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No Section 271(1)(c) penalty when quantum addition was set aside

June 17, 2022 3279 Views 0 comment Print

Tanya Automobiles Pvt. Ltd. Vs ACIT (ITAT Delhi) It was pointed out by the Ld. Counsel for the assessee that the quantum appeal arising out of assessment order has been decided vide ITA No. 1842/Del/2017 and the addition has been deleted. The fact could not be controverted by the Revenue. The Bench is of firm […]

Non-jurisdictional AO cannot issue Section 148 notice to Appellant

June 16, 2022 2727 Views 0 comment Print

Louis Dreyfus Company Asia Pte. Ltd Vs CIT (International Taxation) (Delhi High Court) Learned counsel for the petitioner submits that since the impugned notice dated 30th March, 2019 has been issued under Section 148 of the Act by respondent no.3 based in Mumbai, who is a non-jurisdictional Assessing Officer, he is not entitled to exercise […]

Interest on interest free loan to director for non-business purpose disallowable

June 16, 2022 2028 Views 0 comment Print

Kamal Translifters Vs ACIT (ITAT Ahmedabad) Though the assessee’s claim that payment made to the Director, was for business expediency, but the assessee could not prove before us the nexus between the assessee-company with its subsidiary company in the nature of trade and business. Furthermore, Shri Kamal Deshraj Dogra being director of both the companies, […]

HC restores GST Registration which was cancelled without opportunity of hearing 

June 16, 2022 573 Views 0 comment Print

G.S.T. registration stands restored. If the Department wants to proceed against the writ-applicant in future on any grounds, it may do so in accordance with law after giving due opportunity of hearing to the writ-applicant.

No Section 143(1) Adjustment on debatable issues without intimation to assessee

June 16, 2022 5061 Views 0 comment Print

The first proviso to section 143(1)(a) make it very clear that no such adjustment shall be made unless an intimation is given to the assessee of such adjustment either in writing or in  electronic mode.

Mere outstanding for long time not amounts to cessation of liability

June 16, 2022 3672 Views 0 comment Print

It is settled position of law that merely because credit was outstanding for long time not lead to conclusion that sundry creditors are not payable

CENVAT Credit on transportation from the place of removal upto the buyers’ premises / dealers for period upto 31.03.2008 is eligible

June 16, 2022 648 Views 0 comment Print

India Cements Ltd. Vs Commissioner of GST & Central Excise  (CESTAT Chennai) CESTAT held that that the credit on outward transportation from the place of removal upto the buyers’ premises / dealers for period upto 31.03.2008 is eligible. FULL TEXT OF THE CESTAT CHENNAI ORDER The above matters have come up for hearing as per […]

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

June 13, 2022 555219 Views 6 comments Print

Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incomes as per the Income-tax Act. Stay informed to ensure accurate tax deductions.

ICAI releases Admit Cards for CA Foundation Exams- Download

June 11, 2022 5346 Views 0 comment Print

Admit cards in respect of candidates admitted to the Foundation examination with their photographs and signatures on them, are hosted on https://icaiexam.icai.org/

Individual Housing loans – Enhancement in limits

June 8, 2022 792 Views 0 comment Print

RESERVE BANK OF INDIA RBI/2022-23/68 DOR.CRE.REC.42/09.22.010/2022-23 | Dated: June 08, 2022 All Primary (Urban) Co-operative Banks, Madam / Dear Sir, Individual Housing loans – Enhancement in limits Please refer to circular UBD.BPD.(PCB). Cir.No.7/09.22.010/2011-12 dated October 31, 2011 on the above subject. 2. As announced in the Statement on Developmental and Regulatory Policies (para no.1 annexed), […]

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