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Archive: 06 January 2023

Posts in 06 January 2023

Extension of time limit for compliance under section 54 to 54GB

January 6, 2023 19473 Views 1 comment Print

For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023.

ITAT deletes Section 271B penalty imposed by AO on commission agent

January 6, 2023 7014 Views 0 comment Print

Bablu Kumar Harinarayan Gupta Vs ITO (ITAT Pune) ITAT held that it is not fit case for levy of penalty u/s 271B merely because the appellant was unable to substantiate the submission that the appellant is only commission agent because there is no obligation on the part of the assessee to get the accounts audited […]

HC restores GST Registration Cancelled by A Non-Speaking Order

January 6, 2023 1986 Views 0 comment Print

Not only the GST Registration cancellation order is non­speaking, but cryptic in nature and the reason of cancellation not decipherable therefrom. Principles of natural justice stand violated and the order needs to be quashed

Section 43CA(4) not applicable to sell agreement executed before 01.04.2013

January 6, 2023 2223 Views 0 comment Print

ITAT held that provisions of sub-section (4) would be applicable in respect of agreement to sell for transfer of an asset which has been executed on or after 1st April, 2013.

Advance from customers cannot be added in computation of Book Profit

January 6, 2023 1587 Views 0 comment Print

ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as income of subsequent financial years, then the same needs to be recognized as income as and when such income accrues to the assessee.

ITAT upheld 100% Disallowance for Bogus/Hawala Purchase by Govt Civil Contractor

January 6, 2023 2445 Views 0 comment Print

In the present case, it has been categorically established that, the amount of bogus purchases ₹64,33,495/- is debited to P&L by fictitious tax invoices

Exception to Trust cannot be denied merely for delay in filing audit report in prescribed form

January 6, 2023 5361 Views 0 comment Print

ITAT held that assessee cannot be denied benefit of exemption for which it is entitled merely on the lapse of procedural requirement i.e. delay in filing audit report in prescribed form.

ADD on Fishing Net originating in or exported from China extended

January 6, 2023 741 Views 0 comment Print

Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR till  9th July, 2023, unless revoked, superseded or amended earlier vide Notification No. 01/2023-Customs (ADD) Dated: 6th January, 2023. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 01/2023-Customs (ADD) Dated: 6th January, 2023 G.S.R. 12.(E).— Whereas, the […]

CIT(E) cannot Impose Conditions on his own While granting Section 80G Registration

January 6, 2023 1167 Views 0 comment Print

CIT(E) lacked jurisdiction to impose any conditions on his own (other than what is stipulated in law) while granting approval under section 80G of Income Tax Act

SEBI issues Operational Circular for Credit Rating Agencies

January 6, 2023 2343 Views 0 comment Print

SEBI has operationalized SEBI Intermediary Portal ( for the intermediaries, inter alia for CRAs, to submit all the registration applications online.

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