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Archive: 13 May 2023

Posts in 13 May 2023

No section 271(1)(c) penalty if Notice not contains Specific Charge

May 13, 2023 1212 Views 0 comment Print

M.A. Projects Private Limited Vs ACIT (ITAT Delhi) ITAT  note that the notice is an omnibus notice without specifying the specific charge upon the assessee and in such circumstances, Higher Courts have held that penalty levied is not sustainable. In this regard, we refer to Hon’ble Bombay High Court (Full Bench at Goa) in the […]

Jute Cess payable only when goods are removed from factory

May 13, 2023 276 Views 0 comment Print

Jute Cess will be payable only when the goods are removed from the factory and hence the demands made in all three Orders are not sustainable.

Section 263 can be invoked if no specific inquiry by AO against CBS expenses

May 13, 2023 375 Views 0 comment Print

State Bank of India Vs PCIT-2 (ITAT Mumbai) ITAT note that the AO during the assessment proceedings had requested the assessee to furnish explanation in respect of such items of expenses and receipt appearing in the trading accounts and profit and loss accounts (either by way of excess or reduction) in comparison to last year. […]

Assessment Order passed without due opportunity to Legal Heirs- HC remands matter back to AO

May 13, 2023 702 Views 0 comment Print

No ample opportunity was given to the legal heirs of the deceased assessee. Therefore, this Court is of the view that the order impugned in the writ petition is liable to be set aside and the matter should be remitted back to the original authority for affording due opportunity to the legal heirs of the original assessee to put forth their case.

Post-GST CENVAT Refunds must be Processed U/s. 142(3) of CGST Act, 2017: HC

May 13, 2023 597 Views 0 comment Print

Commissioner, Central Excise, Customs and Service Tax Vs Jindal Steel and Power Ltd (Orissa High Court) It appears that the opposite party exported final products on payment of Central Excise duty of Rs. 69,98,64,638/- during the period 01.01.2017 to 03.2017, and claimed rebate, vide application dated 14.08.2017, under Rule 18 of the Central Excise Rules, […]

Exit from EOU scheme cannot be denied for procedural formality: HC

May 13, 2023 840 Views 0 comment Print

Petitioner admittedly made an application seeking for exit from EOU/STPI scheme and it was its specific case that it had not imported any capital goods or procured any capital goods in respect of project.

Essential documents to File Income Tax Returns on Income from Shares & F&O

May 13, 2023 2649 Views 0 comment Print

Discover the essential documents needed for filing income tax returns on income earned from trading in shares and F&O markets. Tips from Alliance Tax Experts to ensure a smooth and hassle-free filing process.

MSME – Compliances and Implications Under Income Tax Act

May 13, 2023 5430 Views 0 comment Print

Explore MSME compliances and implications under the Income Tax Act. Learn about the advantages of MSME registration, revised definitions, and compliance steps. Ensure timely payments to MSME units to avoid interest penalties. Stay informed about the latest changes in the MSME sector for a thriving business.

E-Verify Income Tax Return By Net Banking

May 13, 2023 12759 Views 1 comment Print

Learn how to E-Verify your Income Tax Return using various banks’ Net Banking services. Follow the step-by-step guide for Canara Bank, HDFC Bank, SBI Bank, Axis Bank, IndusInd Bank, IDFC First Bank, and AU Small Finance Bank. Ensure a hassle-free verification process and stay tax compliant.

Udyam Registration: Simplifying Business Setup

May 13, 2023 933 Views 0 comment Print

Discover how Udyam Registration simplifies business setup for entrepreneurs. Explore the benefits, including financial support, priority lending, and government tender opportunities. Learn the easy steps to register your business and FAQs about Udyam Registration.

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