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Books cannot be rejected by AO for mere decline in gross profit

November 11, 2021 1620 Views 0 comment Print

Shri Sanjay Agarwal Vs ITO (ITAT Jaipur) In this case, the AO has rejected the books of accounts and has estimated G.P. rate of 0.69% on declared turnover as against G.P rate of 0.38% declared by the assessee and made a trading addition of Rs. 49,56,217/- in the hands of the assessee. The AO has […]

HC directs AO to pass reasoned order after affording opportunity of hearing

November 11, 2021 1308 Views 0 comment Print

Umkal Healthcare Pvt. Ltd. Vs National Faceless Assessment Centre & Anr. (Delhi High Court) Since in the present case no hearing had been granted before passing the impugned assessment order, there is a violation of principles of natural justice as well as mandatory procedure prescribed in ‘Faceless Assessment Scheme’ and stipulated in Section 144B of […]

DGFT notifies ‘Hamilton Steel Logistics Inc’ as PSIA

November 10, 2021 996 Views 0 comment Print

M/s Hamilton Steel Logistics Inc is recognized for Pre-Shipment Inspection Certificates as per provision of Para 2.55(e) of HBP, 2015-20 from the date of issue of this Public Notice. Details of approved spectrometers and survey meters for issuance of PSIC by this agency are annexed.

No additions for cash deposit duly explained with cash flow statement 

November 10, 2021 3774 Views 0 comment Print

Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat) The assessing officer made addition by taking his view that assessee is a Government Employee and was maintaining bank account and that a person who is maintaining bank account will not keep such huge cash in hand which is abnormal. The ld.CIT(A) concurred with the finding of […]

GST on reimbursement received from MMRDA

November 10, 2021 3771 Views 0 comment Print

To achieve the above objective, applicant is incurring various expenses such as Salary & Wages for employee, Contribution to provident Fund, Training expenses, Canteen expenses, Advertisement expenses, Manpower expenses etc. Currently, no revenue is generated by applicant by incurring these expenses in relation to Operation and Maintenance activity since at present no such activities have started to be undertaken by the applicant. All the expenses incurred by applicant are reimbursed by MMRDA at cost. No additional payment is done by MMRDA.

SEBI (Mutual Funds) (Third Amendment) Regulations, 2021

November 9, 2021 2256 Views 0 comment Print

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2021. 2. They shall come into force on the thirtieth day from the date of publication of these regulations in the Official Gazette.

Aadhaar (Authentication and Offline Verification) Regulations, 2021

November 8, 2021 4359 Views 0 comment Print

(1) These regulations may be called the Aadhaar (Authentication and Offline Verification) Regulations, 2021. (2) These regulations shall come into force on the date of their publication in the Official Gazette.

Conveyance allowance will not be a ‘wage’ under ESI Act: ESIC

November 8, 2021 12891 Views 1 comment Print

Hon’ble Supreme Court, in M/s Texmo Industries Vs. ESIC held that the payment of Conveyance Allowance on the fact of present case does not fall under the definition of term ‘wages’ as defined in section 2(22) of the ESI Act.

MahaRERA streamline process of hearing/disposal of complaints

November 8, 2021 3498 Views 0 comment Print

Following further procedure is prescribed in the matter of hearing to be conducted by the MahaRERA Conciliation and Dispute Resolution Forum in referred conciliation matters (online complaints) transferred by MahaRERA so as to achieve speedy disposal of complaints.

AAR rejects application as proceedings on similar issue was pending before DGGI

November 5, 2021 1233 Views 0 comment Print

In Re M/s. Megha Engineering & Infrastructures Limited (GST AAR Telangana) In the present case as the DGGI, Hyderabad has conducted search of the premises of the applicant under Chapter-XIV of the CGST Act, 2017. It was addressed by the authority to ascertain whether any proceeding is pending before them regarding the questions raised by […]

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