"08 August 2022" Archive

Section 234E is prospective and apply to tax period after 1.6.2015

Shivansh Infraestate Pvt. Ltd Vs (ITAT Lucknow)

Shivansh Infraestate Pvt. Ltd Vs (ITAT Lucknow) ITAT find that it is undisputed fact that the assessee has been charged late fee u/s. 234E for various returns filed in the Form-26Q for late filing of the statements. These cases relate to Assessment Year 2014-15. The various Hon’ble High Courts including the Hon’ble Karnataka H...

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LLP Strike Off: Rules and Procedure

As per Limited Liability Partnership Rules, 2009– Rule 37 (1), ROC has power to strike off any defunct LLP or any LLP may voluntarily apply to Registrar of Companies for striking off its name from the register. I. MANDATORY STRIKE OFF BY REGISTRAR Where an LLP is not carrying on any business or operation for […]...

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Posted Under: Income Tax |

Time barred Section 115JB effect cannot be given by way of appeal effect

G. E. Conductors Pvt. Ltd Vs ACIT (ITAT Amritsar)

G. E. Conductors Pvt. Ltd Vs ACIT (ITAT Amritsar) Admittedly, while framing the assessment vide order u/s 143(3) dated 21/3/2014, the assessing officer did not make any reference to section 11 5JB or give any working of section 11 5JB either in the assessment order or the accompanying documents (APB, Pg. 3 to 10). In […]...

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Tripura VAT: Audit cell cannot be delegated the power of assessment

Pankaj Behari Saha Vs State of Tripura (Tripura High Court)

Superintendent of Taxes attached to the Audit cell cannot be delegated the power of assessment by the Commissioner of Taxes....

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Arbitral tribunal cannot review but can vacate/ modify the order

Airports Authority of India (Kolkata Airport) Vs TDI International India Ltd. (Delhi High Court)

Held that TDI was not seeking a review, but rather, a discharge/ modification of the conditions prescribed in the said interim order. Accordingly, Arbitral Tribunal was entitled to exercise the said option, having regard to the principles enshrined under Order XXXIX Rule 4 of CPC....

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Service Tax: Suppression of Facts: Extended Period of Limitation Can Be Invoked For Assessment/Penalty Proceedings

Principal Commissioner of Central Tax And Central Excise Vs South Indian Bank Ltd. (Kerala High Court)

On 1.4.2007, the assessee took centralised registration and thereafter, the payment was not made until the show cause notice was issued. So the contention of the respondent bank that there was no suppression nor any mis-statement cannot be accepted. Section 73 of the Act gives extended period of limitation if there is suppression or misst...

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Principal amount paid to corporate debtor by home buyers is a financial debt

Yadubir Singh Sajwan Vs Sam Resorts Private Limited (NCLT Delhi)

Held that the petition filed by financial creditors (home buyers) is admitted and principal amount paid to corporate debtor is also accepted as financial debt....

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Posted Under: Income Tax | |

GST on Renting of Immovable Property

1. Renting of commercial property 2.1 Taxability of renting of commercial property Renting of immovable properties has been divided in two part one is renting of commercial property and other is renting of residential property. Service by way of renting of commercial property is leviable to GST under forward charge mechanism form the ince...

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Posted Under: Income Tax |

Analysis of the Limits under section 44AD – Tax Audit

It was a hectic filing season this year as majority of professionals were expecting the extension of e-filing date, but the ministry wasn’t in the same mood but anyways, we had just crossed one season and now we entered in the most important and confusing season of Tax Audits. Why I am calling it confusing? […]...

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Posted Under: Income Tax |

How to write effective Internal Audit Report

Reporting must ensure (Concept of Reporting) : Reporting is the final outcome of any audit exercise, improper reporting can make whole audit exercise futile. While drafting we must keep in mind that – Firstly, Audit report is the outcome of audit which report user (Management, Senior Executives and Audit Committee) will see so it should...

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Posted Under: Income Tax |

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September 2022