Daily Archives: March 4, 2022

Clarification FOR Chartered Accountants in Practice/Firms of CA registering themselves on GeM (Government e- marketplace) Portal

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Clarification FOR Chartered Accountants in Practice/Firms of CA registering themselves on GeM Ethical Standards Board The Institute of Chartered Accountants of India 4th March, 2022 ANNOUNCEMENT Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e- marketplace) Portal As the members are aware, Government of India has mandated… Read More »

Guidelines for issue of DRC 7 if Vehicle Detained under Eway bill provisions

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Guidlines for issue of DRC 7 if Vehicle Detained under Eway bill provisions Office of the Commissioner of State Tax Maharashtra State, Mumbai 8th Floor, GST Bhavan, Mazgaon Mumbai- 400 010. Internal Circular (RESTRICTED CIRCULAR FOR OFFICE USE ONLY) No. JC(BCP)/DRC-07/E-waybill/B 212 , Mumbai. Date. 02/03/2022 Internal Circular No. 04 A of 2022 Subject: Guidelines… Read More »

Faceless Assessment set aside as passed without considering assessee’s request for adjournment : High Court

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Faceless Assessment set aside as passed without considering assessee’s request for adjournment : High Court HIGH COURT OF HIMACHAL PRADESH Preethi Himachal & Co. v. Union of India MOHAMMAD RAFIQ, CJ. AND MS. SABINA, J. CIVIL WRIT PETITION NO. 3538 OF 2021 NOVEMBER  16, 2021 Amar Pratap Singh and Jyotirmay Bhatt, Advs. for the Petitioner. Balram Sharma, Asstt. Solicitor General… Read More »

Income earned by Govt company on Unutilized Funds before commencement of operation is not Taxable : High Court

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HIGH COURT OF KARNATAKA Commissioner of Income-tax, Bangalore v. Bangalore Metro Rail Corpn. Ltd. MRS. S. SUJATHA AND HANCHATE SANJEEV KUMAR, JJ. IT APPEAL NOS. 117 AND 118 OF 2015 NOVEMBER  23, 2021 K.V. Aravind, Adv. for the Appellant. A. Shankar, Sr. Adv. and G. Venkatesh, Adv. for the Respondent. JUDGMENT Mrs. S. Sujatha, J. – These appeals are filed by the… Read More »

Income Tax Department conducts searches on BMC Mumbai , Tax Evasion of Rs 200 Crore

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Income Tax Department conducts searches in Mumbai Posted On: 03 MAR 2022 The Income Tax Department carried out search and seizure operations on 25.02.2022 on certain contractors executing contracts of Brihanmumbai Municipal Corporation (BMC), a prominent person and their close associates. In all, more than 35 premises in Mumbai have been covered during the search… Read More »

Income Tax Department conducts searches in a major Telecom Group , suppression of income of Rs. 400 crore has been detected.

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Ministry of Finance Income Tax Department conducts searches in a major Telecom Group The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and providing captive software development services, on 15.02.2022. The ultimate shareholding of the group lies with a foreign entity of a neighbouring country.… Read More »

Interest can not charged u/s 220 if the amount on which interest was payable was extinguished : High Court

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Interest can not charged u/s 220 if the amount on which interest was payable was extinguished HIGH COURT OF BOMBAY Union of India v. Dodsal Ltd. K.R. SHRIRAM AND AMIT B. BORKAR, JJ. WRIT PETITION NO.301 OF 2000 DECEMBER  9, 2021 Sham V. Walve, Dinesh Kukreja and Pritish Chatterjee for the Petitioner. Ms. Shobha H. Jagtiani, Priyanshu Khatri and Ms. Anjali Jhawar for the Respondent. JUDGMENT Amit… Read More »

Deduction allowed for Employee’s contribution to ESI/PF paid before filing of ITR for AY prior to AY 2021-22 : ITAT

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Employee’s contribution to ESI/PF paid before filing of ITR for AY prior to AY 2021-22 IN THE ITAT BANGALORE BENCH ‘SMC-B’ B. R. S. Precision Manufacturing (P.) Ltd. v. Deputy Commissioner of Income-tax, Bengaluru N.V. VASUDEVAN, VICE PRESIDENT IT APPEAL NO. 620 (BANG) OF 2021 [ASSESSMENT YEAR 2018-19] DECEMBER  23, 2021 Ganesh R. Ghale, Standing… Read More »

No sec. 271AAB penalty if not mentioned in Assessment Order : ITAT

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IN THE ITAT NAGPUR BENCH Chandra Suresh Kothari v. Deputy Commissioner of Income-tax SANDEEP GOSAIN, JUDICIAL MEMBER AND O.P. KANT, ACCOUNTANT MEMBER IT APPEAL NOS. 125 & 126 (NAG.) OF 2021 [ASSESSMENT YEARS 2014-15 & 2015-16] DECEMBER  20, 2021 Hitesh P. Shah , (CA) for the Appellant. Pradeep Hedaoo, (CIT-DR) for the Respondent. ORDER Sandeep Gosain, Judicial Member. – Both these… Read More »