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Archive: 10 July 2022

Posts in 10 July 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7206 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Non GST Supplies/Exempted Supplies/Zero rated Supply/Negative list of Supply

July 10, 2022 19494 Views 0 comment Print

Understanding non-GST supplies and exempted supplies under the Indian GST regime. Learn about the tax implications for alcoholic liquor and other specified items.

CBIC can appoint officers of DGCEI to act as Central Excise Officer: HC

July 10, 2022 2007 Views 0 comment Print

HC held that No restriction can be inferred on the powers of CBIC while appointing officers of DGCEI presently Directorate of GST Intelligence to act as Central Excise Officers.

Look out Circular can be Issued against personal guarantor of economic offenders

July 10, 2022 2901 Views 0 comment Print

Garikapati Venkateswara Rao W/o. Chenchaia Vs Union of India (Telangana High Court) It was not in dispute that GVR Infra Projects Limited had taken loan of Rs.250.03 Crores from the erstwhile Vijaya Bank which was now merged with Bank of Baroda, Respondent Nos.7 and 8 herein. It was also not disputed by the petitioner that […]

Expenditure disallowed as necessary conditions of revenue expenditure not satisfied

July 10, 2022 897 Views 0 comment Print

Held that assessee had failed to satisfy the conditions precedent to claim as revenue expenditure, as the expenditure was incurred during the previous year relevant to the assessment year under consideration. Therefore, the claim cannot be allowed as deduction

No addition for loss treated as non-genuine if same is not been claimed by Assessee in his computation of Income

July 10, 2022 843 Views 0 comment Print

Dhaval R Ajmera Vs ITO (ITAT Mumbai) Though the assessee has raised several grounds, the only effective issue involved in the impugned appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of Rs.7,89,745/- on account of alleged purchase of shares through M/s. Alliance Intermediates and Network Private Limited and alleged […]

Loss in value of Investment in another company cannot be claimed as deduction u/s. 37(1)

July 10, 2022 4173 Views 0 comment Print

Investment made by the assessee in another company is on capital account and further, when loss incurred on account of diminishing in value of said investment is capital in nature and thus, same cannot be claimed as deduction u/s.37(1) of the Act.

Income Tax Appeal not maintainable after declaration of moratorium under IBC

July 10, 2022 1977 Views 0 comment Print

Twinkle Enviro Tech Pvt. Ltd. Vs ITO (ITAT Mumbai) At the outset, we find that assessee’s case has been referred to Hon’ble National Company Law Tribunal (NCLT) for Insolvency Resolution Process and an Interim Resolution Professional (IRP) has been appointed in the assessee company. In view of the order passed by the Hon’ble NCLT, we […]

Section 56(2)(vii) cannot be invoked if no difference between agreement & Stamp Duty Value

July 10, 2022 9627 Views 0 comment Print

If guideline value of the property as on date of agreement of sale is considered, then there is no difference between consideration paid by the assessee for purpose of purchase of property and value assessed by stamp duty valuation authority and thus, provisions of section 56(2)(vii) of the Act, cannot be invoked.

Ex-parte order – addition For unexplained cash – ITAT restore matter to CIT(A)

July 10, 2022 714 Views 0 comment Print

Satyabhama Avadhanula Karimnagar Vs ACIT (ITAT Hyderabad) I find the Assessing Officer on the basis of inquiry conducted u/s 131(1)(d) made addition of Rs.22.00 lakhs being unexplained cash found from the possession of the assessee and made addition of the same u/s 69A rws 115BBE of the I.T. Act. I find the learned CIT (A) […]

Delay cannot be condoned if delay in filing condonation of delay was deliberate

July 10, 2022 438 Views 0 comment Print

Vedika Realty Pvt. Ltd Vs ITO (ITAT Delhi) It is well settled law, the mere filing of appeal is not sufficient until and unless, it is effectively pursued and prosecuted. From the record, orders passed by the authorities below specifically by the Ld. Commissioners and the facts of the case, the conduct of the Assessee […]

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