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GST - Opportunity to file TRAN-1 and TRAN-2 Forms, has been opened to all concerned parties for a period of two months from 01.09.2022 to 31.10.2022: HCStart-Up Certification - Time to brood over!PM shares 3Ts mantra at NITI Aayog Meet - Trade, Tourism & TechnologyFake Invoicing under GST - A clarity searchTata Motors buying Ford India’s factory for Rs 725 CrI-T - Recovery of demand from company directors cannot be resorted to where no satisfaction is recorded about tax not being recoverable from company: HCUS Senate passes Biden’s Inflation Reduction Bill - USD 369 bn for climate actionI-T - Refund payable to an assessee cannot be withheld solely because notice u/s 143(2) has been passed & where no valid reason is given: HCTurkish banks embrace Russian payment systemI-T - Transfer of assessment is invalid where assessee is not given personal hearing before transfer : HCCOVID - 2.15 lakh cases with 161 deaths in Japan + 1.06 lakh cases with 27 deaths in S KoreaI-T - Disallowance of payment on grounds of unexplained gift is upheld where intention to gift money is not clearly established due to entire transaction not being through banking channels : HCNew Colombian President calls for new global strategy to deal with drugs problemI-T - Words 'a one residential' mentioned in Section 54 refers to only one house which can be purchased or constructed and can not be interpreted as 'more than one house' : ITATNigeria to recover lost Benin Bronzes to be returned by London’s Horniman MuseumI-T - Assessee is not required to deduct TDS at time of payment of EDC to HUDA : ITATChina’s military drill simulates assault on Taiwan’s main islandI-T - Amended provisions of Section 54F do not have retrospective effect: ITATCOVID - Positivity rate soars close to 15%; Delhi reports over 2400 fresh cases on SundayST - Matter has been adjourned more than three times, but none appeared on behalf of appellants, thus appeal dismissed for non-prosecution: CESTATIndia to have over 40 Cr air travellers by 2027: ScindiaCX - When sale of goods is on FOR basis, central excise duty cannot be charged on cost of freight from their premises to premises of buyer: CESTATMega blaze at Cuban oil installation - 1 dead; 121 injured & 17 missingCus - Since amount was lying in nature of pre-deposit with department from date of encashment of Bank Guarantee, appellant is entitled to interest from said date under Section 129EE @ 12% p.a.: CESTATLightning strikes - 9 die; 2 hospitalised in MPST - Mere fact that differential amount of service tax was paid by service provider on being pointed out doesn't establish that tax was short paid or was not paid by reason of fraud, suppression or misstatement with an intent to evade payment of service tax: CESTATP Chidambaram alleges India’s institutions are captured & democracy running out of puffCX - The manufacturer/dealers issued only invoices and no goods were dispatched by them with invoices, assessee failed to comply with provisions of Credit Rules, therefore, not entitled to take CENVAT credit on strength of invoices which were not genuine: CESTATIndia, US to conduct high-altitude joint training in Auli near China borderGovt appoints N Kalaiselvi, first woman, to head CSIRUS commits to defend Philippines in case of attack in South China SeaExport of processed food up by 31% to USD 7408 mn in 3 monthsIncome Tax raids mutual fund house in Mumbai
Untitled Document

TODAY'S CASE (DIRECT TAX)

Taxindiaonline.com


August 08, 2022

++ I-T - Recovery of demand from company directors cannot be resorted to where no satisfaction is recorded about tax not being recoverable from company: HC

++ I-T - Refund payable to an assessee cannot be withheld solely because notice u/s 143(2) has been passed & where no valid reason is given: HC

++ I-T - Transfer of assessment is invalid where assessee is not given personal hearing before transfer : HC

++ I-T - Disallowance of payment on grounds of unexplained gift is upheld where intention to gift money is not clearly established due to entire transaction not being through banking channels : HC

++ I-T - Words 'a one residential' mentioned in Section 54 refers to only one house which can be purchased or constructed and can not be interpreted as 'more than one house' : ITAT

++ I-T - Assessee is not required to deduct TDS at time of payment of EDC to HUDA : ITAT

++ I-T - Amended provisions of Section 54F do not have retrospective effect: ITAT

August 06, 2022

++ I-T- Where assessee neither claims deduction u/s 80IA(4)(v) in original return filed nor filed relevant tax audit report then will not get deduction u/s 80IA(4)(v) even if claimed in revised return : ITAT

++ I-T - Not striking off irrelevant matter in notice can vitiate penalty proceedings : ITAT

++ I-T- Penalty can't be validily imposed without reference to any specific limb of section 27(1)(c) on basis of which penalty is being imposed : ITAT

August 05, 2022

++ I-T - SETCOM's order of rejection of settlement application is to be quashed where mandatory personal hearing u/s 245D(4) was not granted to applicant: HC

++ I-T - SETCOM cannot rely on further report by AO without further opportunity to assessee on ground that matter is time-barring shortly: HC

++ I-T - Once bonafide business decision is taken to write off some debt as bad debt in books, it should be sufficient to allow such claim of assessee: HC

++ I-T - Assessments u/s 153A can be framed not only on basis of incriminating materials found during course of search, but also on basis of material available at time of original assessment: HC

++ I-T- Addition on account of difference in contractual receipts can't be made if assessee has substantiated its explanation by producing copy of its ledger account and other evidences : ITAT

++ I-T- AO makes error by referring matter to DVO without rejecting books of account and addition made on basis of DVO report cannot sustain : ITAT

August 04, 2022

++ I-T - Penalty notice u/s 271(1)(c) is invalid where it omits to specify exact charge against assessee, between concealment of particulars of income & furnishing inaccurate particulars thereof: HC

++ I-T - Reopening is permitted if AO has reason to believe that income chargeable to tax has escaped assessment: HC

++ I-T - Failure to afford opportunity of personal hearing and non-compliance of prescribed procedure laid down as per section 144B for faceless assessment, renders assessment order bad in law: HC

++ I-T - Proceeds received by Trust from building rented out by it cannot be deemed to be sale consideration & be grounds for denial of exemption u/s 11: ITAT

++ I-T - Re-opening of assessment beyond four-year limitation period is sustainable where no failure to make full & true disclosure of facts is attributed to assessee: ITAT

++ I-T - Unexplained cash credit - additions u/s 68 quashed where assessee establishes source of funds in bank a/c: ITAT

August 03, 2022

++ I-T- Nomenclature of disclosing voluntary contribution in returns and forms prescribed under foreign contribution regulation act will not be determinative of nature of donation: ITAT

++ I-T - Since information received only from internal source, case of assessee is covered by tax effect Circular No. 03 of 2018 dated July 11, 2018 and not fall in exceptions : ITAT

++ I-T - Default, if any, is on account of ambiguity which arises out of direction contained in statutory document, so no penalty can be imposed u/s 271C: ITAT

++ I-T - Assessee AOP as non profit trade union is entitled for exemption u/s 10(24) as PCIT has failed to establish that it is business entity : ITAT

++ I-T - Since investment in mutual fund is not business activity of assessee, interest corresponding to such investment can be disallowed : ITAT

++ I-T - Where AO examined claim and takes plausible view, assessment order cannot be termed as erroneous : ITAT

++ I-T- Compensation paid to trust in lieu of benefit availed by specified persons and rent paid by specified person is adequate : ITAT

++ I-T - Suspicions of PCIT cannot be basis for setting aside validly passed assessment order : ITAT

August 02, 2022

++ I-T - No TDS liability is warranted on payments of External Development Charges made to HUDA, as same is not out of any contractual liability: ITAT

++ I-T - Only percentage of profit embedded in amount of contractual receipts can be brought to tax: ITAT

++ I-T - If quantum proceedings itself stands quashed, then non compliance on part of assessee to respond to notice issued u/s 142(1) which void ab inito does not attract penalty u/s 271(1)(b): ITAT

++ I-T - Final assessment order quashed where it is passed without considering assessee's objections to draft order & without allowing personal hearing to assessee: ITAT

++ I-T - Depreciation cannot be allowed in respect of vehicles owned by sister unit of assessee, where assessee is unable to establish ownership over the same : ITAT

August 01, 2022

++ I-T - Search assessment not tenable if no material evidence to incriminate assessee is recovered in search: HC

++ I-T - Adjustment of tax refund payable for one AY, against duty demand raised for another AY is sustainable, where no prior intimation was given to assessee about it: HC

++ I-T - Re-assessment entity issued to amalgamated entity with ceased to exist individually, is invalid: HC

++ I-T - Re-assessment is unsustainable where reasons recorded are copied from reasons recorded for re-assessment of earlier AYs : HC

++ I-T - Power of revision cannot be exercised where CIT has difference of opinion with AO in respect of whether or not to impose penalty on assessee: ITAT

++ I-T- CIT (A) has to pass speaking order in writing as to his decision as to admission or refusal to admit additional evidences: ITAT

++ I-T - If net consideration from sale of property is fully invested in new asset, then whole capital gain should not be charged u/s 45: ITAT

++ I-T - Set-off of brought forward business losses not allowed when sole idea behind scheme of amalgamation is only to avail set-off of brought forward business losses : ITAT