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Foreign currency is not a commodity for Section 43(5) of Income Tax

April 19, 2021 2076 Views 0 comment Print

ACIT Vs M/s. Lifestyle International (P) Limited (ITAT Bangalore) The brief facts in relation to the above ground is that the assessee had imported certain trade merchandise from parties located outside Payments to such foreign vendors is required to be made in future on specified dates in foreign currency. The assessee had also obtained foreign […]

Extended period of demand not invokable if no mala-fide intention or suppression of fact by assessee

April 19, 2021 3042 Views 0 comment Print

Explore the Patel Labour Contractor vs C.S.T. Service Tax case (CESTAT Ahmedabad) where legal nuances and interpretations led to a time-barred service tax demand. Understand key arguments and precedents.

Initiation of Sunset Review investigation on imports of ‘Axle for Trailers’ from China

April 19, 2021 612 Views 0 comment Print

Case No. AD (SSR) – 7/2021 Initiation of Sunset Review investigation concerning imports of ‘Axle for Trailers’ from China PR. The Applicant has alleged continued dumping & injury and likelihood of dumping and injury in case of expiry of existing anti-dumping duties and have requested for initiation of sunset review and continuation of the anti-dumping duty (ADD) imposed on the imports of the subject goods originating in or exported from the subject.

Interest Rate on General Provident Fund for Q1 of FY 2021-22

April 19, 2021 24363 Views 0 comment Print

Rate of Interest on General Provident Fund (GPF) and other similar funds including Special Deposit Schemes, 1975 (SDS, 1975) for non-Government Provident, Superannuation and Gratuity Funds for first Quarter of financial year 2021-22.

E Commerce business operations in non essential items under Covid guidelines

April 17, 2021 939 Views 0 comment Print

Confederation of All India Traders has requested Minister of Commerce and Industry Shri Piyush Goyal to intervene & ensure that e-commerce companies are not allowed to deliver non-essentials in States where lockdown has been announced as same is Extremely important to maintain parity between online & offline trade. Confederation of all India Traders  Ref. No.: […]

Group insurance service is admissible input service & credit allowed

April 16, 2021 1413 Views 0 comment Print

Explore the case of Solvay Specialities India Pvt Ltd vs C.C.E. & S.T.-Vadodara-II (CESTAT Ahmedabad). Detailed analysis of Cenvat Credit eligibility for Group Insurance Services, referencing legal precedents and judicial interpretations.

Re-opening of assessment based on mistake of opinion is bad in law

April 16, 2021 897 Views 0 comment Print

ACIT Vs M/s. Sattva Developers Pvt. Ltd. (ITAT Kolkata) From the entry made on 06-09-2011, it would be found that the Authorised Representative filed all the details excepting the explanation regarding treatment of compensation, and for this purpose the hearing was adjourned to 13-09-2011. The next entry on 19-09-2011 inter alia reads that the Authorised […]

GST on Pharmaceutical Reference Standards (Prepared Laboratory Reagents)

April 16, 2021 1680 Views 0 comment Print

In re M/s Kaustubha Scientific Research Laboratory Private Ltd. (GST AAR Karnataka) Pharmaceutical Reference Standards (Prepared Laboratory Reagents) imported and supplied by the Appellant and classified under Tariff Item 3822 00 90 of the Customs Tariff Act, 1975 is covered under Entry No. 80 of Schedule-II to Notification No. 1/2017-Integrated Tax (Rate), dated 28th June, […]

Verifying Income Tax Return has never been this easy !

April 16, 2021 4812 Views 0 comment Print

Discover the easy way to verify your income tax return without a digital signature. Quick, convenient, and eco-friendly!

SC issues Directions for Expeditious Trial of Cheque Bounce Cases | Section 138 | NI Act

April 16, 2021 3042 Views 1 comment Print

In Re Expeditious Trial of Cases Under Section 138 of N.I. Act 1881 (Supreme Court) 1) The High Courts are requested to issue practice directions to the Magistrates to record reasons before converting trial of complaints under Section 138 of the Act from summary trial to summons 2) Inquiry shall be conducted on receipt of […]

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