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Profit on Sale of penny stock/Shares- ITAT Deletes Addition

February 25, 2021 4938 Views 0 comment Print

DCIT Vs Jainam Investments (ITAT MUMBAI) Under this issue the revenue has challenged the deletion of disallowance of Rs.4,71,19,785/- on of sale shares of M/s. Mahavir Advanced Remedies. The Ld. Representative of the revenue has argued that the CIT(A) has wrongly deleted the disallowance of Rs.4,71,19,785/-, therefore, the finding of the CIT(A) is not justifiable, […]

Regulation 10(n) of Customs Brokers Licensing Regulations not mandates physical verification

February 23, 2021 6543 Views 0 comment Print

Transpeed Logistics Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) Regulation 10(n) of Customs Brokers Licensing Regulations, 2018 requires the Customs Broker to verify the correctness of Importer/Exporter Code Number, Service Tax Identification Number, identity card of the client and functioning of the client at the declared address by using reliable, independent, authentic documents, data […]

Preferential CoO for India’s Exports to Mercosur & Thailand

February 23, 2021 936 Views 0 comment Print

Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS w.e.f. 25th February 2021

Weekly newsletter from Chairman, CBIC, Dated: 22.02.2021

February 22, 2021 1083 Views 0 comment Print

On the anti-evasion front, officers of CGST Delhi West Commissionerate need to be appreciated for their good work in bringing to book those involved in the illegal manufacturing and clandestine supply of gutkha/pan masala/tobacco products.

Section 54F exemption eligible on residential house in daughter’s name

February 22, 2021 8535 Views 0 comment Print

We are of the opinion that the assessee has invested the sale consideration on transfer of Capital Asset in purchasing a new residential property in the name of Smt. Shailaja J who is being married widowed dependent daughter of the assessee and also legal heir of the assessee. Accordingly, we direct the Assessing Officer to grant exemption u/s. 54F of the Act on the amount invested in purchase of residential house in his daughter’s name.

Empanelment for Concurrent Audit of Operations of Institutional Finance Vertical with SIDBI

February 20, 2021 2523 Views 0 comment Print

Small Industries Development Bank of India (SIDBI) Request for Proposal (RfP) For Concurrent Audit of Operations of Institutional Finance Vertical (IFV) 1) The RfP is posted on the SIDBI website sidbi.in. SIDBI reserves the sole right for carrying out any amendment / modifications / changes including any addendum to this RfP. Such amendments / modifications […]

Issuance of Certificate of Origins (NP) through Common Digital Platform

February 19, 2021 1611 Views 0 comment Print

It is also informed that while applicants can choose to avail CoO (NP)online or in manual mode till 31.3.2021 w.e.f 1.4.2021 applications will be accepted in online mode only. Further details in the matter will be notified subsequently.

Sunset Review investigation on imports of Seamless Tubes, Pipes & Hollow Profiles of Iron, Alloy or Non-Alloy Steel

February 19, 2021 939 Views 0 comment Print

Case No. AD-SSR 24/2020 Initiation of Sunset Review investigation concerning imports of Seamless Tubes, Pipes & Hollow Profiles of Iron, Alloy or Non-Alloy Steel originating in or exported from China PR-reg.

No deduction to Trust for Donation for activity which ultra vires to object clause of assessee

February 18, 2021 3561 Views 0 comment Print

Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the people, and other objects which are […]

No addition for mere Entry in Diary without any corroborative evidence

February 18, 2021 12498 Views 0 comment Print

Smt. Harmohinder Kaur Vs. DCIT (ITAT Amritsar) The Apex Court in the cases of Central Bureau of Investigation vs. V.C. Shukla (supra) and Common Cause (A registered Society and Ors Vs. Union of India & Ors.(supra) analyzed the position of law with regard to the loose sheets/diary in which some noting has been made by […]

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