2 Archive - 14 July 2022

"14 July 2022" Archive

Order, prejudicial to the interest of revenue, set aside invoking jurisdiction u/s 263

Cognizant Technology-Solutions India Pvt. Ltd. Vs Dy. Commissioner-of Income Tax (ITAT Chennai)

Held that the assessment order passed by the AO is erroneous in so far as it is prejudicial to the interest of the revenue and thus, the CIT has rightly exercised his jurisdictional powers...

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Penalty u/s 271(1)(c) unsustainable on suo moto reversal of excess depreciation

Axis Bank Ltd. Vs CIT (ITAT Ahmedabad)

Held that the addition made on account of excess depreciation claimed, having been surrendered by the assessee itself without any prior detection by the Revenue, the excess claim having been demonstrated to have been made for bonafide reasons, it is surely not a case for levy of penalty at all....

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Trademark registration expenditure is revenue expenditure

Add. CIT Vs Precision Bearing Pvt. Ltd. (ITAT Ahmedabad)

Held that the expenditure incurred on mere registration of trade-mark is a revenue expenditure...

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Re-determination of value, without any case of mis-declaration & undervaluation, not maintainable

Mydream Properties Pvt. Ltd Vs Commissioner of Customs (CESTAT Mumbai)

Revenue has not made out any case of mis-declaration and consequential undervaluation. Therefore, we find no merit in the re-determination of the value of the yacht and confirmation of differential duty thereon....

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Initiation of reassessment proceedings, without notice u/s 148, is bad in law

Smt. Parveen Amin Bhathara Vs ITO (Madras High Court)

Held that as notice for reopening of assessment u/s 148 was not served, within the time stipulated u/s 149, reassessment proceedings initiated u/s 147 is untenable in law...

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GST Registration cannot be denied by violation of principles of natural justice

B.C. Mohankumar Vs Superintendent of Central Goods & Service Tax (Madras High Court)

B.C. Mohankumar Vs Superintendent of Central Goods & Service Tax (Madras High Court) Rejection of application for GST registration: HC heold that order in this case is non-speaking, arbitrary and evidently has not taken into account the explanation furnished by the petitioner. Learned counsel for the respondent refers to Rule 9(4), pa...

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Bombay HC admit PIL on 3% contributions to be made by registered public trusts

Devendra Prakash Shah Vs State of Maharashtra (Bombay High Court)

Devendra Prakash Shah Vs State of Maharashtra (Bombay High Court) 1. We have heard Mr. P. B. Shah, learned advocate appearing in support of this writ petition. 2. Having read the averments made in the writ petition and the relief claimed therein, we are of the considered prima facie view that because of the lapse […]...

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Brief Summary of amendments in Companies Act 2013 WEF 1.04.2022

Brief Summary of MCA amendments of Companies Act 2013 effective from 1st April 2022 1. Companies (Management and Administration) Amendment Rules, 2022 Notification shall come into force on the date of its publication in the Official Gazette i.e., 06th April, 2022. Rule 14 of Companies(Management and Administration) Amendment Rules ,2022 s...

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Posted Under: Income Tax |

Can a chartered accountant sign a Provisional Financial Statement?

As per Clause (3) of part 1 of second schedule of ICAI Act 1949 -A chartered accountant in practice shall be deemed to be guilty of professional misconduct, -If he permits his name or the name of his firm to be used in connection with an estimate of earnings contingent upon future transactions in a […]...

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Posted Under: Income Tax |

Export of Goods and Services under Indian FEMA

A. Introduction on Exports of Goods and Services (EoGs) under Indian FEMA  1. (i) EoGS from India is regulated by the Directorate General of Foreign Trade (DGFT) through its regional offices as functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India (Govt.). (ii) Policies and procedures as req...

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Posted Under: Income Tax |