Where assessee-company had advanced interest-free loan to its sister concerns out of interest bearing fund, the disallowance under section 36(1)(iii) was proper because the loan could not be said to have been given out of commercial expediency, when the two concerns had independent lines of manufacturing and were manufacturing different products.
RBI to relax the end-use restrictions for resolution applicants under the Corporate Insolvency Resolution Process (CIRP) and allow them to raise ECBs from the recognised lenders, except the branches/ overseas subsidiaries of Indian banks, for repayment of Rupee term loans of the target company under the approval route.
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect.
GSTN has made following updates to GST Portal in last week which includes- Portal will show list of Preferred Bankst while making Payment, restriction for applying refund on quarterly basis for quarterly GSTR 1 filers is removed, Auto approval of Appeals filed by Taxpayer or Tax Department, Release of API related to Assessment and adjudication, Removal of […]
An excess claim of depreciation by an assessee for bonafide reasons would not justify imposition of penalty under section 271(1)(c) had also been deliberated upon by the Hon’ble High Court of Bombay in the case of CIT vs. Somany Evergreen Knits Ltd. (2013) 352 ITR 592 (Bom.)
Shambhubhai Mahadev Ahir Vs ITAT (Gujarat High Court) 1. The petitioner has challenged the decision of the Income Tax Appellate Tribunal recalling an earlier order in exercise of powers for rectification. 2. Brief facts are as under: Petitioner is an individual. Petitioner was subjected to search on 11.10.2006 pursuant to which, the petitioner was required […]
Kerala State Screening Committee on Anti-profiteering Vs M/s Sudarsans (National Anti-Profiteering Authority) There was no reduction in the rate of tax on the (Jockey Shorts US 56 M ASSTD) w.e.f. 01.07.2017, hence the anti-profiteering provisions contained in Section 171 (1) of the CGST Act, 2017 are not attracted. Hence, we do not find any merit […]
ACIT Vs Shri Finance (ITAT Delhi) Quantum or total number of transactions may not be determinative but in a given case, keeping in view the period of holding may indicate intention to make investment. We also find that CBDT Circular no. 6 dated 29.02.2016 also comes to the aid of the assessee wherein it has […]
Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Limited, gist of which noticed earlier and being satisfied […]
GST- Interest liability U/ Sec. 50 of CGSTA/SGSTA on account of the delayed filing of GSTR-3B returns – Interest liable to be paid both on the cash and the ITC component of the tax paid after the due date prescribed – Recovery of such interest as clearly recoverable arrears
