"July, 2022" Archive

ITAT taxed Income of Small Businessman at a presumptive rate – Section 44AD

Mahesh K. Bhutiya Vs ITO (ITAT Rajkot)

Mahesh K. Bhutiya Vs ITO (ITAT Rajkot) We have noted that the Revenue has accepted the income returned by the assessee from his business by applying 5% profit rate to his turnover of Rs. 20,85,825/-. It is evident therefore that it is an accepted fact that the assessee is a very small businessman and it […]...

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UPVAT: Insulated glass taxable as unclassified commodity @ 10%

Commissioner Commericial Tax U.P. Lucknow Vs G.S.C. Toughened Glass (Allahabad High Court)

Tribunal was legally justified in holding that on the manufacture and sale of laminated, insulated and toughened glass the dealer was liable to tax @ 10% as glass and not @ 16% as all the goods made of glasses...

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Cenvat Credit on capital goods eligible when finished goods are dutiable under Central Excise 

K K Spun India Ltd. Vs Commissioner of Central Excise Customs and Service Tax (CESTAT Delhi)

K K Spun India Ltd. Vs Commissioner of Central Excise Customs and Service Tax (CESTAT Delhi) Learned Counsel for the appellant urges that the show cause notice is mis-conceived, as the finished products manufactured by the appellant are not exempted, rather are dutiable @ 10% ad valorem as per CTH 68109990 under the Central Excise [&helli...

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Section 80IB(10) deduction on account of `extra work’

Ravindra Champalal Khinvasara Vs DCIT (ITAT Pune)

Ravindra Champalal Khinvasara Vs DCIT (ITAT Pune)  It is an admitted position that the assessee is otherwise eligible for deduction u/s.80IB(10) in respect of one of its projects, namely, ‘Khinvasara Fort’. The AO did not dispute the otherwise allowability of deduction of income from the ‘Khinvasara Fort’ project, but observed th...

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Cairn UK eligible to claim Benefit of reduced tax rate U/s. 112(1) on sale of equity shares of Cairn India

ACIT (International Taxation) Vs Cairn UK Holding Ltd. (ITAT Delhi)

HC after analyzing the provisions of section 48 and 112(1) of the Act has concluded that the assessee is entitled to avail the beneficial tax rate under section 112(1) of the Act....

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HC declines to entertain petition against show cause notice issued by GST dept

Gemini Coach Builders Vs Union of India (Madras High Court)

Gemini Coach Builders Vs Union of India (Madras High Court) It is seen that the petitioner has not only received the show cause notice but also earlier the petitioner was issued with summons and thereafter only DRC-01A has been issued, intimating the tax ascertained as being payable. Now, the show cause notice has been issued, […]...

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Section 54F Deduction allowable on Independent Residential Units in single building

Venkatesharaiyer Subramanian Vs ACIT (ITAT Chennai)

Venkatesharaiyer Subramanian Vs ACIT (ITAT Chennai) There could be no quarrel on the fact that post-amendment to Sec. 54F, as applicable from AY 2015-16, deduction u/s 54F could not be claimed on purchase / construction of more than one residential house. However, the factual matrix would reveal that the assessee has made investment in on...

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Section 54EC Deduction applicable within 6 Calendar Months from Property Transfer date

Naresh Chand Vs Income Tax Officer (ITAT Delhi)

Naresh Chand Vs Income Tax Officer (ITAT Delhi) In the instant case, the sale deed was made in the month of October, 2013 therefore, the Assessee was supposed to invest u/s. 54EC of the Act within ‘six calendar months’ starting from November onwards and upto the month of April, 2014, which in the instant case […]...

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ITAT imposes Cost of Rs. 5,000 for Non-Compliance of Notice issued by CIT(A) via ITBA

Subhag Projects Private Ltd. Vs ITO (ITAT Cuttack)

Subhag Projects Private Ltd. Vs ITO (ITAT Cuttack) A perusal of the order of the ld. CIT(A) shows that four opportunities have been granted to the assessee by issuing notices through ITBA System via e-Mail. It was submitted by the ld. AR that notices have been received but the assessee was unable to correspond with […]...

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Reassessment Proceedings against dissolved Company – HC directs Petitioner to raise objections before AO

Omansh Properties Private Limited Vs Central Board of Direct Taxes (Delhi High Court)

Omansh Properties Private Limited Vs Central Board of Direct Taxes (Delhi High Court) 1. Present application has been filed on behalf of the Petitioner seeking clarification of the order dated 19th January, 2022 passed by this Court to the effect that the impugned notice dated 20th April, 2021 issued under Section 148 of the Income [&hell...

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