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No demand of service tax in absence of  “suppression‟ or “collusion” with an intent to evade payment of tax 

September 20, 2021 3588 Views 0 comment Print

Assessee was able to correlate the invoices with the undertakings and satisfied the substantial conditions set out in the Exemption Notifications. The extended period of limitation could not be invoked in absence of  suppression or collusion with an intent to evade payment of duty.  Accordingly, the order was set-aside by which the demand of service tax had been confirmed with interest and penalty.

Section 271D & 271E Penalty proceedings are independent of assessment proceedings

September 20, 2021 7797 Views 0 comment Print

Penalty proceedings under section 271D or 271E were independent proceedings and had nothing to do with assessment proceedings or its outcome. Therefore, CIT(A) was not justified in cancelling the orders imposing penalty on the ground that the assessment proceedings, during the course of which, penalty u/s.271D and 271E were initiated had been held to be invalid.

CESTAT quashed demand of service tax on foreign remittance

September 17, 2021 1245 Views 0 comment Print

CESTAT  quashed the demand for service tax on foreign remittance as assessee had paid the service tax on a higher value than proposed by the Department and also the demand had been dropped for the year 2010-2011, there was no reason why it should not be dropped for the year 2009-2010.

Delay cannot be condoned beyond statutory period of 15 Days stipulated u/s 61(2) of IBC

September 14, 2021 2868 Views 0 comment Print

National Spot Exchange Limited Vs Anil Kohli (Supreme Court of India) Conclusion: NCLAT had rightly refused to condone the delay of 44 days in preferring the appeal against the order passed by the NCLT and rejected the claim of the appellant as the period of 15 days which maximum could have been condoned in view […]

Quashing of reassessment was invalid if opportunity was provided to assessee to submit additional objections

September 13, 2021 1074 Views 0 comment Print

Dr. Sajan Hedge Vs ACIT (Madras High Court) Conclusion: Instead of quashing the entire reassessment proceedings, it was suffice if an opportunity was provided to assessee to submit additional objections, if any, based on the materials relied on by assessee to AO, within a stipulated period and on receipt of the same, AO should be […]

Quashing of FIR against ex-director of ILFS cannot be presumed as a ‘Clean Chit’

September 9, 2021 2508 Views 0 comment Print

The FIR against the ex-director of IL&FS was quashed as when SFIO was probing the case, no other investigative agency was empowered to investigate into the affairs of IL & FS and its subsidiary companies for any offences under the Companies Act but the same did not allow a clean chit to assessee herein, as persons who was beyond a pale of doubt.

Customs Broker liable for penalty u/s 114 for breach of KYC norms

September 8, 2021 2127 Views 0 comment Print

Since the Custom Broker was liable to verify genuineness of importer-exporter code, IEC number, identity of client to prevent facilitation of export prohibited goods, therefore, custom broker was liable for penalty in case of breach of KYC norms and mandatory obligations  under Customs Broker Licensing Regulation, 2013.

No penalty for delay in filing quarterly TDS statement if entire tax with interest deposited

September 6, 2021 4365 Views 0 comment Print

Penalty under Section 272A(2)(k) could not be imposed merely for the delay in filing Quarterly TDS Statement as the entire tax along with interest thereon had been deposited in to Govt. account and later, assessee filed quarterly TDS returns for all the quarters and Revenue had not suffered any loss because tax deducted was already deposited on time and there was mere technical or venial breach to provisions contained in Act for submitting return/statements of TDS.

Employees contribution to PF/ESI paid before section 139(1) due date was allowable

September 6, 2021 12012 Views 0 comment Print

Indian Geotechnical Services Vs ACIT (ITAT Delhi) Conclusion: Deduction on payment of employees contribution towards PF/ESI made before the due date of filing Income Tax Return under section 139(1) was allowable as the amended provisions of section 43B as well as 36(1)(va) were not applicable for the assessment year under consideration. Held:  Assessee raised the […]

No addition for ALP adjustment on account of exchange difference for notional conversions of balances

September 5, 2021 1050 Views 0 comment Print

An interest-free debt funding of an overseas company in the nature of a special purpose vehicle (SPV), with a corresponding obligation to use it for the purpose of acquisition of a target company abroad, could not be compared with a loan simpliciter, and be, subjected to an arm’s length price adjustment on account of notional interest on a loan by assessee company to its fully owned foreign subsidiary as balances reflected on account of exchange difference for notional conversions could not be treated as outstanding dues.

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