"16 July 2022" Archive

Reason to believe for conduct of search, is not required to be disclosed

PDIT Vs Laljibhai Kanjibhai Mandalia (Supreme Court of India)

PDIT Vs Laljibhai Kanjibhai Mandalia (Supreme Court of India) Held that, in terms of the explanation inserted by the Finance Act, 2017 with retrospective effect from 1.4.1962, search conducted on the reason to believe is not required to be disclosed to any person or any authority or the appellate tribunal. Facts- The assessee provide loan...

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Appointed liquidator can be changed: NCLAT

IDBI Bank Limited Vs V. Venkata Sivakumar (NCLAT)

Held that conjoint reading of section 33 of IBC with section 16 of the General Clauses Act, 1897 would show that the authority which has power to appoint a person, equally has the power to suspend or dismiss that person....

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Posted Under: Income Tax | |

HC grant Bail to CA in case of alleged negligence in stock audit & Fraud

Sunil Bhatia Vs Serious Fraud Investigation Office (Delhi High Court)

Since the ex-promoters/directors and similarly situated chartered accountants have been granted bail, there is no reason why the Applicant should be treated any differently. Bail granted...

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Purpose & object remained same after amendment to object clause, cancellation of Trust registration unjustified

Daivadnya Samjonnati Parishad Vs ITO (ITAT Mumbai)

Held that even after amendment to the object clause, there is absolutely no change to the purpose and object of the trust. Cancellation of the registration granted u/s 12A unjustified....

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Ownership of goods post let export order is with importer: CESTAT

Janki Dass Rice Mills Vs C.C.-Mundra (CESTAT Ahmedabad)

Held that Appellant lost the ownership of the goods as soon as let export order was issued and hence Appellant cannot be held responsible if the importer situated at Iran had given instruction to change the port....

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50% additional depreciation u/s 32(1)(iia) allowed in subsequent AY

Vibracoustic India Pvt. Ltd Vs ACIT (ITAT Delhi)

Held that assessee can claim remaining 50% depreciation in subsequent year in case where machinery and plant being acquired and put to use for less than 180 days in the previous year, the depreciation was restricted to 50%....

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Offence committed by firm is also an offence committed by partners

Sanjay Sreesha Vs Serious fraud Investigation Office (Karnataka High Court)

Held that if an offence committed by the firm, is also an offence committed by the partners, it cannot be bifurcated as partners and the firm...

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GST on service of renting of residential dwelling w.e.f. 18-07-2022

Status of GST on service of renting of residential dwelling for use as residence w.e.f. 18-07-2022 – A brief analysis Effective 18.07.2022, exemption under GST on the service of renting of residential dwelling for use as residence shall be restricted where the recipient of such service is not registered under GST. Where the recipien...

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Posted Under: Income Tax |

Chaos due to Clause 16(d) of Form No. 3CD and Possible Solutions

Chaos due to Clause 16(d) of Form No. 3CD and Possible Solutions both for the aggrieved people and for the CPC In form no. 3CD (audit report form), clause 16(d) asks about the amount of any other item of income not credited to the profit and loss account. In most of the cases, people don’t […]...

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Posted Under: Income Tax | ,

TDS u/s 194R i.e. TDS on providing benefit/perquisites

Section 194R TDS on providing benefits or perquisites Hello professionals, So a new section is introduced i.e. section 194R, so let’s decode this section by a simple Q&A. Question-1: Who is responsible to deduct TDS u/s 194R? Answer-Any person who provides any benefit or perquisite to a resident where value or aggregate value of suc...

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Posted Under: Income Tax |

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