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Highlights / Annotations / Catch Notes For July of 2022

Home Highlights July July 2022 Year 2022

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Showing 101 to 150 of 524 Records

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July 25, 2022 Case Laws Income Tax

TDS u/s 194A(3)(V) - Disallowance u/s 40(a)(ia) - the amendment as brought in by Finance Act, 2015 was prospective in nature and applicable only from 01.06.2015. It is......
July 25, 2022 Case Laws Income Tax

Estimation of income - transactions relating to cricket betting - estimate made by the Assessing Officer of the assessee’s income at 1% of the total transactions of......
July 25, 2022 Case Laws Income Tax

Exemption u/s 11 - promotion and development of the game of Cricket - proviso to section 2(15) is invoked in the case of the assessee as the activities of the assessee......
July 25, 2022 Case Laws Income Tax

MAT computation u/s 115JB - Disallowing exclusion of Excise Duty Exemption as capital receipt availed during the year under consideration in computing book profit as per....
July 25, 2022 Case Laws Income Tax

Addition on account of unaccounted cash payments u/s 69C - Addition on the basis of the statements given by four employees in the course of search u/s 132(4) - not only.....
July 25, 2022 Case Laws Income Tax

Exemption u/s 11 - registration u/s 12A Cancelled - evidences collected during search - second search is a different proceeding that materials cannot be imported for......
July 25, 2022 Case Laws Income Tax

Validity of reopening of assessment - the assessee cannot be allowed to take the benefit of plea of no service of notice u/s 148 of the Act when even as per the various.....
July 25, 2022 Case Laws Customs

Seeking waiver of forfeiture of security as well as penalty imposed on CHA - time period for reporting the changes - It is noticed that the appellant has claimed that......
July 25, 2022 Case Laws Companies Law

Valuation of the fair price per equity share of the Respondent Company - low valuation of shares in the exit offer - Section 247 or other provisions of the Companies Act....
July 25, 2022 Case Laws Insolvency and Bankruptcy

Initiation of CIRP - NCLT rejected the application - NPA - Period of limitation - NCLT that, a statement contained in the balance sheet cannot be treated as an......
July 25, 2022 Case Laws Insolvency and Bankruptcy

Seeking approval of the Resolution Plan - The Resolution Applicant cannot be saddled with any previous claim against the Corporate Debtor prior to initiation of its CIRP....
July 25, 2022 Case Laws Insolvency and Bankruptcy

CIRP - Grounds on which the Liquidator can be changed - the non-holding of a valid AFA will not render the order of liquidation passed by the Adjudicating Authority......
July 25, 2022 Case Laws Service Tax

Extended period of limitation - evasion of service tax or not - The appellant had, in fact, lost by not paying service tax in time and has not gained anything at all. It....
July 25, 2022 Case Laws Service Tax

Denial of refund of Service Tax - Period of limitation - It is apparent that while the Revenue’s attempt to classify the service provided by the appellant under the......
July 25, 2022 Case Laws Service Tax

Levy of Service Tax - refundable security deposit collected by the Appellant from its customers - the said amounts are not collected towards any provision of service but....
July 25, 2022 Case Laws Indian Laws

Dishonor of Cheque - For proving offence under Section 138 of NI Act, it has to be established that the cheque has been issued by the accused to discharge a legally......
July 23, 2022 Case Laws GST

Seeking Grant of Regular Bail - availment of fraudulent Input Tax Credit - From the documents adduced, role of the applicant prima-facie appears to be serious in nature.....
July 23, 2022 Case Laws GST

Scope of the show cause notice (SCN) - in case if the authority intend to add interest and penalty on the amount fixed in the show cause notice, separate notices ought......
July 23, 2022 Case Laws GST

Recovery of demand - initiation of Garnishee proceedings - The assessment order and the demand does not remain merely a piece of paper, unless an assessee gets relief by....
July 23, 2022 Case Laws GST

Levy of GST - Long term lease of 99 years - Validity and legality of the recovery notice - It is clearly stated that “the petitioner has misconstrued the simple......
July 23, 2022 Case Laws Income Tax

Deduction u/s 80IC - process amounted to ‘manufacture’ or ‘production’ of the Anchors or not - The term ‘manufacture’ or ‘produce’ used in Section 80IC has to be......
July 23, 2022 Case Laws Income Tax

Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave......
July 23, 2022 Case Laws Income Tax

Unexplained income - unexplained money under section 69A - gifts received by the assessee from brother and sister - It is a general practice followed that in time of......
July 23, 2022 Case Laws Income Tax

Addition on account of service tax that was collected but not paid - Grievance of the assessee that as he had not claimed any deduction of the amount of service-tax -......
July 23, 2022 Case Laws Income Tax

Penalty levied u/s 271F - assessee had failed to furnish return of income within due date - from the submission of assessee, we find that the assessee has a reasonable......
July 23, 2022 Case Laws Income Tax

Depreciation on power plant at written down value method as against claimed by the appellant at straight line method - There is no bar under law that a captive......
July 23, 2022 Case Laws Income Tax

Addition under Section 56(2) (x) - difference in sale consideration and stamp duty value of 7 properties sold - application of tolerance band limit - - introduction of......
July 23, 2022 Case Laws Income Tax

Revision u/s 263 by CIT - claim of higher depreciation at the rate of 30% on vehicles - Even in the 263 proceedings before Ld. Pr. CIT and in the proceedings before us,.....
July 23, 2022 Case Laws Income Tax

Revision u/s 263 by CIT - A reading of the same clearly shows that after having made a contradictory observation on issue of lack of enquiry of cash deposit aspect for......
July 23, 2022 Case Laws Income Tax

Revision u/s 263 - Addition u/s 56(2)(viib) for the excess share issue price - the AO has conducted sufficient inquiry by calling all necessary details and information......
July 23, 2022 Case Laws Customs

Seeking grant of Bail - Smuggling - Foreign Gold - Considering the value of gold already seized, the manner in which the gold were received in this country and the......
July 23, 2022 Case Laws Customs

Seeking Conversion of shipping bills - conversion of Export Promotion Scheme from Duty Drawback (DBK) to Advance Licence - there is a clear and independent provision......
July 23, 2022 Case Laws Insolvency and Bankruptcy

Validity of order of NCLT admitting the application for CIRP - Although, pendency of winding-up petition before the High Court may not preclude filing of Section 7......
July 23, 2022 Case Laws FEMA

Offence under FEMA - Levy of penalty post compounding orders - We cannot hold petitioners responsible for contravention once the compounding orders have been passed. We.....
July 23, 2022 Case Laws Central Excise

Levy of penalty imposed under Rule 26 of the Central Excise Rules, 2002 - wrongful availment of CENVAT Credit - There are no whisper about any retraction or any disputes....
July 23, 2022 Case Laws Central Excise

CENVAT Credit of 2% CVD paid - the assessee/respondents are eligible for Cenvat credit in respect of 1% or 2% CVD, as the case may be, paid under Notification No.......
July 23, 2022 Case Laws Indian Laws

Appointment of Arbitrator in applications - notified claims or not - Section 11(6) of the Arbitration Act - It is observed that the learned Arbitrator shall first decide....
July 23, 2022 Case Laws Indian Laws

Dishonor of Cheque - Funds Insufficient - rebuttal of presumption - it is strange that a person with a meagre income would lend such a huge amount to someone and that......
July 22, 2022 Case Laws GST

Classification of goods - applicable rate of GST and/ or Compensation Cess - Keer Kokil/Tobacco pre-mixed with lime - Once it is held that the product is 'unmanufactured....
July 22, 2022 Case Laws Income Tax

Prosecution proceedings u/s 276CC - failure to file ITR in time - Since the law provides that without sanction u/s 278B of the IT Act, the Department cannot proceed......
July 22, 2022 Case Laws Income Tax

Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the......
July 22, 2022 Case Laws Income Tax

Revision u/s 263 by CIT - an order which is deemed to be erroneous in so far as it prejudicial to the interest of the Revenue - the AO has adopted one possible legal......
July 22, 2022 Case Laws Income Tax

Additions towards interest received from the firm on the capital deployed in the firm by the Partner - Since the assessee has already offered the income being the......
July 22, 2022 Case Laws Income Tax

Capital gain - sale of property by the legal heir with the co-owners - the assessee (as legal heir of the said property) is liable to capital gains tax during the year......
July 22, 2022 Case Laws Income Tax

Ex-parte order passed by CIT-A - Non speaking order - The exercise of the “right to be heard at the hearing of the appeal” by “the appellant, either in person or by an......
July 22, 2022 Case Laws Income Tax

Penalty u/s 271(1)(c) - Transfer Pricing adjustment made - applying the analysis of the term ‘good faith’ and ‘due diligence’ we are of the considered view that in the......
July 22, 2022 Case Laws Income Tax

Deduction u/s. 80IA(4)(v) - Claim denied as assessee did not make any claim of deduction in the original return of income and made this claim only in the revised return.....
July 22, 2022 Case Laws Income Tax

Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such......
July 22, 2022 Case Laws Income Tax

Disallowance of land leveling expenses - the assessee filed his Return of Income in Form No. 2 which is meant for individuals & HUF, NOT having income from Business or......
July 22, 2022 Case Laws Insolvency and Bankruptcy

CIRP - The onus to prove the existence of fraud is on the party alleging the same and in the present case, the applicant had miserably failed to establish the same -......

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