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Archive: 23 July 2023

Posts in 23 July 2023

Addition without verification is unjustified – ITAT directs re-adjudication

July 23, 2023 1008 Views 0 comment Print

The appeal in the case of Simple Singh vs. ITO was directed against the order of the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2011-12

Mere Reproduction of Conclusions from Investigation Report Not Valid Basis for reopening

July 23, 2023 1101 Views 0 comment Print

Agasthya Auto Products LLP filed an appeal against the order of the Commissioner of Income Tax (Appeals) for the assessment year 2011-12. The appeal raised multiple grounds, challenging the validity of the reassessment proceedings initiated by the Assessing Officer (AO) under Section 147 of the Income Tax Act, 1961.

PSI certificate Non-compliance: CESTAT Reduces Fine & Penalty on Goods with 100% Examination

July 23, 2023 567 Views 0 comment Print

CESTAT Chennai acknowledged the procedural violation by the appellant but recognized that the goods underwent 100% examination, revealing no banned substances. Considering this and the appellant’s cost and delay in the clearance process, the CESTAT Chennai found the imposed redemption fine and penalties excessive. Therefore, the CESTAT Chennai reduced the redemption fine to INR 1,00,000 and the penalty to INR 50,000.

HC explains specified authority under Section 151(ii) of Income Tax Act

July 23, 2023 4530 Views 0 comment Print

Gemini Overseas Limited filed a writ petition challenging the order passed under Section 148A(d) of the Income Tax Act, 1961, for the assessment year 2019-20. The petitioner contended that the order was passed without approval from the “Specified Authority” as required under Section 151(ii) of the Income Tax Act, 1961.

WBGST Act: HC Dismisses Premature Appeal Against Preliminary Report

July 23, 2023 393 Views 0 comment Print

A noteworthy ruling from the Calcutta High Court upholds a preliminary report issued by the Deputy Commissioner of Revenue in the case of non-filing of an objection by Jac Olivol Products Private Limited, shedding light on critical nuances of the WBGST Act.

Benami Property: Calcutta High Court Refuses to Quash Notice 

July 23, 2023 954 Views 0 comment Print

Calcutta High Court allows re-hearing and extension to file objections in a case concerning Section 24 of the Prohibition of Benami Property Transaction Act. The decision provides an opportunity for a more detailed review of the law.

Only Profit Element of Bogus Purchases to be Added to Taxable Income: Bombay HC

July 23, 2023 7044 Views 0 comment Print

Bombay High Court’s landmark ruling confirms that only the profit element of bogus purchases can be added to taxable income, emphasizing the requirement for reconciliation of stock in cases of alleged accommodation entries.

Rejection of conversion of shipping bill unjustified as no time limit prescribed u/s 149

July 23, 2023 1644 Views 0 comment Print

CESTAT Chennai held that when no time limit is prescribed under Section 149 of the Customs Act, 1962 the department cannot reject the request for conversion of shipping bill.

Cenvat Credit availed based on duty paying documents cannot be denied

July 23, 2023 651 Views 0 comment Print

CESTAT Kolkata held that Cenvat Credit availed on the strength of duty paying documents cannot be denied alleging that invoices issued by manufacturer were not genuine.

SC Confirms Allahabad HC Verdict on GST Goods Detention: Sleevco Traders Case

July 23, 2023 4080 Views 0 comment Print

SC upholds observations made by Allahabad HC, Once the valid document i.e. e-way bill and tax invoice, builty was accompanying with goods, therefore authorities ought not to have drag petitioner in unnecessary litigation.

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