"02 August 2022" Archive

Is ITR date extension demand justified? Possible solution of this permanent controversy

Almost every year, dispute arises as to the extension of non-audited Income Tax Return filing due date and consequent extension of audited Income Tax Return filing due date also. Many professional consultants’ associations across the nation make representations to the government every year for this matter, although it’s a different ma...

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Posted Under: Income Tax | ,

Circular on use of DSC for announcements submitted by listed companies

Circular Ref No: NSE/CML/2022/39 02/08/2022

National Stock Exchange of India Circular Ref No: NSE/CML/2022/39 | Date: August 02, 2022 The Company Secretary All Listed Companies Subject: Circular on use of digital signature certificate for announcements submitted by listed companies Dear Sir/ Madam, In accordance with Regulation 10 of SEBI (Listing Obligation and Disclosure Require...

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Income Tax Department searches Gujarat business conglomerate

Income Tax Department conducts searches in Gujarat The Income Tax Department carried out a search and seizure operation on 20.07.2022 on a prominent business conglomerate engaged in diversified fields of Textiles, Chemicals, Packaging, Real estate and Education. The search action covered a total of 58 premises, spread across Kheda, Ahmeda...

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Posted Under: Income Tax |

Introducing Single Click Nil Filing of GSTR-1

Press Release No. 551 02/08/2022

Goods and Services Tax Introducing Single Click Nil Filing of GSTR-1 02/08/2022 Single click Nil filing of GSTR-1 has been introduced on the GSTN portal to improve the user experience and performance of GSTR-1/IFF filing. Taxpayers can now file NIL GSTR-1 return by simply ticking the checkbox File NIL GSTR-1 available at GSTR-1 dashboard....

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Assessee’s bank account cannot be blocked without complying provisions embedded u/s 83 of CGST Act

Zuric Traders Petitioner Vs Commissioner (Delhi High Court)

HC quashed the letter issued by the Revenue department for blocking assessee’s bank account as it does not comply with the perquisites embedded under Section 83 of CGST Act 2017...

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Addition by CIT(A) on fresh issues without enhancement notice not valid

Paradeep Paribahan (P) Ltd Vs ACIT (ITAT Cuttack)

Paradeep Paribahan (P) Ltd Vs ACIT (ITAT Cuttack) The Assessing Officer in the course of original assessment proceedings has made additions only in respect of TCS on the sale of minerals and the addition on account of non-deduction of TDS in respect of interest on borrowed capital paid by the assessee to NBFC. Admittedly, the […]...

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No Addition of Interest for Interest-Free Loan out of Interest-Free Funds

Sidiqbhai Usmanbhai Kaliwala Vs DCIT (ITAT Ahmedabad)

Sidiqbhai Usmanbhai Kaliwala Vs DCIT (ITAT Ahmedabad) It is seen from record, the assessee paid interest free loan of Rs. 21,67,952/- to M/s. S.S. Enterprise, out of the interest free funds available with the assessee, who has made a profit of Rs. 31,04,682/- during the assessment year 2015-16. It is not the case of the […]...

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No disallowance for Cash payment by forex dealer for purchase of foreign currency 

Ahmed World Travels Tours & Cargo Pvt.Ltd Vs ACIT (ITAT Chennai)

Ahmed World Travels Tours & Cargo Pvt. Ltd Vs ACIT (OSD) (ITAT Chennai) As regards cash payments made for hotel expenses, although, the Assessing Officer stated that the assessee has incurred expenses in cash, but it was the argument of the assessee that it has purchased foreign currency (Saudi Riyal) to be given to its […]...

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SC upheld HC Order Directing CBDT to Accept Belated Income Tax Return

Central Board of Direct Taxes Vs Vasudeva Adigas Fast Food Pvt. Ltd (Supreme Court of India)

Central Board of Direct Taxes Vs Vasudeva Adigas Fast Food Pvt. Ltd (Supreme Court) SC held that having considered the facts and circumstances due to which the respondent-assessee, at the relevant time, could not file the return of income within the time prescribed, the order passed by the High Court directing the Revenue to condone [&hel...

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GST paid twice – Relegating petitioner to Appellate authority would not be appropriate: HC

Tafe Access Ltd. Vs Deputy Commissioner of Central Tax (Karnataka High Court)

Tafe Access Ltd. Vs Deputy Commissioner of Central Tax (Karnataka High Court) undisputed facts of the case are, GST3 has been paid for the Assessment year 2017-18 on January 30, 2020 and refund application has been filed on July 07, 2020. In Para 4.2 of the Circular dated September 25, 2021, Ministry of Finance has […]...

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