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Highlights / Annotations / Catch Notes For May of 2021

Home Highlights May May 2021 Year 2021

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Showing 251 to 300 of 404 Records

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May 13, 2021 Case Laws Income Tax

Long term capital gain - air Market Value (FMV) thereof u/s. 48(ii) r.w.s. Expl (iii) r.w.s. 55A - FMV of the assessee's capital asset @ ₹ 400 per sq. yard by......
May 13, 2021 Case Laws Income Tax

Revision u/s 263 - LTCG - deduction as claimed by the assessee u/s 54F - Pr. CIT was not justified in imposing his view upon the assessing officer on wrong appreciation.....
May 13, 2021 Case Laws Income Tax

Reopening of assessment u/s 147 - Since the present assessment order is framed on the very same reasons, which were considered by the Tribunal (supra) while quashing the....
May 13, 2021 Case Laws Income Tax

Exemption u/s. 11 & 12 - commercialization of education - paying huge commission to middle men to bring students to assessee’s institution - It is not a case of broker......
May 13, 2021 Case Laws Income Tax

Penalty levied u/s. 271C - Non deduction of TDS - the provision created at the end of the accounting year has not been credited to the relevant parties to whom the......
May 13, 2021 Case Laws Insolvency and Bankruptcy

Validity of unilateral changes made to the Resolution Plan - implementation of Resolution Plan - It is for the respondent Banks to take a decision as to whether the......
May 13, 2021 Case Laws Customs

Discharge of the accused under the prevention of corruption of act - officers of Central Excise Department - allegation of fraudulent availing the benefit of DEPB (Duty.....
May 13, 2021 Case Laws Companies Law

Oppression and mismanagement - The complete exclusion of the petitioner group from the board cannot be justified merely by pointing out that the meeting is a validly......
May 13, 2021 Case Laws Indian Laws

Dishonor of Cheque - initiation of Criminal Case - Whether a criminal case initiated under Section 138 of Negotiable Instrument Act, after ending in conviction and reach....
May 12, 2021 Case Laws GST

TRAN-1 credit denied - permission to file revised Form GST TRAN-1 manually or otherwise to carry forward credit - Following the decision in the case of [2021 (3) TMI 953....
May 12, 2021 Case Laws Income Tax

Validity of Settlement order u/s 245(C) - the 2nd respondent failed to include this property in the return of wealth on the relevant valuation dates. Thus, omission of......
May 12, 2021 Case Laws Income Tax

Direct Tax Vivad Se Vishwas Act, 2020 - The order dated 11.05.2020 rectified the Tribunal’s earlier order dated 22.06.2018, as according to the Tribunal, a mistake,......
May 12, 2021 Case Laws Income Tax

Order passed before the time prescribed for filing the reply - faceless assessment scheme - it is evident that the impugned order has been passed with pre-set mind. In......
May 12, 2021 Case Laws Income Tax

Stay of Recovery proceedings - Prayer quashing 226(3) notice - The prayer sought for by the petitioner, for a certiorarified mandamus quashing 226(3) notice, is thus not....
May 12, 2021 Case Laws Income Tax

Disallowance made u/s.14A of the Act while computing book profit u/s.115JB - actual expenses debited to profit and loss account which are incurred for the purpose of......
May 12, 2021 Case Laws Income Tax

Clubbing of income - addition of portion of sales consideration related to wife and mother of assessee u/s 64(1) - Logically the sale consideration is to be distributed.....
May 12, 2021 Case Laws Income Tax

Addition on account of share premium received by the assessee u/s 56(1) - income from other sources - the addition has been admittedly made by the ld. AO u/s.56(1) of......
May 12, 2021 Case Laws Income Tax

Validity of revision jurisdiction u/s. 263 - It is not in dispute that the borrowings and interest free advances to IHCL were made in earlier years and not during the......
May 12, 2021 Case Laws Income Tax

Unaccounted sales of car parking area - Nothing came into the notice that there is any change or variation in the order passed by the Ld.CIT(A) for the AY 2012-13. in......
May 12, 2021 Case Laws Income Tax

Addition u/s 68 on account of unsecured loans received - Since the loan amount has been held by us as genuine, the corresponding interest payment made thereon after......
May 12, 2021 Case Laws Income Tax

Reopening of assessment u/s 147 - borrowed satisfaction v/s independent application of mind - addition u/s 68 - Action taken under section 147 on the basis of borrowed......
May 12, 2021 Case Laws Income Tax

Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business......
May 12, 2021 Case Laws Income Tax

Deduction claimed u/s.54F - LTCG - Clearly, therefore, the date relevant for determining the purchase of property is the date on which full consideration is paid and......
May 12, 2021 Case Laws Customs

Valuation of imported goods - In the facts and circumstances of this case there is failure on the part of the customs officer, by not following the laid down Customs......
May 12, 2021 Case Laws Central Excise

Input service distributor (ISD) - Void ab initio distributed credit - office or establishment of the said manufacturer or not - satisfaction of provisions of Rule 2(m)......
May 12, 2021 Case Laws VAT and Sales Tax

Violation of the principles of natural justice - time granted to the petitioner to put forth its submissions were enough or not - The time granted to the petitioner to......
May 11, 2021 Case Laws GST

Grant of Bail - GST evasion - Fraudulent availment of ITC -Looking at point (vi) above and considering the magnitude and the scale of the alleged fraud involving public.....
May 11, 2021 Case Laws Income Tax

Validity of the application filed u/s 245(C) - Settlement Commission - the prime consideration and pre-condition for entertaining an application is true and full......
May 11, 2021 Case Laws Income Tax

Reopening of assessment u/s 147 - Bogus LTCG - AO had applied his independent mind to the information and upon due satisfaction, led to form an opinion that, the amount.....
May 11, 2021 Case Laws Income Tax

Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior....
May 11, 2021 Case Laws Income Tax

Capital receipt chargeable to tax u/s.45 - claim of exemption u/s.10(2A) - amount received by the assessee partner from the partnership firm - There was no transfer of......
May 11, 2021 Case Laws Income Tax

Unsecured loans u/s 68 - As the directors of the lending companies had filed affidavits confirming the loan transactions before the ld AO which had not been disputed.......
May 11, 2021 Case Laws Income Tax

Addition on account of negative reserves - The negative reserves would be nothing but premium receivable by the insurance company. However, there would always be a......
May 11, 2021 Case Laws Income Tax

Disallowance of redemption on account of provisions made for redemption of preference shares while computing the books profit u/s 115JB - Since the issue is fully......
May 11, 2021 Case Laws Income Tax

Addition in respect of interest paid on External Commercial Borrowings (ECB), payment of guarantee fee and service fee - the assessee has been able to substantiate that.....
May 11, 2021 Case Laws Customs

Validity of detention and seizure of goods - classification of scrap - The DRI has firstly detained the goods, which later on had been seized. Assuming that the stage of....
May 11, 2021 Case Laws Insolvency and Bankruptcy

Approval of Resolution Plan - The RP cannot be permitted to ride piggyback on the CoC's decision. - The facts and circumstances of the present application point only to.....
May 11, 2021 Case Laws Insolvency and Bankruptcy

Classification of applicant - unsecured creditors or not - the Applicant cannot take to plea that he is not aware of the fact that he is classified as unsecured creditor....
May 11, 2021 Case Laws Insolvency and Bankruptcy

Condonation of delay of 796 days delay in filing the claim before the Liquidator - In view of the IBC, 2016 being a time bound process as well as the Learned Liquidator.....
May 11, 2021 Case Laws Insolvency and Bankruptcy

Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the......
May 11, 2021 Case Laws Central Excise

Maintainability of appeal - availability of efficacious alternative remedy of appeal - Classification of goods - This Court has no hesitation in arriving a conclusion......
May 11, 2021 Case Laws VAT and Sales Tax

Refund of ITC - Export Sales - case of Revenue is that the petitioner should have applied for refund under Section 18(3) of the TNVAT Act, within 180 days by filing Form....
May 10, 2021 Case Laws GST

Grant of Bail - Validity of section 132(1)(b) and (c) of the Central Goods and Services Tax Act, 2017 - power under Section 69 of the CST Act - arrest for alleged......
May 10, 2021 Case Laws Service Tax

Principles of natural justice - service of order in original - levy of service tax - This Court is of the view that the dispute, as to whether the petitioner was earlier....
May 10, 2021 Case Laws GST

Validity of SCN - Carried forward Input Tax Credit in TRAN-1 from the era of Service Tax - Let the petitioner put forth its objections in regard to the proposed reversal....
May 10, 2021 Case Laws Income Tax

DTVSV Act - declaration of the petitioner under the Direct Tax Vivad Se Vishwas rejected - it appears that the submissions on behalf of the petitioner carry lot of......
May 10, 2021 Case Laws Income Tax

Revision u/s 263 - deduction u/s 80IA(4)(iii) - Even the coordinate benches of this Tribunal in assessee’s own case in earlier AYs has allowed the assessee’s claim of......
May 10, 2021 Case Laws Customs

Smuggling - Gold - baggage goods - As no such investigation has been done to establish that the goods in question are of foreign origin, therefore, the provision of......
May 10, 2021 Case Laws Companies Law

Oppression and Mismanagement - illegal allotment of shares - the allegations that there has been an illegal allotment of Petitioner's shares, exclusion of Petitioner......
May 10, 2021 Case Laws Insolvency and Bankruptcy

Initiation of CIRP - the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the Code. It has also been established that there is a "Default" as......

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H: Revision: Hospital receipts verified, partial refunds & fees paid subs...

F: ITC Issue in case of Acqusition of Company in Insolvency

H: Goods matched documents like e-way bill and invoices; detention order ...

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H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

H: Building sale value can't determine depreciation; actual consideration...

H: Loan to equity conversion attracts income tax on excess share premium ...

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H: Tax exemption limit for leave encashment: Local authorities' employees...

H: Tax assessments beyond 6-year limit quashed, satisfaction note lacked ...

H: Cash found in lockers linked to temple trust and educational foundatio...

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H: Exemption from Social Welfare Surcharge on duty-free imports via scrips.

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