"10 September 2022" Archive

ITAT upheld disallowance at the rate of 12.5% of bogus purchases

Opel paper Mills Limited Vs DCIT (ITAT Mumbai)

Opel paper Mills Limited Vs DCIT (ITAT Mumbai) The learned CIT appeal noted that the major items of the expenditure is a purchase of paper from the sister company specialty papers Ltd amounting to ₹ 888,827,942/–. These transactions were doubted by the learned assessing officer during the remand proceedings as the purchases are transa...

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GST AAAR not empowered to condone the delay beyond the prescribed period

In re Sairam Gopalkrishna Bhat (GST AAAR Karnataka)

In re Sairam Gopalkrishna Bhat (GST AAAR Karnataka) The proviso to Section 100(2) empowers this Authority to condone a further delay of 30 days if it is satisfied that the Appellant was prevented by sufficient cause from filing the appeal within the prescribed period of 30 days. This grace period which is available to the […]...

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Clandestine clearance of goods is a serious charge & cannot be made on presumptions

Shree Hari Sponge Private Limited Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata)

It is a settled legal position that charge of clandestine clearance of goods is a serious charge & cannot be made on presumptions & assumptions...

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NCLAT condone 197 Days Delay in refiling Subject to Cost of Rs.10,000

Dinesh Mehta Vs Amit Kumar Mehta (NCLAT Delhi)

Dinesh Mehta Vs Amit Kumar Mehta (NCLAT Delhi) This Appeal has been filed with 197 days delay in refiling the Appeal. Learned counsel for the Appellant submits that a document was to be filed alongwith the Appeal which has foreign origin – Sharjah, United Arab Emirates. He submits that time was taken to obtain translated […]...

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Posted Under: Income Tax | |

Initial Phase Social Stock Exchange – Framework So Far: Part 2

In tandem, Part 1 of amendment of SEBI (ICDR) (Third Amendment) Regulations, 2022, SEBI in his action matrix with related to Regulatory Framework of Social Stock Exchange(Social Audit) vide notification dated 25th July, 2022, made following amendments in SEBI (LODR) FIFTH Amendment Regulations, 2022. SECURITIES AND EXCHANGE BOARD OF INDIA...

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Posted Under: Income Tax |

Rule 12 of CA rules not debar Director of Discipline from entertaining 7 year old complaint

Ashish Agarwal Vs Institute of Chartered Accountant of India (Delhi High Court)

Held that rule 12 Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 does not expressly debar the Director Discipline from entertaining a complaint merely because it may relate to acts of misconduct committed seven years prior to the same being lodged....

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HC directs dept to revoke suspension of GST registration cancellation

Bisweswar Midhya Vs Superintendent (Calcutta High Court)

Bisweswar Midhya Vs Superintendent (Calcutta High Court) The Hon’ble Calcutta High Court in Bisweswar Midhya v. The Superintendent, CGST [MAT No. 1376 of 2022 with IA No. CAN 1 of 2022 dated September 01, 2022] disposed off the writ petition directing the assessing authority to forthwith revoke the suspension of the assessee’s registr...

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Remedy for Claiming Condonation of delay in ITR Filing Lies with CBDT

Sudipta Basu Vs ITO (Delhi High Court)

Sudipta Basu Vs ITO (Delhi High Court) Delhi High Court is of the view that Section 119(2)(b) of the Act read with CBDT Circular No. 9/2015 provides a remedy to the Assessees to seek condonation of delay, in cases where Assessee could not file their income tax returns within time due to genuine hardship. Consequently, […]...

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Section 54 Deduction on Multiple Residential Houses allowable if Units are in Same Physical Location

DCIT Vs Heera Lal Bhasin Legal Heir of Lt. Sh. Mohan Lal Bhasin (ITAT Delhi)

In the present case the claim of deduction under section 54 of the Act is for a residential house built up on three adjacent contiguous plots. He further observed that the principle of multiple residential houses/units holds good till these units are in same physical location and contiguous to each other....

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Holistic view adopted for calculation of fair market value

Prafulchandra Bhaichandbhai Patel Vs ITO (ITAT Surat)

Held that tribunal in assessee’s co-owner case has taken holistic view in adoption of fair market value as DVO has himself stated in his report that the impugned land was situated at a more appropriate location as compared to sale instances considered by him....

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September 2022