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Archive: 14 August 2022

Posts in 14 August 2022

Income from hiring of inseparable factory building and Plant & Machinery taxable as Income from Other Sources

August 14, 2022 3015 Views 0 comment Print

Undisputed facts that emerge are that assessee has ceased its business operations and leased out factory building and Plant & Machinery to one lessee under two separate agreements.

Interest payable on refund of money deposited by Assessee upon re-computation by Revenue

August 14, 2022 2973 Views 0 comment Print

Assessee found entitled to refund of money deposited by it upon re-computation by Revenue & interest thereon is liable to be paid under Section 244A(1)(b)

Collector not empowered to revise stamp duty which is already levied & paid

August 14, 2022 4725 Views 0 comment Print

HC Held that Collector could not revise stamp duty upon Deed of Assignment, when he already once levied the stamp duty and endorsed a certificate to that effect on the Deed and such stamp duty was also paid

Cenvat credit available on service tax paid on modernization/renovation/repairs of factory

August 14, 2022 1320 Views 0 comment Print

CESTAT Held that services relating to modernization, renovation or repairs of factory is input service, accordingly cenvat credit available.

Issuance of notice of proceedings is mandatory – Section 11 of A&C Act

August 14, 2022 987 Views 0 comment Print

Held that provisions of section 11(6) are judicial one and hence principal of opportunity of hearing or putting other party to notice is imperative. In absence of issuance of notice u/s 11 of A&C Act, order and proceedings gets vitiate.

Limited scrutiny – Section 263 cannot be invoked for other reasons

August 14, 2022 3303 Views 0 comment Print

Sahita Construction Company Vs Pr.CIT (ITAT Indore) Perusal of records shows that assessee’s case was selected for limited scrutiny through CASS for verification of “contract receipts/fees mismatch, sales turnover mismatch and tax credit mismatch”. The issue of payment to contractors and tax deducted thereon was never a part of reasons for the limited Therefore, there […]

GST assessment based on Facebook & social media postings- HC dismisses writ

August 14, 2022 1506 Views 0 comment Print

Petitioner explained that they have not conducted any events in respect of documents available on Facebook and that documents were uploaded only for advertisement

Section 54B- Land Re-purchased need not be Agricultural on Re-Investment date

August 14, 2022 1566 Views 0 comment Print

Legislature has nowhere incorporated that the lands re-purchased in section 54B deduction claim have to be agricultural on re-investment date

Justice cannot be denied to Taxpayers for Mere Technical Lapses

August 14, 2022 1560 Views 0 comment Print

Appeal dismissed for technical lapse as Legal heir did not register himself as representative assessee along with PAN of deceased assessee

Bad debts written off in books allowable  

August 14, 2022 2943 Views 0 comment Print

To claim deduction on account of bad debts, two conditions have to be met by the Assessee i.e. (i) the bad debts must have been taken into account in computing the income of the Assessee of previous year or of an earlier/previous year and; (ii) the bad debts should have been written off in the accounts of the Assessee.

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