Explore the ITAT Bangalore case of Anand Sweets vs DCIT. Learn about the disallowance of employees’ contribution, legal arguments, and the victory for the assessee.
Ajanta Overseas Vs Principal Commissioner of Customs (CESTAT Delhi) The first issue that arises for consideration is whether the Additional Director General, DRI had the jurisdiction to issue the notice. This precise issue was examined by the Supreme Court in Canon India. The Supreme Court observed that the nature of the power to recover the […]
CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12.2021 that Jeevan Akshay-VII Plan of the Life Insurance Corporation of India qualifies for deduction under section 80C of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 6th December, 2021 Notification No. 134/2021- INCOME–TAX S.O. 5056(E).—In […]
The Income Tax Department initiated search action on 24.11.2021 on a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction. The residence and business premises of the assessee were covered in the search action.
On account of huge accumulated debt of Air India, Government followed Enterprise Value (EV) bidding approach for strategic disinvestment of Air India and its identified subsidiaries/JVs (100% shareholding in AIXL and 50% shareholding in AISATS). This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question […]
1,42,73,910 new accounts opened under Sukanya Samriddhi Account (SSA) between 2018 and 2021 The number of new accounts opened under Sukanya Samriddhi Account (SSA) from 01.04.2018 to 31.10.2021 is 1,42,73,910. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today. The Minister […]
PCIT Vs Servants of People Society (Delhi High Court) A perusal of the paper book reveals that the assessee/society is running a printing press and publishing a newspaper. The profit so generated is used for charitable purposes and apparently there is no profit motive in the activities of the assessee. As such it cannot be […]
In re Tianyin Worldtech India Private Limited (GST AAR Uttar Pradesh) Q-1 The Applicant has approached the authority of Advance ruling to determine the admissibility of input Tax Credit of Tax paid on cost proposed to be incurred in relation to Activity mentioned ? Ans-1 The input Tax Credit of Tax paid on cost Proposed to […]
Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016
With a view to have correct interpretation and implementation of the NDPS Act, it was decided to rectify the anomaly in section 27A of the Act by substituting ‘clause (viiib)’ in place of ‘clause (viiia)’ in section 27A.
