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2021-TIOL-NEWS-187 Part 2| August 09, 2021
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INCOME TAX

2021-TIOL-1295-ITAT-MUM

ACIT Vs Saeeda Yusuf Saikh

Whether when assessee has not made any unexplained investments during year in question, no addition either u/s 68 or u/s 69 can be made – YES: ITAT

- Revenue's appeal dismissed: MUMBAI ITAT

2021-TIOL-1294-ITAT-JAIPUR

Saroj Sharma Vs ACIT

Whether, in case of difference in turnover, addition can be made on the entire sales -NO : ITAT

- Matter remanded: JAIPUR ITAT

2021-TIOL-1293-ITAT-RAJKOT

Ravichandra V Mehta Vs DCIT

Whether mere directions given by agent to bank to transfer funds in account of principal establishes beneficial ownership of agent over the funds – NO: ITAT

- Assessee's appeals partly allowed/Revenue's appeals dismissed: RAJKOT ITAT

 

 

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NEWS FLASH

I-T - Faceless Assessment - Bombay HC issues notice

PM decides to reduce import and make India self-sufficient in producing edible oils

UN Chief calls for damning coal, fossil fuels and gas to save planet + Heatwaves to hit world every 10 years against 50 yrs earlier + Earth's temperature to exceed 1.5 degrees C in next 20 yrs

SC permits CCI to proceed with probe against Amazon & Flipkart

Govt all set to okay Zydus Cadila's vaccine this week

Air India Kozhikode crash - Families of all 165 pax compensated

Afghan Military claims killing over 570 Talibani jihadists

COVID-19: Mega relief day as global tally grows by only 4.6 lakhs new cases - 21K in US; 36K in India; 40K in Iran; 27K in Indonesia; 10K in S Africa & 10K in Philippines

 
INSTRUCTION

F.No.401/45/2021-Cus-III

Import of Split Cassia label as Cinnamon

 
TRADE NOTICE

Trade Notice 15

Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents

 
NOTIFICATION

ctariffadd21_043

Seeks to levy anti dumping duty on imports of Phthalic Anhydride (PAN) originating in or exported from China PR, Indonesia, Korea RP and Thailand for a period of five years.

 
TOP NEWS

UN Chief says no wiggle room for fossil-fuels now on this planet

Govt to host first Internet Governance Forum in India

PM to launch Ujjwala 2.0 to provide deposit-free LPG connections

 
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