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Section 271(1)(c) Penalty not sustainable if failure in Disclosure of Income was unintentional

July 1, 2022 1659 Views 0 comment Print

Shri Himanshu Prafulchandra Varia Vs DCIT (ITAT Ahmedabad) We find merit in the contention of the Ld. Counsel for the assessee that the failure to disclose the income was by mistake and not deliberate and the assessee had in fact come clean during assessment proceedings before the Revenue authorities even before detection by the Revenue. […]

Claims not part of resolution plan, shall stand extinguished

July 1, 2022 2415 Views 0 comment Print

It is further declared by the Hon’ble Supreme Court that all claims not part of the resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.

Order without finding for deciding the classification of goods – CESTAT remands matter back

July 1, 2022 1521 Views 0 comment Print

Suzuki Morots Gujarat Private Limited Vs C.C. (CESTAT Ahmedabad) The Commissioner (Appeals) while deciding the classification of the disputed goods, in question, under heading 8708, has not given any finding as to whether all the above conditions which are very important for deciding the classification of goods, satisfy / comply in respect of the disputed […]

No section 69 addition for cash received for House Rent & Agricultural Land deposited during Demonetization

July 1, 2022 1020 Views 0 comment Print

Explore the ITAT Hyderabad ruling in Sri Narsimha Reddy Pindi vs ITO case. Understand how past savings from rental and agricultural income validated the demonetization period cash deposit.

Cash loss due to embezzlement by employees allowable in year of discovery

July 1, 2022 6339 Views 0 comment Print

Explore the ITAT Bangalore order in ACIT vs Davangere District Central Co-op Bank. Understand the deduction of losses due to employee embezzlement. Full analysis and implications.

Services for sports facilities owned by State not chargeable to service tax

July 1, 2022 1482 Views 0 comment Print

Explore the CESTAT Delhi order on Shiv Naresh Sports Pvt. Ltd. service tax dispute. Analysis of sports facility services, commercial construction, and implications. Full text included.

Foreign Exchange Fluctuation in Current Assets & Liabilities allowable

July 1, 2022 3519 Views 0 comment Print

Dive into the ITAT Ahmedabad order on DCIT vs. Ambalal Sarabhai Enterprises Ltd. Understand the dispute over foreign exchange difference claims, accounting standards, and tax implications.

MahaRERA: New directions for submitting applications for registration

July 1, 2022 8565 Views 0 comment Print

Directions in the matter of application submitted for Registration of Real Estate Projects and Real Estate Agents, Project Extensions and Corrections

Authority of Advance Ruling Under GST – A Failure?

June 30, 2022 4809 Views 0 comment Print

Uncover the shortcomings of the Authority of Advance Ruling under GST. Explore the issues surrounding tax avoidance and ineffective decision-making.

Modification in Cyber Security/resilience framework for Stock Brokers / Depository Participants

June 30, 2022 1011 Views 0 comment Print

All Cyber-attacks, threats, cyber-incidents and breaches experienced by Stock Brokers / Depositories Participants shall be reported to Stock Exchanges / Depositories & SEBI within 6 hours of noticing / detecting such incidents or being brought to notice about such incidents.

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