"18 February 2023" Archive - Page 2

Addition upto limit of gold jewellery/ ornaments allowed as per CBDT Circular dated 11th May 1994 is unsustainable

Shakun Devi Vs JCIT (ITAT Allahabad)

ITAT Allahabad held that allowable limit as CBDT circular dated 11th May 1994 is the gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family. Accordingly, no addition to that extent on account of unexplained investment in jewellery can be sustained....

Penalty u/s. 271D/ 271E of the Income Tax Act not leviable in case of ‘loan given’

Prakash Asphaltings & Toll of Highway (India) Ltd Vs ACIT (ITAT Indore)

ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid....

Provision of section 80P doesn’t distinguish income earned on long-term and short-term investments

Bharat Co-operative Credit Society Limited Vs ITO (ITAT Panaji)

ITAT Panaji held that the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another co- operative society. Section 80P does not make a distinction between income earned on long term investments and short term investments...

Delay in processing pending refund claim is causing unnecessary burden of interest on ex-chequer

Consortium of Sudhir Power Projects Ltd Vs Commissioner of Delhi Goods And Services Tax(Delhi High Court)

Delhi High Court noted that delays on the part of the respondent-department in processing the pending claims for refund result in unnecessary burden of interest on the ex-chequer. Accordingly, court directed the Commissioner, Department of Trade and Taxes to ensure that all pending refund claims are processed as expeditiously as possible....

Order passed without considering important submission is a non-speaking order

Thirumangai Ramachandiran Vs State Tax Officer (Madras High Court)

Madras High Court held that assessment order passed without considering important submission by the petitioner is a non-speaking order and against the principles of natural justice. Accordingly, the assessment order is quashed and remanded back for fresh consideration....

Post participating in tender, bidder cannot challenge the conditions in bid document

C. P. Sangeeth Vs The Registrar (Kerala High Court)

Kerala High Court held that after participating in a tender process, bidder cannot turn around and challenge the conditions in the bid document. As the bid amount was including GST, bidder-petitioner cannot claim the GST amount in addition to the amount bided....

Furniture vs Fixtures (meaning and effect of the same under GST)

Furniture vs Fixtures (meaning and effect of the same under GST) In this article I am going to give short glimpse over different interpretations usually we hear from different school of peoples about of the definition of furniture and fixture. And The importance of the same under GST Law. School 1: This school taught us […]...

Posted Under: Income Tax |

Short Note on Labour Laws

Payment of Bonus Act, 1965 read with Payment of Bonus Rules, 1975 – Statutory Compliance Applicability:- Every organization with 20 or more employees needs to comply with the Bonus Act and must therefore file the online combined annual report under the Act. Due Date:- 1st February 2023 but can be filed online after due date [&hellip...

Posted Under: Income Tax |

Penalty order cannot be passed without serving SCN

Sun Aviation Pvt. Ltd. Vs Commissioner of Customs (Delhi High Court)

HC set aside penalty order passed by the Revenue Department on ground that order was passed in violation of principles of natural justice. Assessee was not afforded full opportunity to contest allegations against it. Set aside penalty order....

GST Registration cannot be cancelled when reply to SCN is not considered

Rakesh Enterprises Vs Principal Commissioner Central Goods and Services Tax & Ors. (Delhi High Court)

HC set aside the order for cancellation of GST Registration of the assessee passed by the Revenue Department on the ground that the order is not sustainable as the reply to SCN furnished by assessee was not taken into consideration by Revenue Department, directed the Revenue Department to restore the GST Registration of the assessee....

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September 2023