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Archive: 26 July 2022

Posts in 26 July 2022

Evolving Role of Company Secretaries in New India: Opportunities & Challenges

July 26, 2022 2577 Views 0 comment Print

Elevating the Role of Company Secretaries in India: A comprehensive exploration of their evolving responsibilities, challenges, and opportunities in the ever-changing business landscape. Understand the legal, governance, and compliance aspects shaping the profession.

ICAI not in favor of making Representation for ITR Due Date Extension

July 26, 2022 11691 Views 1 comment Print

Dear Professional Colleague, As you may be kindly aware that the due date to file ITR Forms for certain assessees as specified in clause (c) of Explanation 2 to section 139(1) of the Income-tax Act, 1961 for Assessment Year 2022-­23 is 31st July, 2022 which is just round the corner and fast approaching. We are […]

Annuity received by concessionaries towards construction of roads is exempt from GST

July 26, 2022 2796 Views 0 comment Print

Held that circular no. 150/06/2021-GST dated 17.06.2021 clarifying that GST exemption is not available to annuity (deferred payments) received by the concessionaries towards construction of roads is contrary to notification no. 32/2017 and notification no. 33/2017 dated 13.10.2017.

Denial of release of title deeds without any charge is unsustainable

July 26, 2022 1842 Views 0 comment Print

Held that it is not open for the Bank to fasten indirect liability and deny release of title deeds of the property on which there is no charge

Penalty clause for non-payment of entry tax leviable only if delay is caused without any reasonable clause

July 26, 2022 843 Views 0 comment Print

Held that uncleared legal position of payment of entry tax on imported vehicles was cleared on 29.01.2019. As there was reason for delay in payment of entry tax, penalty clause cannot be invoked if the petitioners have paid/ come forward to pay the tax after 29.01.2019.

Provisional attachment order beyond the gamut of chargesheet unsustainable

July 26, 2022 1773 Views 0 comment Print

Held that the impugned proceedings rest on the second chargesheet which bids us to restrict scrutiny upto 04 September 2003 and there is no allegation that any illegal monetary gains were derived or obtained as on 04 September 2003. Provisional order of attachment held illegal.

Permissible possession to developer is not a transfer of property

July 26, 2022 3126 Views 0 comment Print

Held that as per the agreement there was only permissible possession given to the developer and the same cannot be treated as transferred under section 2(47)(4).

Penalty u/s 271D/ 271E deleted on basis of reasonable cause

July 26, 2022 1806 Views 0 comment Print

Held that there was bonafide belief of the assessee that passing journal entries, even though in violation of mode prescribed u/s. 269SS and section 269T, is permissible. Entries done before judgement of Hon’ble Bombay HC in the case of Triumph International. Penalty deleted on the basis of reasonable cause.

No section 271(1)(c) penalty if notice fails to specify Concealment or Furnishing of Inaccurate Particulars of Income

July 26, 2022 6801 Views 0 comment Print

Kalra Papers Pvt. Ltd. Vs ITO (ITAT Delhi) The penalty provisions of section 271(1)(c) of the Act are attracted, where the Assessee has concealed the particulars of income or furnished inaccurate particulars of such income. It is also a well-accepted proposition that the aforesaid two limbs of section 271(1)(c) of the Act carry different meanings. […]

TDS deductible by co-operative banks on interest on time deposits only from 01.06.2015

July 26, 2022 1584 Views 0 comment Print

Held that co-operative banks are liable to deduct TDS on payment of interest on time deposits only from 01.06.2015 and not before that.

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