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Archive: 08 December 2022

Posts in 08 December 2022

Penalty not leviable for late filing of TDS return on reasonable cause shown

December 8, 2022 1347 Views 0 comment Print

ITAT Ahmedabad held that there was delay in filing statement in Form 24Q/ 26Q due to heavy loss incurred by assessee. However, the same was filed before issuance of show cause notice and late payment of TDS was done along with interest. Hence, it shows that there was no mala fide intention on the part of the assessee for late filing of TDS return and hence penalty not leviable.

Deduction for telecommunication service is available in respect of ‘profit of eligible businesses’

December 8, 2022 1341 Views 0 comment Print

ITAT Mumbai held that in terms of non- obstinate clause used in section 80IA(2A), deduction for telecommunication services is available in respect of profits of eligible business and is not restricted to profits derived from eligible business as mentioned in section 80IA(1) of the Act.

Operational Creditors can be classified for deciding manner of distribution of money by CoC

December 8, 2022 1899 Views 0 comment Print

NCLAT Delhi held that there is no embargo for the classification of the Operational Creditors into separate/different classes for deciding the way in which the money is to be distributed to them by the CoCs.

Addition of receipt not in the nature of royalty is unsustainable in law

December 8, 2022 558 Views 0 comment Print

ITAT Delhi held that revenue received towards to distribute the channel to cable operators, DTH operators, hotels, institutions etc. in India is not in the nature of royalty and hence addition not sustainable.

Conversion of public limited to private limited company doesn’t attract stamp duty

December 8, 2022 3096 Views 0 comment Print

Himachal Pradesh High Court held that stamp duty/ registration fee not leviable on conversion of public limited company to private limited company.

Capital gain exemption available as advance paid for purchase of assets amounts to utilization of capital gain amount

December 8, 2022 2745 Views 0 comment Print

Supreme Court held that advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilization of the capital gains for the purpose of purchasing and/or acquiring the aforesaid assets and accordingly capital gain exemption available.

CIT(A) deciding the ground based on additional evidence without giving opportunity to AO is untenable

December 8, 2022 966 Views 0 comment Print

ITAT Hyderabad held that deciding any ground based on any additional evidence before CIT(A), without calling for a remand report from the Assessing Officer, is untenable in law. CIT(A) needs to mandatorily given an opportunity to AO to examine the additional evidence.

Bail granted in GST evasion case on failure of investigation agency to lead any pre-charge evidence

December 8, 2022 1218 Views 0 comment Print

Punjab & Haryana High Court held that in the present GST evasion case the investigation stands concluded and the investigation agency has failed to lead any pre-charge evidence even after passing of almost 6 months. Bail granted.

Notification No. 102/2022- Customs (N.T.) | Dated: 08.12.2022

December 8, 2022 1275 Views 0 comment Print

Notification in relation to Land Customs Stations removal of seasonal limit for trade and item restriction for import and export through Nagarkata and Kulkuli LCS by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 .

Special Economic Zones (Fifth Amendment) Rules, 2022

December 8, 2022 2514 Views 0 comment Print

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 8th December, 2022 G.S.R. 868(E).— In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:— 1. […]

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