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Archive: 16 February 2023

Posts in 16 February 2023

Notice issued to non-existent company after its amalgamation is not valid under Income Tax

February 16, 2023 2589 Views 0 comment Print

HC set aside Section 148 notice, order of assessment and consequential demand and penalty notice, as same was issued in the name of a non-existent company, on account of its amalgamation.

Writ petition filed before passing of final order is premature & not maintainable

February 16, 2023 1290 Views 0 comment Print

HC held that writ petition challenging SCN for reversal of ITC even before passing of final order is premature & cannot be entertained.

Section 449 of Companies Act, 2013 – Punishment for false evidence

February 16, 2023 5283 Views 1 comment Print

Providing false evidence to Registrar or other authorities appointed under Companies Act, 2013 is a punishable offence with fine up to INR 1 lakh or 6 months jail or both, as per Section 449

Assessee allowed to submit additional reply to SCN against non-payment of tax within prescribed period under SVLDRS

February 16, 2023 882 Views 0 comment Print

Assessee allowed by HC to submit an additional reply to a SCN against non-payment of tax within prescribed period under  SVLDRS

Whether figures reported in DPT-3 are current year figures or outstanding figures?

February 16, 2023 2730 Views 0 comment Print

Find out the legal provisions regarding acceptance of deposits by companies in India Whether figures reported in DPT-3 are current year figures or outstanding figures

Security deposit is not governed by provisions of Section 27 of Customs Act

February 16, 2023 1260 Views 0 comment Print

Komatsu India Private Limited Vs Commissioner of Customs (CESTAT Chennai) It is not the case of the Revenue that what the appellant claimed was the refund of the duty paid and there is also no dispute that the appellant claimed only the security deposit made. The Hon’ble jurisdictional High Court in the case of M/s. […]

Procedure for remedial action in cases where Revenue Audit objection is accepted

February 16, 2023 6885 Views 0 comment Print

Where the Revenue Audit objection is accepted, the PCIT shall decide if the relevant order under audit requires revision it’s 263 as remedial action. If yes, he shall call for the relevant records and proceed to initiate action u/s 263.

SC dismisses Petition Seeking income tax regulation on sale of personal cars & environment CESS on second car

February 16, 2023 615 Views 0 comment Print

Pass an order to respondents to ensure effective income tax regulation on sale of personal cars in order to prevent misuse of tax regulations like: (a) In addition to PAN card, a copy of last return filed should be made mandatory for purchasing a personal car. [b] Withdraw tax benefit for second car to companies or professionals.

No section 69A addition for denial of section 80G deduction   

February 16, 2023 882 Views 0 comment Print

Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]

Section 54 Exemption- Allotment Letter date can be treated as Acquisition date

February 16, 2023 2751 Views 0 comment Print

Allotment letter by builder is date of acquisition of property as period of holding for determining whether capital asset is a long-term or a short-term

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