No disallowance u/r 8D if Investment made from Interest free Surplus funds : ITAT IN THE ITAT DELHI BENCH ‘F’ Additional Commissioner of Income-tax v. PNB Gilts Ltd. BHAVNESH SAINI, JUDICIAL MEMBER AND O.P. KANT, ACCOUNTANT MEMBER IT APPEAL NO. 682 (DELHI) OF 2017 [ASSESSMENT YEAR 2012-13] MAY 1, 2020 Smt. Sushma Singh for the Appellant. Ms. Sana Baqai,… Read More »
Reassessment notice valid as parent company outside India made huge Investment in Its Indian Company : HC Explanation 1 to the proviso to section 147 elaborates on the meaning of the phrase “disclosure” as mentioned in the proviso.from a reading of the said Explanation, it is clear that that mere production of books of account or… Read More »
Payment made for Long lasting source of material is capital Expenditure Payment made for acquiring right for mining of limestone which shall be used as raw material is capital expenditure We find that the respondent had obtained a long term captive source of the raw material by purchase of right from Texmaco. However, at the… Read More »
Pending rectification application to be considered by CIT(A) as AO started recovery proceedings :HC Kerala HC directed CIT(A) to consider pending rectification application as AO initiated recovery proceedings HIGH COURT OF KERALA Manambur Service Co-Operative Bank Ltd. v. Income-tax Officer ALEXANDER THOMAS, J. W.P. (C) NO. 601 OF 2020(A) JANUARY 22, 2020 C.A. Jojo, Adv. for… Read More »
Addition justified for non Deposit of employee’s contribution towards PF and ESI within time : HC pf the assessee had made the deposits late beyond 20th of Month following the month for which such deduction was being made. The date of 20th of each month was chosen by the Assessing Officer was made considering the… Read More »
Writ Petition in High court can not filed against Assessment order after Limitation Period :SC However, if the writ petitioner chooses to approach the High Court after expiry of the maximum limitation period of 60 days prescribed under section 31 of the 2005 Act, the High Court cannot disregard the statutory period for redressal of… Read More »
NO Detention of Goods unless Intention is to Evade Tax in GST :HC Detained goods & vehicle is to be released by GST department on deposit of requisite amount by the taxpayer We are of the view that at the time of detention and seizure of goods or conveyance, the first thing the authorities need… Read More »
GST Margin Scheme on Second hand jewellery purchased from unregistered person :AAR AUTHORITY FOR ADVANCE RULINGS Attica Gold (P.) Ltd., In re DR. RAVI PRASAD M.P. AND MASHHOOD UR REHMAN FAROOQUI, MEMBER ADVANCE RULING NO. KAR ADRG 15 OF 2020 MARCH 23, 2020 ORDER UNDER SECTION 9814) OF THE CGST ACT, 2017 & UNDER 98(4) OF THE KGST… Read More »
Taxpayer released on Bail if Imported Goods not re-exported and period not expired : HC Assessee was arrested for offence committed under GST .He was to be released on bail on furnishing personal bond with sureties The offence as alleged in the FIR is under section 132(1)(a) read with section 132(1)(h), (j) and (k) of… Read More »
TRAN 1 upload / Rectification allowed till 30.06.2020 I CA Satbir Singh