"28 November 2022" Archive

Payment of PF and ESI contribution done before filing return is allowable as deduction

Gulermak – TPL Pune Metro Joint Venture Vs Assistant Commissioner of Income (ITAT Mumbai)

ITAT Mumbai held that disallowance of payment towards PF and ESI contributions, under section 36(1)(va) r.w.s. 2(24)(x) when payment made well before due date of filing Income Tax Return u/s 139(1) is unsustainable even if reported by the auditor in tax audit report....

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Exemption u/s 54 for amount invested till the date of filing of belated return

Dharmista Mehta Vs ITO (ITAT Mumbai)

ITAT Mumbai held that exemption under section 54 for the amount invested towards the purchase of new residential property under consideration up to the date of filing of belated return under section 139(4) of the Income Tax Act....

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Extension of Requirement of Health Certificate accompanied with import of food consignments-reg

Instruction No. 32/2022-Customs 28/11/2022

Amendment to Instruction No 18/2022-Customs dated 12.08.2022 and 26/2022-Customs dated 06.10.2022 regarding extension of Requirement of Health Certificate accompanied with the import of food consignments-...

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Integration of ICEGATE with AQCS-ICS effective 01.12.2022

Circular No. 24/2022-Customs 28/11/2022

Under SWIFT, the FSSAI and PQ are connected through online message exchange with their own systems, while the remaining four PGAs use ICES for providing online NoC. Further, vide Circular No. 01/2017-Cus dated 04.01.2017, the facility for automatic routing of Bills of Entry (BOEs) of WCCB for NoC in exports in SWIFT was introduced....

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Penalty order passed beyond time prescribed u/s 275(1)(c) is untenable

PCIT Vs Rishikesh Buildcon Pvt. Ltd. (Delhi High Court)

Delhi High Court held that penalty order passed beyond the time period prescribed under section 275(1)(c) of the Act i.e. after the lapse of six months from the end of the month in which the penalty proceedings were initiated is liable to be set aside....

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ADD on Cast Aluminum Alloy Wheels or Alloy Road Wheels used in motor vehicles

Notification No. 30/2022-Customs (ADD) [G.S.R. 853(E).] 28/11/2022

Anti-dumping Duty on Cast Aluminum Alloy Wheels or Alloy Road Wheels (ARW) used in motor vehicles originating or exported from China PR – Notification No. 30/2022 – Customs (ADD) | Dated: 28th November, 2022 – Seeks to Amend Notification No.17/2019-Customs (ADD) Dated 9th April, 2019. MINISTRY OF FINANCE (Department of Reve...

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Compensation income of land acquisition u/s 96 of Land Acquisition Act is not taxable under income tax

DCIT Vs Ganga Developers (ITAT Mumbai)

ITAT Mumbai held that compensation received in respect of award/ agreement under Section 96 of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not taxable under Income Tax Act, 1961....

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Custom Broker License cannot be revoked if genuineness of exporters have been established

Bright Clearing & Carrier Pvt. Limited Vs Commissioner of Customs (CESTAT Delhi)

The Hon’ble CESTAT revoking the Customs Brokers licences of the appellants forfeiting their security deposits and further imposing penalty on the appellants cannot be sustained as Appellants have provided their best efforts to establish the genuinety of exporters and they have relied upon the documents which have been issued by Governme...

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FDR interest taxable under ‘Income from other sources’

Skyline Prashasti Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that interest earned from FDR is taxable under section 57 under the taxable head Income from other sources and not under business income....

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Depreciation on software allowable @60%

Peninsula Land Ltd. Vs Addl. CIT (ITAT Mumbai)

ITAT Mumbai held that with effect from 1st April 2003, Computer Software has been classified as a tangible asset under the heading Plant entitled for depreciation @60%....

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