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Archive: 27 June 2022

Posts in 27 June 2022

Foreign Arbitral Award Enforcement can be Filed in multiple High Courts

June 27, 2022 888 Views 0 comment Print

Explore the ACIT Vs Zodiac Transport case as ITAT Delhi directs fresh adjudication on protective additions, influenced by the SVP Group entities recent partial relief.

CESTAT explains Rule 3(5B)- Cenvat credit Reversal for provision for slow moving inventory

June 27, 2022 804 Views 0 comment Print

CESTAT Delhi ruling in Takata India Pvt. Ltd. case clarifies that a general provision for slow-moving inventory, not written off, does not attract Cenvat Credit Rules. Detailed analysis and implications.

No section 41(1) addition if liability not stood remitted or ceased

June 27, 2022 558 Views 0 comment Print

ITAT Delhi decision in ACIT vs. Foot Mart Retail clarifies that liabilities, outstanding for years, not written off, cannot be added under section 41(1). Detailed analysis of the case.

AO must give minimum 7 days notice to responds to Section 148 notice

June 27, 2022 1875 Views 0 comment Print

Meghalaya High Court orders the setting aside of a Section 148 notice due to procedural lapses, emphasizing the necessity of adhering to the mandated seven-day response period.

Reassessment based on re-appreciation of facts already available on record is invalid

June 27, 2022 522 Views 0 comment Print

ITAT Mumbai sets aside reassessment in Bombay Real Estate Development Co. case, emphasizing absence of new material. Key analysis and implications discussed.

Delay cannot be condoned simply for confusion of Assessee regarding the course of action

June 27, 2022 171 Views 0 comment Print

ITAT find that the assessee has not been able to bring out genuine reasons, firstly, for such a huge delay of 1103 days in filing the appeal before the Tribunal and also why the assessee irrespective of being given eight opportunities by the ld. CIT(A) did not present himself or through his authorised representative before the first appellate authority.

Discount cannot be equated with Rent to attract TDS under Section 194I

June 27, 2022 423 Views 0 comment Print

The assessee gave additional discount to parties on account of godown rent paid by the said parties. According to the assessee, the customers did not take the delivery of the goods in their own godown after the purchase and the goods would continue to be at the godown of the assessee till the customer sells the goods to the other parties.

Construction related activities which are outside the purview of GST

June 27, 2022 3654 Views 4 comments Print

Explore construction activities exempt from GST, including sale of land, ready-to-move flats, and resale properties. Understand provisions of CGST Act, 2017 Schedule II and III. Stay informed to avoid unnecessary tax implications.

DGFT clarifies on Chip Import Monitoring System (CHIMS)

June 27, 2022 6486 Views 2 comments Print

A. Whether multiple consignments against a CHIMS registration can be imported within the validity period of CHIMS Registration? Response: Importer may include multiple products in one registration number. However, for each shipment a separate registration number is required.

Implications arising under new Section 194R of Income Tax Act

June 27, 2022 2562 Views 0 comment Print

Understand the impact of the new Section 194R of the Income Tax Act introduced in 2022. Explore applicability, exceptions, and CBDT clarifications. Prepare for tax compliance and navigate potential complexities.

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