"26 December 2022" Archive - Page 5

साइबर सुरक्षा इंश्योरेंस: समय की मांग 

जिस स्तर पर साइबर फ्राड, धोखाधड़ी और ठगी पूरे देश में फ़ैल रही है, इसके लिए जरूरी हो गया कि: १. साइबर लेनदेन में जागरूकता २. साइबर सुर...

Posted Under: Corporate Law |

Tax authorities can initiate afresh proceeding if earlier proceeding was invalid

K K Agarwal and Sons HUF Vs ITO (Calcutta High Court)

Calcutta High Court held that Income Tax authorities can initiate afresh proceedings if the previous proceeding were invalid as per law....

Transportation cost separately charged should not forms part of assessable value

CESTAT held that transportation charges collected by way of issuing additional invoice cannot be included in the assessable value of goods for levying excise duty....

Posted Under: Corporate Law |

WAQF Act, 1995 – An Overview & Statutory Bodies

Waqf in India is governed under the Waqf Act of 1995. Although, there is no express mention of waqf in the Quran, it is an Islamic practice that has existed for a very long time....

Posted Under: Corporate Law |

HC quashed section 148 notice issued more than six years after the end of relevant AY

Stalco Consultancy & Systems Private Limited Vs PCIT (Orissa High Court)

Stalco Consultancy & Systems Private Limited Vs PCIT (Orissa High Court) HC relied on the Supreme Court judgment in Union of India v. Ashish Agarwal and quashed notices under Section 148 of the Act which were issued prior to 1st April, 2021 but beyond the period of six years after the expiry of the relevant […]...

HC upheld section 68 addition as Assessee failed to prove 3 conditions

Rupal Jain Vs CIT (Allahabad High Court)

Considering the provision of Section 68 that the assessee has to prove three conditions i.e. (i) identity of the creditor; (2) capacity of such creditor to advance money; and (iii) genuineness of the transactions. If all the aforesaid three conditions are proved, the burden shifts on the revenue to prove that the amount belong to the asse...

Rejection of GST registration solely for delay in moving revocation application, is not sustainable

Umesh Kumar Vs State of U.P. And 3 Others (Allahabad High Court)

Umesh Kumar Vs State Of U.P. And 3 Others (Allahabad High Court) The purpose of inserting the provision under Rule 23 of GST Rules, 2017 as to service of notice upon the assessee is to provide an opportunity to him to move a revocation application so as to save the registration from being cancelled permanently […]...

Declaration of commission income under presumptive provisions & Double addition by CPC- ITAT refers matter back to AO

Pramod Kumar Tiwari Vs DCIT (ITAT Allahabad)

Pramod Kumar Tiwari Vs DCIT (ITAT Allahabad) in the case in hand, the assessee has admittedly filed the return under wrong provisions of presumptive tax under section 44ADA whereas the commission income as reflected in Form 26AS is subjected to TDS under section 194H and is required to be declared in Form ITR 3 as […]...

Addition for LTCG on Sale of Penny Stock without Cogent evidence is invalid

PCIT Vs Karuna Garg (Delhi High Court)

PCIT Vs Karuna Garg (Delhi High Court) PCIT states that ITAT has erred in deleting the additions on account of bogus Long-Term Capital Gain on sale of penny stock company namely M/s Goldline International Finvest Ltd. on the ground that the assessing officer has not made independent enquiry. ITAT held that In the absence of […]...

Mere issuance of SCN or letters of personal hearing is not adequate

Sai Construction Vs Assistant Commissioner of Central Tax (Telangana High Court)

HC held that Mere issuance of show cause notice or letters of personal hearing to an assessee is not adequate. Assessing Officer is required to record a finding that notices were issued and served upon the assessee but despite service of notice the assessee did not come forward to contest the proceeding....

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September 2023