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Archive: 25 December 2022

Posts in 25 December 2022

HC upheld reassessment proceedings as assessee filed his returns late

December 25, 2022 4251 Views 0 comment Print

Hede Ferrominas Pvt. Ltd Vs ACIT  (Bombay High Court) Firstly, the Petitioner did not bother to file any returns during Assessment Year 2015-16. Secondly, the Petitioner did not bother to file any response to the notice dated 27.03.2021 seeking to reopen the assessment within the time limit allowed to the Petitioner. The Petitioner filed returns […]

Penalty for compounding of offence under Goa VAT – HC order fresh hearing

December 25, 2022 972 Views 0 comment Print

Shekhar P. Vernekar Vs Commissioner of State Tax (Bombay High Court at Goa) 1. I have heard learned Counsel for the petitioner on this petition which assails an order dated 30 July 2021 passed under Section 53 of the Goa Value Added Tax Act, 2005 read with Rule 55 of the Rules whereby Commissioner of […]

AO not examined section 54B/54F basic conditions – ITAT refers matter back to AO

December 25, 2022 870 Views 0 comment Print

Sejalbhai G. Patel Vs ITO (ITAT Surat) Learned Departmental Representative (ld. DR) for the Revenue submitted that in order to claim the exemption under section 54B of the Act, the agricultural land should be purchased within two years from the date of sale of the original agricultural That is, the agricultural land must have been […]

HC Set Aside dubious GST Registration Cancellation order

December 25, 2022 1170 Views 0 comment Print

S A Traders Vs GST Officer (Andhra Pradesh High Court) We have gone through the impugned show cause notice and order for cancellation of registration and found force in the submission of learned counsel for the petitioner, for, both show cause notice as well as the order of cancellation of registration are dubious enough and […]

Lack of specific discussion on issue in assessment order not means lack of enquiries

December 25, 2022 1350 Views 0 comment Print

Trivitron Healthcare Pvt. Ltd Vs DCIT (ITAT Chennai) The PCIT has questioned provision for warranty expenses amounting to Rs.2,25,71,530/-. According to the PCIT, there is a five times increase in provision for warranty expenses for the AY 2014-15 when compare to AY 2013-14. Although, the assessee has not explained rational behind substantial increase in expenses, […]

No unjust enrichment on credit accumulation during Excise Law Regime

December 25, 2022 789 Views 0 comment Print

Nitin Industries (Trade Name) Vs Commissioner of Goods & Service Tax  (CESTAT Delhi) CESTAT find that admittedly, Save and Except taking forward of the credit balance as on 30.06.2017, the appellant have not commenced production or manufacturing activities nor cleared any taxable goods on or after 1.7.2017. Further, debit by the appellant in the electronic […]

CESTAT cannot grant reliefs extraneous to adjudication

December 25, 2022 630 Views 0 comment Print

Minvesta Infotech Ltd Vs Commissioner of GST & Central Excise (CESTAT Chennai) It is argued by the learned consultant that prior to introduction of GST, appellant would have been able to take re credit of the said amount when refund claims are denied as time-barred. After the introduction of GST, the appellant is not able […]

HC quashed Order passed without issuing SCN/draft assessment order

December 25, 2022 4854 Views 1 comment Print

RMSI  Private Limited Vs  National Faceless Assessment Centre (Delhi High Court) Since in the present case, the impugned order has been passing without issuing a show cause notice / a draft assessment order which has been mandated under Section 144B(1)(xvi)(b) of the Act, the impugned assessment order dated 8th September, 2021 issued under Section 143(3) read […]

TDS Credit eligible if Assessee offered income relating to said TDS

December 25, 2022 1983 Views 0 comment Print

N.C. Rajagopal & Co. Vs DCIT (ITAT Chennai) The assessee has claimed credit for TDS amounting to Rs. 45,59,855/-, whereas DCIT, CPC has allowed TDS credit for Rs. 33,35,055/-. We find that the assessee has claimed credit for TDS pertains to earlier financial years, because income relating to said TDS has been offered to tax […]

Form 10–IC filing Mandatory to Claim Reduced Corporate Tax Rate benefit

December 25, 2022 3048 Views 1 comment Print

Assessee did not file Form 10-IC before due date of filing return of income, i.e. 15/02/2021, which is mandatory condition for claiming option available under section 115BAA of Income Tax Act.

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December 2022