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Profit margin disclosed by assessee cannot be rejected arbitrarily

November 9, 2020 753 Views 0 comment Print

The issue under consideration is whether addition made by AO by application of N.P. rate of 8% is justified in law? Profit Margin Cannot be Rejected Arbitrarily due to Rejection of Books of Account

ITAT Allowed Deduction of Municipal Taxes on Area Not Leased Out

November 9, 2020 2199 Views 0 comment Print

Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is whether treating municipal taxes paid is considered as a part of rent liable to be taxed u/s 23 of the act? ITAT states that, upon due consideration of factual matrix, the crystal-clear position that emerges is the fact that as per the […]

HC Again Rejects Petition by CA seeking to direct Institute of Cost Accountants to use acronym ‘ICOAI’ instead of ‘ICAI’

November 9, 2020 1215 Views 0 comment Print

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ICOAI instead of ICAI will be sustain by the High Court?

New e-TDS/TCS RPU Version 3.4 & FUV version 6.9 & version 2.165

November 8, 2020 11823 Views 1 comment Print

Key Features of e-TDS/TCS Return Preparation Utility Ver. 3.4 for Regular & Correction Statement(s) from FY 2007-08 onwards 1. Section codes 194LBA(a) and 194LBA(b) for Form 26Q:- Existing section code 194LBA has been sub-divided into below mentioned two sections: 194LBA (a) – Certain income in the form of interest from units of a business trust […]

Service Tax Payable on Anti-Virus Software under I T Software services

November 8, 2020 1635 Views 0 comment Print

The issue under consideration is whether an ‘Anti Virus Software’ would fall within the ambit of the definition of ‘Information Technology Software’ as defined u/s 65 (53a) of the Finance Act, 1994?

HC approves SVLDRS-1 despite Clerical Error considering it as unintentional

November 8, 2020 2265 Views 0 comment Print

The issue under consideration is whether any clerical or arithmetical error made by an applicant in SVLDRS-1 also falls within the ambit of Section 128 of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019?

Premature Disclosure of Pending tax Investigation to Media Not Justified in Law

November 8, 2020 492 Views 0 comment Print

The issue under consideration is whether the proceedings of enquiry/investigation undertaken at the airports without keeping it confidential and premature disclosure to the media (print/electronic) is justified in law?

MSME Udyam Registration without PAN and GST upto 31.3.2021 as transitional arrangement

November 8, 2020 4140 Views 1 comment Print

New online system of MSME/Udyam Registration stands the test of Time & Technology. Totally seamless & smooth system also shows stability & resilience. More than 11 lakh MSMEs already registered since its launch on 1st July, 2020

No section 68 Addition in Absence of Primary & Independent Enquiry by AO

November 6, 2020 1614 Views 0 comment Print

The issue under consideration is whether the addition made u/s 68 for assessee helped various beneficiaries in providing accommodation entries in relation to capital and expenses is justified in law?

SCN for Confiscation of Goods or Conveyance on Mere Suspicion Not Justified

November 6, 2020 1629 Views 0 comment Print

The issue under consideration is whether show cause notice for confiscation of goods or conveyance is justified to issue on mere suspension under GST Act?

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