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Archive: 01 December 2022

Posts in 01 December 2022

Interest subsidy not being income has to be excluded while computing book profits u/s 115JB

December 1, 2022 585 Views 0 comment Print

ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act.

ITAT directs AO to restrict  disallowance to those investments which earned dividend income

December 1, 2022 405 Views 0 comment Print

It is to be presumed that the assessee made investments from its own funds but not from borrowed funds. If that is the case the disallowance under interest is not warranted. Therefore, disallowance under Rule 8D(ii) to an extent of Rs. 1,78,490/- is not maintainable.

Contravention of section 269SS of Income Tax Act doesn’t vitiate offence u/s 138 of Negotiable Instrument Act

December 1, 2022 2169 Views 0 comment Print

Karnataka High Court held that contravention of provisions of section 269SS of the Act doesn’t make the entire transaction of loan void. Non-payment of the same held guilty of commission of offence under section 138 of Negotiable Instruments Act, 1881.

Amount payable towards compounding of offence u/s 137 of Customs Act, 1962 reduced

December 1, 2022 1053 Views 0 comment Print

Supreme Court of India granted reduction of amount towards compounding of offence under section 137 of the Customs Act, 1962 as the impugned foreign currency is already confiscated in the matter.

Demand based on the statement which was not allowed to be cross-examined is unjustified

December 1, 2022 525 Views 0 comment Print

CESTAT Delhi held that demand solely on the basis of the statement of the person who was not allowed to be cross-examined by the appellant is unjustified.

Service provided to Gujarat Energy Transmission Corporation Ltd. is exempt from service tax

December 1, 2022 1059 Views 0 comment Print

CESTAT Ahmedabad held that service provided to Gujarat Energy Transmission Corporation Ltd. are exempted from the payment of service tax in terms of Notification No. 45/2010–ST dated 20.07.2010

Reversal of credit not required while clearance of waste and scrap

December 1, 2022 813 Views 0 comment Print

CESTAT Kolkata held that as waste and scrap are not manufactured goods the legislature have consciously not made any provisions for reversal of any credit taken on duty paid inputs in case of clearance of waste and scrap

Addition u/s 56(2)(viib) without verification of valuation report is unsustainable in law

December 1, 2022 1089 Views 0 comment Print

ITAT Delhi held that confirmation of addition under section 56(2)(viib) of the income Tax Act read with Rule 11UA(2) of the Income Tax Rules without verification of the valuation report of the Chartered Accountant is unsustainable in law.

Tolerance margin of 10% u/s 43CA is applicable retrospectively

December 1, 2022 1803 Views 0 comment Print

ITAT Pune held that with regard to first proviso to section 43CA of the Income tax Act effect of the tolerance margin of 10% is to be given retrospective effect i.e. made applicable even for the prior assessment years

Section 12AA mandates passing of order refusing or granting registration in writing

December 1, 2022 423 Views 0 comment Print

Shyama Sharma Charitable Trust Vs CIT, Exemptions (ITAT Chandigarh) The provisions of section 12AA provides that the CIT(E) after receipt of application and calling for such documents and information as he thinks necessary and after making such enquiries as he may deem necessary and after satisfying himself about the objects of the assessee society and […]

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