"13 August 2022" Archive - Page 3

Assessee entitled to credit of TDS appearing in Form 26AS & such credit cannot be denied without opportunity of hearing to assessee

Baid Trade Fina Pvt. Ltd. Vs ITO (ITAT Kolkata)

Baid Trade Fina Pvt. Ltd. Vs ITO (ITAT Kolkata) Facts in brief are that the assessee filed its return of income on 26.09.2010 claiming TDS of Rs. 79,028/- as per Form 26AS, however in the intimation/order dated 25.04.2011 u/s 143(1) of the Act, the assessee was not granted the credit of TDS without assigning any […]...

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Importance of Merchant Export Scheme for Exporters after changes in GST Rate

Importance of Merchant Export Scheme for Exporters after changes in GST Rate w.e.f. 18-7-2022 and Compliances thereon for the manufacturer and for the Exporter GST on Food Grains – The changes relating to the GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the […]...

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Posted Under: Income Tax |

Input arisen out of manufacture process or not is irrelevant for claiming Cenvat Credit

Kalimata Vyapaar Private Limited Vs Commissioner of CGST (CESTAT Kolkata)

Appellant entitled to take CENVAT credit of duty paid on input. Question whether input arisen out of a process of manufacture is irrelevant....

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No prohibition in law on deposit of cash in piece-meals during demonetization

Tilak Raj Anand Vs ITO (ITAT Delhi)

If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits....

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Demand and Recovery with Relevant Forms under GST

After circulation of my article Determination of  Tax and Demand with Relevant Forms  under GST,  I have received suggestions from colleagues and department friends to come with an an article on Demand and Recovery with Relevant Forms under GST...

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Posted Under: Income Tax |

HC directs department to decide on application for rectification under GST

Prabha Energy Private Limited Vs State of Jharkhand (Jharkhand High Court)

The challenge to the order passed under Section 73 under GST cannot be entertained in writ jurisdiction since the time limit prescribed for an aggrieved assessee to prefer statutory remedy has expired before filing of the writ petition. Application for rectification of mistake can be entertained where time limit for proceedings extended b...

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Land cannot be treated as agricultural if Sale Deed demonstrate the same as industrial land

Phool Singh Vs ITO (ITAT Delhi)

Phool Singh Vs ITO (ITAT Delhi) ITAT do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. […]...

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Only IRP can file Appeal against Assessment Order after declaration of Moratorium

Krishna Knitwear Technology Ltd. Vs DCIT (ITAT Mumbai)

Krishna Knitwear Technology Ltd. Vs DCIT (ITAT Mumbai) ITAT held that since proceedings under I&B code have already been initiated/decided and moratorium has been declared by prohibiting all the proceedings against the corporate debtors including execution of any judgment, decree or order of any court of law, tribunal, arbitration pan...

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No section 271F penalty for delay in Filing Income Tax Return under Bona Fide Belief of No Taxable Income

Suresh Ramanbhai Naik Vs ITO (ITAT Surat)

Assessee has shown reasonable cause for not filing the return of income before due date of return. ITAT direct AO to delete penalty levied under Section 271F ...

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Excise duty cannot be demanded for clandestine removal based on third party evidence

Shyam Ingot & Castings Pvt. Ltd Vs Commissioner of Customs (CESTAT Delhi)

CESTAT held that there shall be consonance between allegation levelled by Revenue and the records presented against the taxpayer. Further held that the allegation cannot be justified in absence of any admission from the assessee against the alleged clandestine transaction. Moreover, third party records and statement by Director of the Com...

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January 2023