIT (ITAT Nagpur)

Held that we are of the considered view that the predominant intention of entering into these agreements is letting out of the property and not provision of any independent services....

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Sham Transaction cannot be alleged if other party is a statutory body

Star Chemicals (Bom) Pvt. Ltd. Vs DCIT (ITAT Mumbai)

ITAT held that it is not a sham and bogus transaction. One of the grounds considered for recording that finding is that when the other party is a statutory body the question of evasion of tax does not arise...

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Appeal against intimation under section 143(1)(a)/154 is maintainable

Shivganga Drillers Private Ltd. Vs CPC, Income Tax (ITAT Indore)

Shivganga Drillers Private Ltd. Vs CPC, Income Tax (ITAT Indore) Assessee contended That National Faceless Appeal Centre, Delhi erred in rejecting appeal filed by the assessee summarily by stating that appellant has not filed appeal against intimation order u/s 143(1) and tried to take back door entry by filing appeal against order u/s 15...

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Subsidy as octroi duty refund to promote industrialization is a capital receipt

DCIT Vs Sudal Industries Limited (ITAT Mumbai)

DCIT Vs Sudal Industries Limited (ITAT Mumbai) The assessee has received incentive in the form of Octroi refund under Govt. of Maharashtra Package Scheme of Incentives, 2007. We find that the Coordinate Bench of the Tribunal in the case of ACIT Vs. M/s. Universal Construction Machinery and Equipments Ltd. in an identical set of facts [&he...

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Know all about Authorised Representative under IBC, 2016

The amendment introduced in the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 promulgated on 6 June 2018. Vide this amendment new concept has been introduced i.e. appointment of Authorised Representative for 'class of creditors'....

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A Bare Knuckle Truth About The Aviation Industry!

A bare knuckle truth about the aviation industry is that globally, the airports and airlines struggle between balancing the impact of aviation on environment and customer satisfaction....

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Admissibility of Social Media Messages as Evidence before Court of Law

In this era where cyber space and digital environment has became one inextricable factor, the nature of evidence related to any case is also evolving to be digital....

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Rate of Stamp duty on Shares and Debentures

According to the amended provisions of the Indian Stamp Act, 1899, Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 and Finance Act, 2019, w.e.f. 1st July, 2020- Now Stamp duty on the Securities Market Instrument be collected by the Stock Exchange OR Clearing Corporation O...

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Section 194S – TDS on transfer of Virtual Digital Assets

In the Finance Act 2022, a new TDS section 194S, has been inserted in the Income Tax Act, and which has been made applicable e.f. 1.7.2022. Eligibility criteria for tax deductor under Section 194S:- Any person (Resident or Non Resident) responsible for paying to any resident, any sum by way of consideration for transfer of […]...

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August 2022