"16 November 2022" Archive

Addition on third-party information without corroborative evidence is unsustainable

Dr. Sreenivasulu Reddy Ponnaluru Vs ACIT (ITAT Bangalore)

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....

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TDS on salary deductible on net salary

Patwa Abhikarna Private Limited Vs ACIT (ITAT Indore)

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....

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

ACIT (Exemption) Vs Rajasthan State Road Transport Corporation (ITAT Jaipur)

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....

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

DCIT Vs Karvat Cover More Assist Pvt. Ltd. (ITAT Mumbai)

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....

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

E. Murugan Vs ITO (ITAT Chennai)

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....

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

Circular No. IFSCA/CMD-DMIIT/DR/774/2022/01 16/11/2022

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....

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SAED on Diesel reduced to Rs. 9 per litre

Notification No. 39/2022-Central Excise 16/11/2022

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...

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

Notification No. 38/2022-Central Excise [G.S.R. 820(E)] 16/11/2022

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 ...

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

Mahavir Transmission Ltd Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi)

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....

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Inspection, Search, Seizure & Arrest under Goods & Services Tax Act

In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the tax evaders, by evading the tax, get an unfair advantage over the genuine tax payers) and as a deterrent for tax evasion....

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November 2022