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Archive: 06 January 2023

Posts in 06 January 2023

Reversal of ITC on failure to pay within 180 days from the date of issuing invoice

January 6, 2023 19470 Views 0 comment Print

The law related to payment of consideration (value along with tax payable) to the vendors within 180 days from the date of issue of invoice failing which the recipient is burdened with the liability to pay back the amount of ITC availed, proportionate to the unpaid amount, along with interest has always been a subject matter of discussion.

Opportunity of hearing to be provided to assessee in case of variation in demand order

January 6, 2023 1641 Views 0 comment Print

HC quashed and set aside demand notice and assessment order making an addition of INR 92.42 crores without providing the opportunity of hearing to the assessee. Held that, the Revenue Department should make assessments following the provisions of Section 144B of Income Tax Act, 1961 in order to provide an opportunity of hearing to the assessee.

What is FDI?

January 6, 2023 1995 Views 1 comment Print

Foreign Direct Investment (FDI) is the investment through capital instruments by a person resident outside India (a) in an unlisted Indian company; or (b) in 10 percent or more of the post issue paid-up equity capital on a fully diluted basis of a listed Indian company.

Exploring Provisions & Implications of Energy Conservation (Amendment) Bill, 2022 In India

January 6, 2023 813 Views 0 comment Print

Dive into the Energy Conservation (Amendment) Bill, 2022 in India, exploring its provisions and implications. Learn about carbon credit trading, energy conservation codes for buildings, and the promotion of renewable energy. This legislation represents a crucial step toward improving energy efficiency, reducing consumption, and fostering sustainable practices.

SVLDR Scheme: No law would compel a person to do impossible – SC

January 6, 2023 2172 Views 0 comment Print

Shekhar Resorts Limited Vs Union of India (Supreme High Court) An interesting question arose before Hon’ble Supreme Court of India when the appellant had filed an application under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 within the due date as prescribed and the application was accepted and necessary forms were issued for payment of […]

Revisionary proceedings justified for failure to enquire about bogus transaction from penny stock companies

January 6, 2023 645 Views 0 comment Print

ITAT Kolkata held that invoking revisionary proceedings justified as AO failed to conduct the enquiry about the bogus transactions inspite of the report of the Investigation Wing containing the list of 84 companies found to be penny stock companies available in the Income Tax Portal.

Charges of Computer-to-Computer Linkage, Commission on Public Issue not leviable to service tax

January 6, 2023 546 Views 0 comment Print

CESTAT Ahmedabad held that service tax is not payable by Stock Broking Company on various charges like Computer to Computer Linkage charges Commission on Public Issue and Inter Settlement charges.

Profit & gains arising from transfer of interest in Hydro Projects taxable under income from business

January 6, 2023 675 Views 0 comment Print

ITAT Pune held that profits and gains arising from transfer of interest in Hydro Projects is income from business and not income under the head ‘short term capital gains’.

Re-assessment based on information from DIT(Inv.)-II office is sustainable

January 6, 2023 1062 Views 0 comment Print

ITAT Pune held that information from the office of DIT (Inv.)-II is a tangible information enabling AO to form a belief that income has escaped assessment and hence proceedings of re-assessment justified.

Penalty leviable for delay filing of return as assessee is habitual defaulter

January 6, 2023 1470 Views 0 comment Print

ITAT Bangalore held that penalty under section 271F of the Income Tax Act leviable as assessee being a habitual defaulter filed income tax return for four years filed belatedly

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