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Archive: June, 2023

Posts in June, 2023

Early Investments: Avoiding the Costly Mistake of Delaying in Your 20s

June 15, 2023 996 Views 0 comment Print

Discover the impact of delaying investments in your 20s and the benefits of starting early. Explore tax-saving and high-return investment options, setting financial goals, and planning for a secure future. Don’t let the common mistake of postponing investments affect your financial success.

KSCAA Representation on challenges faced in obtaining a Packing Registration

June 15, 2023 3423 Views 1 comment Print

KSCAA addresses Department of Legal Metrology in Karnataka, highlighting challenges faced in obtaining a Packing Registration. They emphasize the need for simplification, reducing wait times, and eliminating human intervention to promote ease of doing business.

Contract involving supply of material and labour is a ‘Works Contract Service’

June 15, 2023 2979 Views 0 comment Print

CESTAT held that contract involving both supply of material and labour is a ‘Works Contract Service’ which was not taxable prior to June 1, 2007.

Reassessment proceedings u/s 148 stood abated by virtue of search action u/s 132(1)

June 15, 2023 2091 Views 0 comment Print

ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.

Payment made for independent activity of tolerating an act constitutes supply

June 15, 2023 816 Views 0 comment Print

CESTAT Delhi held that unless payment has been made for an independent activity of tolerating an act under an independent arrangement entered into for such activity or tolerating an act, such payment will not constitute ‘consideration’ and such activities will not constitute ‘supply’.

Addition unsustained as difference between reported gross receipts and Form 26AS duly explained

June 15, 2023 2520 Views 0 comment Print

ITAT Kolkata held that addition towards difference between figure of gross receipts reported and figure reported in Form 26AS is unsustainable as the difference is merely because figure reported in Form 26AS was inclusive of service tax component.

Levy of fee u/s 234E prior to 1st June 2015 is unsustainable

June 15, 2023 855 Views 0 comment Print

ITAT Pune held that clause (c) of section 200A(1) was inserted by the Finance Act, 2015 w.e.f. 01-06-2015 providing for the levy of fee u/s.234E of the Act. Accordingly, levy of fee u/s. 234E is imposable only from 01/06/2015 and not prior to that.

Reassessment proceedings within limitation period specified under 149(1) is valid

June 15, 2023 1083 Views 0 comment Print

ITAT Mumbai held that reassessment proceedings u/s 148 within limitation period specified under section 149(1) of the Income Tax Act is valid and sustainable in law.

No Section 271(1)(c) Penalty when no inaccurate particulars of income furnished

June 15, 2023 2394 Views 0 comment Print

ITAT Ahmedabad has ruled that a penalty under section 271(1)(c) is not applicable when an assessee doesn’t furnish inaccurate income details. This ruling was made in the case of Khanpur Vibhag Madhyamik Shala Karmchari Dhiran & Grahak Sahakari Mandali Limited Vs ACIT

Incorrect ITR Filing: AO Cannot Punish Assessee for Bona Fide Mistake

June 15, 2023 3675 Views 0 comment Print

AOP inadvertently filed their income tax return using ITR 7 instead of ITR 5. ITAT held that Income Tax Authorities are not supposed to punish assessees for their bona fide mistake.

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