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Archive: 16 November 2022

Posts in 16 November 2022

Addition on third-party information without corroborative evidence is unsustainable

November 16, 2022 5637 Views 0 comment Print

ITAT Bangalore held that addition merely on the basis of third-party information, without any corroborative evidence, gathered by the Investigation Wing of the Department is unsustainable in law.

TDS on salary deductible on net salary

November 16, 2022 3021 Views 0 comment Print

ITAT Indore held that TDS on salary is deductible on the basis of net salary i.e. gross salary (-) deduction under Chapter VI-A. Therefore, demanding amount on short-deduction of TDS calculated on gross salary is unsustainable.

Benefit u/s 11 available as assessee not driven from primary objective

November 16, 2022 843 Views 0 comment Print

ITAT Jaipur held that as the assessee is not driven primarily by desire or motive to earn profits but to do charity through advancement of an object of general public utility hence proviso to Sec.2(15) of the Act is therefore not applicable and accordingly assessee is entitled to benefits of section 11 of the Income Tax Act.

Disallowance of expense u/s 40(a)(i) unsustainable in lieu of certificate of non-deduction of TDS issued u/s 195(2)

November 16, 2022 969 Views 0 comment Print

ITAT Mumbai held that once department issued the certificate of non-deduction of TDS under section 195(2), then department cannot disallow the same expenditure under section 40(a)(i) on the allegation that assessee failed to deduct TDS.

LTCG on land co-owned cannot be assessed in the hands of single owner

November 16, 2022 1509 Views 0 comment Print

ITAT Chennai held that assessment of Long Term Capital Gain entirely in the hands of assessee instead of all the co-owners of the land is unsustainable in law. LTCG should be assessed in the exact proportion to the extent the land belongs to each such co-owners.

Guidelines for Business Continuity Plan & Disaster Recovery for Market Infrastructure institutions

November 16, 2022 1104 Views 0 comment Print

As part of the operational risk management, these MIIs are required to set up Disaster Recovery (DR) site to provide essential facilities and perform systemically critical functions relating to trading, clearing and settlement in securities market during any unforeseen circumstances.

SAED on Diesel reduced to Rs. 9 per litre

November 16, 2022 1059 Views 0 comment Print

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel to Rs. 9 per litre vide Notification No. 39/2022-Central Excise Dated: 16th November, 2022 GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) New Delhi, Notification No. 39/2022-Central Excise Dated: 16th November, 2022 G.S.R. ….(E). […]

SAED on production of Petroleum Crude increased to Rs. 10,200 per tonne

November 16, 2022 930 Views 0 comment Print

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty (SAED) on production of Petroleum Crude to Rs. 10,200 per tonne vide Notification No. 38/2022-Central Excise Dated: 16th November, 2022 GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) New Delhi, Notification No. 38/2022-Central Excise Dated: 16th […]

CESTAT Allows Refund of unutilized cenvat credit of EC. & SHEC on 30/06/2017

November 16, 2022 495 Views 0 comment Print

CESTAT find that, had the appellant not utilized the Cenvat credit of EC & SHEC for payment of output tax/duty in December 2016, the same would have become refundable as on 30/06/2017.

Google Reviews not have any Legal Evidentiary Value, HC allows bail

November 16, 2022 930 Views 0 comment Print

The argument addressed by the learned HCGP that the google search discloses that the petitioner has cheated number of persons which is evident from the review cannot be accepted as it does not have any legal evidentiary value.

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