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Archive: 31 December 2022

Posts in 31 December 2022

Bogus Purchases Disallowance restricted to profit element embedded in bogus purchases

December 31, 2022 2211 Views 0 comment Print

In case of Bogus Purchases, the entire purchase cannot be disallowed but the disallowance can be restricted to the profit element embedded in Bogus purchases.

Delay & laches not to be calculated solely by length of time taken by party to approach legal forum

December 31, 2022 489 Views 0 comment Print

Delay and laches are not to be calculated solely by the length of the time taken by the party to approach the legal forum. It is elementary principle that none stands to benefit by lodging an appeal or a petition belatedly.

Penalty under Rule 26 cannot be imposed for issuance of bogus LRs prior to 01.04.2007

December 31, 2022 306 Views 0 comment Print

Rajesh Kumar Narula Vs C.C.E. & S.T. (CESTAT Ahmedabad) CESTAT find that there is no dispute about the fact that the period involved in the present case is 2004-05. The offence of issuing bogus LR can at the most fall under the provision of Rule 26(2) of Central Excise Rules, 2002. However, the said provision […]

Reversal of proportionate Cenvat credit in respect of exempted goods – CESTAT directs readjudication

December 31, 2022 168 Views 0 comment Print

If appellant have not availed Cenvat credit in respect of input service used in exempted goods and if at all the same is availed and subsequently reversed proportionate credit, the assessee is not required to pay 5%/ 10%.

Cenvat credit eligible on Materials for making Foundation of Machineries in factory premises

December 31, 2022 1146 Views 0 comment Print

Cenvat credit eligible in respect of Cement, TMT bars, MS angles, channels, beams, racks, plates, etc. used for making foundation of machineries installed in the factory premises and also for making structures for support of the plant.

Application of income cannot be examined while granting section 12AA registration

December 31, 2022 483 Views 0 comment Print

It is settled principle of law that at the stage of granting registration u/s 12AA of the Act, ld. CIT (E) is not to examine the application of income, which is to be done by the AO on year to year basis at the time of deciding the exemption u/s 11 of the Act

Section 12AA Registration of Trust cannot be cancelled if objects & Activities are charitable

December 31, 2022 621 Views 0 comment Print

. The settled legal position is that while granting registration to a charitable institutions/Trust if it is at the commencement state the powers of the [CIT(E)] before whom the application is filed is limited to the aspect of examining whether or not the objects of the trust are charitable in nature.

No serious efforts in Investigation of illegal liquors cases in Punjab: SC

December 31, 2022 480 Views 0 comment Print

SC observed that It appears that no serious efforts seem to have been made to reach out to the real guilty/culprits who are in business of manufacture and transportation of such illegal liquors.

ITAT refuses to Condones delay of 1315 days in appeal filing as no reasonable cause exist

December 31, 2022 378 Views 0 comment Print

Janata Urban Co-op. Bank Ltd. Vs ACIT (ITAT Pune) The impugned order was passed in 2017, the appeal was filed in 2021. The assessee has filed return of income which clearly shows that the assessee is supported by professionals having expertise in Income Tax procedures. The delay of 685 days cannot be accepted as the […]

Mere use of term ‘mens rea’ not establishes willful attempt to evade tax

December 31, 2022 360 Views 0 comment Print

It is well settled that by merely using the expression mens rea, it would not amount to concluding that there was a willful attempt on the part of the dealer to evade the payment of tax.

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