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Archive: 16 February 2023

Posts in 16 February 2023

Purchases/Sales suppression cannot be based on ‘Eye Estimation’ of Stock

February 16, 2023 1470 Views 0 comment Print

HC held that there cannot be an automatic enhancement of taxable turnover on the basis of eye estimation by the Assessing Officer

ITAT allows foreign tax credit as assessee submitted letter by Tax authorities

February 16, 2023 447 Views 0 comment Print

Ashok Madhav Rao Vs ADIT (ITAT Mumbai) In this case only reason why the foreign tax credit was denied to the assessee is that the assessee submitted the certificate of his employer and without submitting any detail of the payment of taxes in Netherlands. Now, we find that claim of the assessee is now supported […]

CESTAT allows refund/recredit of excess reversal of Cenvat Credit

February 16, 2023 210 Views 0 comment Print

CESTAT held that giving options for availing a particular option is procedural requirement and on failure of same, assessee cannot be deprived of choosing any of option available in Rule 6(3)

Without assessing escaped income AO cannot assess other items of income

February 16, 2023 984 Views 0 comment Print

Assessing Officer can add other items of income along with the income for the escapement of which the assessment was reopened. However, without assessing that escaped income the Assessing Officer cannot make assessment of other items of income.

TDS credit not allowable if Corresponding Income was not Offered to Tax

February 16, 2023 16866 Views 0 comment Print

Assessee not eligible of amount of TDS deducted on amount of advance received by assessee as corresponding income was not offered to tax.

Section 244A interest eligible on refund of self-assessment tax

February 16, 2023 5196 Views 0 comment Print

If refund arises because of self-assessment tax, which falls in realm of expression `any other case’, the same gets covered within purview section 244A(1)(b), thereby entitling assessee to interest thereon.

Premium paid by company on insurance policy taken by director not allowable

February 16, 2023 11400 Views 0 comment Print

Insurance policy was not taken by company under key man insurance & Merely, amount was paid by it so premium not allowed as business deduction

Section 238A of IBC: Provision Overriding Limitation Act

February 16, 2023 4629 Views 1 comment Print

Numerous appeals IBC get rejected by NCLAT on the grounds of them being time-barred. NCLAT articulates that it lacks the power to allow appeals filed after 45 days from the ‘date of the order’ of the Adjudicating Authority.

Representation/suggestions regarding important changes in GST

February 16, 2023 10242 Views 0 comment Print

Kindly introduce one time amnesty scheme for either waiver or reduction of late fee and penalty for procedural lapses like delay in filing returns like GSTR 1, 3B, 4, 9, 9C, 10, ITC-04, etc for the period from 2017-18 onwards.

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February 2023