"28 October 2022" Archive

Non appointment of CS- Penalty reduced from Rs. 35 Lakh to Rs. 3.09 Lakh

F. No: 9/79/ADJ/SEC.203/2013/ANDHRA PRADESH /RD(SER)/2022/1262 28/10/2022

Registrar of Companies, Andhra Pradesh, had imposed a penalty of Rs. 35,00,000 on the company and its directors. However, considering the circumstances surrounding the failure to appoint a Company Secretary, the Regional Director has reduced the penalty to Rs. 1,69,820 for the company and Rs. 69,820 each for the Managing Director and CFO ...

Multiple rejections of same PF claims for different reasons of rejections

No: WSU/2022/195/Vigilance Matters/Multiple Rejections (E-53936) 28/10/2022

EPFO, HEAD OFFICE MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA 14, BHIKAIJI CAMA PLACE, NEW DELHI 110066 www.epfindia.gov.in No: WSU/2022/195/Vigilance Matters/Multiple Rejections (E-53936) Date: 28.10.2022 To, All ACC-HQs Zones, All ACCs (Zones), All RPFCs & In Charge of Regions, All OICs of SROs Sub: Multiple rejections...

ITAT deletes section 271(1)(c) penalty on section 40A(3) additions

Lakhwinder Singh Panag Vs ITO (ITAT Chandigarh)

Lakhwinder Singh Panag Vs ITO (ITAT Chandigarh) A perusal of the record shows that in the quantum proceedings the explanation of the assessee that addition u/s 40A(3) on facts was not warranted, was rejected. The addition stood made. The issue was carried in appeal before the CIT(A) who also confirmed the addition by his order […]...

No section 40A(3) disallowance for Cash payment as part of sale consideration which is incorporated in purchase deed

Shivaji Bhimaji Gaikwad Vs ITO (ITAT Pune)

Shivaji Bhimaji Gaikwad Vs ITO (ITAT Pune) No section 40A(3) disallowance for Cash payment for land as part of sale consideration which is incorporated in purchase deed Brief facts relating to the issue on hand are that the assessee is an individual and derives income from land deals and construction. The assessee filed return of [&hellip...

Affidavit cannot be brushed aside without verifying the veracity of such affidavit

Kamaldeep Kaur Vs ITO (ITAT Delhi)

It is seen from the record that the assessee had filed various evidences in the form of affidavit etc. The learned CIT(A) has brushed aside those evidences without even verifying the veracity of such affidavit. Merely stating that the affidavit was procured subsequent to marriage, in my considered view is not justified....

ITAT deletes penalty on excess depreciation claimed due to Mistakes at CA Office

M. Prabaharan Vs ITO (ITAT Chennai)

M. Prabaharan Vs ITO (ITAT Chennai) Before us, the Chartered Accountant Shri Jeevarathinam categorically admitted in writing that the duplication of assets has happened while calculating the depreciation as per Income Tax Act while computing the tax computation sheet by his staff. He admitted that while doing so, the staff has wrongly co...

HC upheld re-assessment proceeding against alleged bogus LTCG

Vikas Jain Vs ITO (Delhi High Court)

Vikas Jain Vs ITO (Delhi High Court) In view of the report of DDIT (Inv.) Unit-7(1) and 7(3) Mumbai, shared with the AO which suggests that the LTCG earned by the petitioner in AY 2014-15 was bogus and since, the said LTCG was claimed as exempt income, the AO at this stage, concluded that the […]...

Cenvat credit cannot be denied without discussing nature & use of services in factory

Shubhlakshmi Polysters Ltd. Vs C.C.E. (CESTAT Ahmedabad)

Shubhlakshmi Polysters Ltd. Vs C.C.E. (CESTAT Ahmedabad) CESTAT find that the adjudication authority in respect of disputed input services denied the credit without discussing the nature and use of the services in the Appellant’s factory. In order to find out the eligibility of a particular service as ‘input service’ under such defi...

SC directs removal of adverse remark against books published by Trust by DIT (Exemptions)

Arsha Vijnana Trust Vs Central Board of Direct Taxes (Supreme Court of India)

Arsha Vijnana Trust Vs Central Board of Direct Taxes (Supreme Court of India) During the course of hearing, learned senior advocate appearing for the appellant states that he has instructions not to press the present appeal as the denial of grant of exemption/benefit under Section 80G of the Income Tax Act, 1961 even if set […]...

CCI imposes a monetary penalty on Google in relation to its Play Store policies

XYZ (Confidential) Vs Alphabet Inc. (Competition Commission of India)

XYZ (Confidential) Vs Alphabet Inc. (Competition Commission of India) CCI imposes monetary penalty of Rs. 936.44 crore on Google for anti-competitive practices in relation to its Play Store policies The Competition Commission of India (CCI) today imposed a penalty of Rs. 936.44 crore on Google for abusing its dominant position with respe...

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