2021-TIOL-NEWS-121 Part 2 Dated: Monday, May 24, 2021

2021-TIOL-NEWS-121 Part 2 | May 24, 2021

Dear Member,

Sending following links.

Warm Regards,
TIOL Content Team

TIOL PRIVATE LIMITED.

For assistance please call us at + 91 7838594749 or email us at helpdesk@tiol.in.

TIOL Mail Update

INCOME TAX


	2021-TIOL-836-ITAT-MAD ITO Vs G Sampath Whether LTCG arising from sale of property merits being re-computed by adopting value determined by DVO u/s 50C instead of value fixed for payment of stamp duty, where the DVO's valuation is favored in precedent cases involving identical circumstances - YES: ITAT - Revenue's appeal allowed: CHENNAI ITAT 2021-TIOL-835-ITAT-JAIPUR Gori Shankar Colonizers Pvt Ltd Vs ITO Whether in absence of corroborative evidence placed on record by revenue authorities to prove that the investments made exceeded the investments shown in the books of account, no addition u/s 69B can be made - YES : ITAT Whether merely stating that assessee made investments exceeding amount shown in the sale deed would not fasten any liability on the assessee u/s 69B of Act - YES : ITAT - Assessee's appeal allowed: JAIPUR ITAT 2021-TIOL-834-ITAT-PUNE Gujrathi Shikshan Sanstha Vs CIT Whether order of CIT(E) in denying registration u/s 12AA cannot be sustained as grant of registration and the issue of assessment or exemption are separate and distinct - YES : ITAT - Assessee's appeal allowed: PUNE ITAT

GST CASE

2021-TIOL-1193-HC-RAJ-GST

Abhishek Singhal Vs UoI

GST - Petitioner, a Chartered Accountant has filed a bail application in the matter of his arrest in connection with the offence u/s 132 of the CGST Act, 2017 - Petitioner submits that he has been falsely implicated in this matter and he is not liable for the offences committed by co-accused persons; that the maximum sentence for the offences alleged is five years and the petitioner is in custody since 19.02.2021 and conclusion of trial may take long time; that co-accused persons have already been released on bail by a Co-ordinate Bench of this Court - Counsel for Revenue submits that the allegation against the petitioner is of availment by passing of ITC wrongfully to the tune of Rs.6,36,32,492/- by creating 38 fake firms; that the petitioner has absconded for about one year.

Held: Bail application filed on behalf of the petitioner deserves to be dismissed; for the reasons, firstly, that the petitioner failed to appear before the Department while notices were issued to him, secondly, even after filing of complaint before the Trial court, he remained absconded for about one year and thirdly, the petitioner is a chartered accountant, who is mastermind of the crime and he has created 38 fake firms and availed ITC wrongfully to the tune of Rs.6,36,32,492/- - No case is made out to release the petitioner on bail under Section 439 Cr.P.C, hence bail application stands dismissed: High Court [para 6 to 8]

-Application dismissed :RAJASTHAN HIGH COURT

2021-TIOL-1192-HC-RAJ-GST

Bhagwan Sahay Gupta Vs UoI

GST - Petitioner, a CA, is in custody since January 2020 and seeks bail in the matter of complaint filed for offence u/s 132 of the CGST Act, 2017 - It is the contention of the Respondent Revenue that petitioner was instrumental in registration of 11 fake firms and these firms have availed input tax credit to the tune of Rs.146 crores; that petitioner was aware as he was filing GST returns of non-existent firms - P etitioner submits that he took registration of the firms on the basis of documents provided by the co-accused; that his statement was retracted as he was subjected to beating by the Officers - Revenue contention is that the petitioner instead of charging Rs.1500/- per GST return filing, charged around Rs.3,500/- per GST return - Petitioner further contends that as per the charge-sheet, petitioner has only received Rs.75,000/- for filing GST returns and Rs.5,000/- per firm for the registration, however, there is no allegation in the complaint that he has received any amount or any percentage with regard to the wrong input tax credit.

Held: Taking note of the fact that Chartered Accountant has remained in custody for a period of one year and five months and that petitioner is also having a child and also considering the contentions put forth, Bench deems it proper to allow the bail application - Application is accordingly allowed and it is directed that accused petitioner shall be released on bail provided he furnishes a personal bond in the sum of Rs.1,00,000/- together with two sureties in the sum of Rs.50,000/- each, to the satisfaction of the trial court: High Court [para 8, 9]

-Application allowed :RAJASTHAN HIGH COURT

NEWS FLASH

Pfizer testing pneumococcal vaccine + COVID-19 booster jab + WHO plans to vaccinate 30% of world by year-end

PIL on uniform ex-gratia payment to COVID-19 victims; SC seeks reply from Centre

Justice P K Mishra, senior-most Judge, to officiate as Chief Justice of Chattisgarh HC from June 1

Bihar also extends lockdown till June 1; Sputnik V bids in Maharashtra vaccine tender

Like Punjab, Delhi also says Pfizer, Moderna not to sell vaccine directly to States: Kejriwal

TOP NEWS

India records FDI inflows of USD 82 billion in 2020

Justice Prashant Mishra appointed CJ of Chhattisgarh HC

Yaas likely to intensify, MHA takes stock

NOTIFICATION

Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1)of Rule 44DA of Income-tax Rules, 1962

TIOL PRIVATE LIMITED.
TIOL HOUSE, 490, Udyog Vihar, Phase - V,
Gurgaon, Haryana - 122001, INDIA
Web: https://taxindiaonline.com
Email: updates@tiol.in
__________________________________
CONFIDENTIALITY/PROPRIETARY NOTE.
The Document accompanying this electronic transmission contains information from TIOL PRIVATE LIMITED., which is confidential, proprietary or copyrighted and is intended solely for the use of the individual or entity named on this transmission. If you are not the intended recipient, you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. This prohibition includes, without limitation, displaying this transmission or any portion thereof, on any public bulletin board. If you are not the intended recipient of this document, please return this document to TIOL PRIVATE LIMITED. immediately