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Archive: 11 March 2023

Posts in 11 March 2023

Reassessment Notice on Non-Existing Company is not legally Tenable

March 11, 2023 1170 Views 0 comment Print

Pranesh Dealmark Pvt. Ltd. Vs Union of India & ors. (Calcutta High Court) HC held that impugned notice has been issued in the name of the company which has already been amalgamated in.2020 and that the department has been intimated about this amalgamation which is matters of record and such notice in the name of […]

CESTAT reduces penalty for delay in Service Tax payment & Return filing considering financial difficulties

March 11, 2023 576 Views 0 comment Print

Triumph India Software Services Pvt Ltd Vs Commissioner of Central Tax (CESTAT Bangalore) Managing Director of the appellant-company, appeared in person and submitted that she was the Managing Director of the Company at the relevant time. Due to financial difficulties, they could not pay service tax as submitted during investigation. Regarding the appellant’s responsibility to […]

Income Tax Penalty u/s 271(1)(b) & 271F not leviable as reasonable cause shown

March 11, 2023 6660 Views 0 comment Print

ITAT Ahmedabad held that penalties under section 271(1)(b) and section 271F of the Income Tax Act are not leviable on reasonable cause demonstrated by the assessee.

Penalty u/s 271(1)(c) of Income Tax Act not leviable for mere rejection of claim

March 11, 2023 1335 Views 0 comment Print

ITAT Ahmedabad held that as all the particulars duly furnished by the assessee relating to source of investment, mere rejection of the claim of the assessee cannot invite levy of penalty under section 271(1)(c) of the Income Tax Act. Accordingly, penalty deleted.

Business Slips Seized from Third Parties in Search cannot be utilised for Assessment & Penalty: Kerala HC

March 11, 2023 549 Views 0 comment Print

HC held that data contained in business slips recovered from a person who was present at the time of inspection at premises and he had deposed that seized slips are not connected with assessee, has no evidentiary value for imposing penalty and making assessment under Kerala Value Added Tax Act,2003

How to file ITR of past years?

March 11, 2023 60774 Views 0 comment Print

Learn how to file Income Tax Returns (ITR) for past years using the updated ITR-U form, eligibility criteria, late fees, and other important details.

Services of advertisement in print-media is exempt from service tax u/s 66D(g)

March 11, 2023 4821 Views 0 comment Print

CESTAT Delhi held that services of advertisement in print-media is exempt in terms of negative list of services under section 66D(g) of the Finance Act, 1994. Accordingly, service tax not leviable on the services of advertisement in print-media.

Penalty u/s 129(3) leviable in absence of fresh e-way bill when goods are transferred to another vehicle during conveyance

March 11, 2023 2712 Views 0 comment Print

Calcutta High Court held that penalty under section 129(3) of the West Bengal Goods and Services Tax Act, 2017 imposable on failure to generate a fresh e-way bill when goods are transferred from one vehicle to another during conveyance.

Reassessment unsustainable if full & true material disclosure during original assessment

March 11, 2023 1476 Views 0 comment Print

ITAT Chennai held that both the conditions u/s 147 of the Income Tax Act needs to be satisfied for initiation of re-assessment after four years from the end of the relevant assessment year. Here, as assessee has disclosed fully and truly all the material facts, re-assessment proceedings couldn’t be sustained.

Penalty for Violating Section 92 & 137 of Companies Act, 2013 – ROC order

March 11, 2023 13590 Views 0 comment Print

Learn about the penalties imposed on a Tamil Nadu company for violating Sections 92 and 137 of the Companies Act, 2013, and the consequences thereof.

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