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Archive: 06 January 2023

Posts in 06 January 2023

Levy of penalty u/s 271(1)(c) unsustainable as matter debatable

January 6, 2023 1365 Views 0 comment Print

ITAT Ahmedabad held that in an identical matter, jurisdictional High Court ruled the matter in favour of the assessee, however, later on Apex Court held otherwise. Accordingly, the issue was debatable do to which levy of penalty u/s 271(1)(c) of the Income Tax Act is unsustainable.

Direction of higher authority is binding upon lower authority

January 6, 2023 1944 Views 0 comment Print

Gujarat High Court held that it is settled legal position that the directions given by the higher authority is binding upon the lower authority and therefore, such directions cannot be ignored on any count.

Disturbing concluded assessment in search assessment without incriminating material is untenable

January 6, 2023 819 Views 0 comment Print

Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material.

Notice to be served to assessee before carrying out physical inspection of business premises

January 6, 2023 1311 Views 0 comment Print

HC held that notice is needed to be served to assessee under Rule 25 of Central Goods and Services Tax Rules, 2017 (CGST Rules) before physical inspection is carried out.

Disallowance of PF ESIC vide 143(1) intimation is correct: ITAT-Pune

January 6, 2023 1641 Views 0 comment Print

Cemetile Industries Vs ITO (ITAT Pune) These appeals by different assessees are directed against the confirmation of disallowance u/s.36(1)(va) of the Income-tax Act, 1961 (hereinafter also called ’the Act’) made in the Intimations issued u/s.143(1) of the Act or thereafter its confirmation in the respective rectification orders for the assessment years 2017-18 to 2020-21. Due […]

Complete Process to Convert Physical Shares to Demat

January 6, 2023 21498 Views 2 comments Print

Unlock the potential of digital trading by converting physical shares to Demat. Learn the step-by-step process, benefits, and why Demat accounts are essential for modern investors. Follow the guidelines, open a Demat account, and seamlessly transfer your physical share certificates into electronic form.

Becoming an Educated Investor: Understanding Investment Rules & Regulations

January 6, 2023 594 Views 0 comment Print

Dive into the world of responsible investing with an overview of rules and regulations. Learn from common investment mistakes to safeguard your wealth. Explore key strategies, risk management, and the importance of diversification. Consult with financial professionals and conduct thorough research before making informed investment decisions.

Career Path to Become a Forensic Accountant

January 6, 2023 9777 Views 0 comment Print

To be a Forensic Accountant, it is not mandatory for one to be a Chartered Accountant/CPA. An ideal forensic team comprises of professionals from many industries, including Chartered Accountants, Engineers, MBA’s, MBE’s, Lawyers, and other professionals.

Availability of ITC In Case of Transportation of Goods Outside India

January 6, 2023 7920 Views 0 comment Print

Availability of Input Tax Credit by the recipient of service: – The recipient of service shall be eligible for the avail Input Tax Credit even if the place of supply of said service is outside India , subject to the fulfilment of conditions.

Lower Deduction Certificate for TDS on sale of property by Non Resident Indian

January 6, 2023 13986 Views 4 comments Print

Are you an NRI who is selling his/her property in India and are unable to recover the entire sale proceeds due to very high withholding tax/TDS (about 22-23%) on such property sale even when actual capital gains tax are much lower?

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January 2023