Home Highlights June 2011 Year 2011 This

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1. Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...

2. GST Revenue collection in the month of April 2018 exceeds ₹ 1 Lakh Crore

3. Mandatory filing of ITR - In case the turnover exceeds ₹ 60 Lacs (10 Lacs in case of profession) or TDS exceeds ₹ 25,000 or aggregate deposits in saving...

4. Validity of adjudication order - The original adjudicating authority i.e. Deputy Commissioner of Customs in terms of section 122 of Customs Act, 1962, has the pecuniary...

5. Validity of revised return 139(5) - Revised return did not conform to the prescription of section 139(5), before its substitution w.e.f. A.Y. 2017-18, which provided for...

6. Levy of penalty in case of professional or other misconduct - minimum penalty reduced from ₹ 10 lakh rupees to 5 lakh rupees - Section 132(4) of the Companies Act, 2013

7. Tax collections increased from ₹ 6.38 Lakh Crore in year 2013-14 to almost ₹ 12 Lakh Crore this year 80% growth in tax base; number of returns filed...

8. Valuation - related party transaction - The transaction of ₹ 5 lakhs as loan on payment of interest cannot be the reason for holding partnership and private...

9. The Appellate Tribunal considered a case involving a penalty u/s 271(1)(c) where the assessee, an employee, received salary and ex-gratia post Voluntary Retirement...

10. Appeal of the Bank under the SARFAESI Act - The present case, is a classic example how the judicial system is getting clogged with frivolous litigation. The facts and...

11. Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident...

12. GST Rates - HSN Code - Readymade garments of sale value not exceeding ₹ 1000 per piece attract 5% GST. Readymade garments of sale value exceeding ₹ 1000 per...

13. GST Rates - HSN Code - Footwear having a retail sale price not exceeding ₹ 500 per pair [provided that such retail sale price is indelibly marked or embossed on...

14. TDS u/s 194C - Addition u/s 201/201(1A) - TDS not deducted from the payments made to contractors under various schemes - The proviso clearly states that nothing...

15. Penalty u/s 271(1)(c) - revised returns were not valid returns u/s 139(5) and that, such returns were not voluntarily filed rather the same were filed only after...