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Archive: 28 October 2022

Posts in 28 October 2022

ITAT upheld Section 68 addition for purchase from creditors of unknown location & who are not paid  

October 28, 2022 6081 Views 1 comment Print

ITO Vs Solid Machinery Co Pvt Ltd  (ITAT Mumbai) It was noticed that the assessee has made purchases of textile items, i.e. fabrics, worth Rs 19,22,05,946 from a large number of entities, and sold all these goods to three entities- namely Global Softech Limited, Ravi Raj Industries, and Tayal Energy Limited, for amounts aggregating to […]

Appellate Tribunal is ultimate fact finding authority: Madras High Court

October 28, 2022 1233 Views 0 comment Print

Madras High Court held that as the Appellate Tribunal is the ultimate fact finding authority, it is incumbent on the part of the Appellate Tribunal to examine the claim on the basis of additional documents/ evidences. Accordingly, matter remanded back to Appellate Tribunal to re-examine the issue.

Delay in filing appeal due to lockdown & rectification application condoned

October 28, 2022 1914 Views 0 comment Print

Gujarat High Court held that the expression or word sufficient cause’ occurring in section 5 of Limitation Act, 1963, cannot be construed in a static form. Delay in filing of an appeal on account of rectification application and Lockdown duly condoned.

NCLT approves Resolution plan of Uttam Galva Steel Limited

October 28, 2022 1482 Views 1 comment Print

NCLT Mumbai approved the resolution plan submitted by AM Mining India Pvt. Ltd. for Uttam Galva Steel Limited as the same is not contrary to provisions of section 29A of IBC Code and is in accordance with law

Service Tax not payable on Insurance premium received prior to 10.09.2004: SC

October 28, 2022 621 Views 0 comment Print

Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court) The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance policy covering the future period at revised rates, if […]

AO apologises to HC for delay in deciding stay application as file was not handed over to him by previous AO

October 28, 2022 852 Views 0 comment Print

AGL Logistics Private Limited Vs CIT (Delhi High Court) In this case Assessing Officer  failed to dispose of  stay application dated 10th September, 2021 filed by the Petitioner within four weeks from its filing, as directed by Delhi High Court vide order dated 2nd September, 2021. Assessing Officer states that he could not comply with […]

ITAT condone delay as assessee was illiterate & not claimed VRS exemption in Return

October 28, 2022 945 Views 0 comment Print

Deepak Budhani Vs ITO (ITAT Chandigarh) Ld. AR submitted that the assessee did not claim the amount of VRS as exempt in the return of income for the simple reason that the assessee was an illiterate person who did not have any knowledge of the provisions of the Income Tax Act and also did not […]

Dividend Income for F.Y.2019-20 exempt under section10(34) of Income Tax Act

October 28, 2022 1698 Views 0 comment Print

Manmohan Textiles Limited Vs National Faceless Appeal Centre (ITAT Mumbai) Provisions of Section 10(34) of the Act which stood amended by the Finance Act, 2020 and is applicable from A.Y.2021-22 onwards. For the sake of convenience, the amended provisions of Section 10(34) of the Act are reproduced hereunder:- “[(34) any income by way of dividends […]

Entitlement for family on death of a Central Government servant covered under NPS

October 28, 2022 777 Views 0 comment Print

Rule 20 of Central Civil Services (Implementation of NPS) Rules, 2021 provides for entitlement of family members on death of a Central Government covered under National Pension System.

NPS Entitlement on discharge from service due to invalidation or disablement

October 28, 2022 510 Views 0 comment Print

Entitlement on discharge from service on account of invalidation or disablement to a Central Government servant covered under National Pension System -reg No.57/03/2022-P&PW(B)/8361 (2) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare *** 3rd Floor, Lok Nayak Bhavan, Khan Market, New Delhi, Dated the 28th October, 2022 […]

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