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Judiciary updates (GST & Income Tax )-23rd Oct 2021

GST HC issues notice on Plea challenging Constitutional Validity of CGST Rule 90(3) Neogen Chemicals Ltd. Vs Union of India (Gujarat High Court) dated 20/10/2021 HC makes scathing remarks against dept for not allowing filing of Form Trans-1 Siddharth Enterprises Vs The Nodal Officer (Gujarat High Court) dated 14/10/2021 Proceedings under Section 74 of GSTContinue reading “Judiciary updates (GST & Income Tax )-23rd Oct 2021”

by Business So Simple

Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 (Ministry of Finance Press Release dated 21st Oct 2021)

The Government of India, in consultation withthe Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issuedin fourtranches fromOctober 2021 to March 2022 as per the calendar specified below: Tranche :2021-22 Series VII Date of Subscription: October 25 – 29, 2021 Date of Issuance: November 02, 2021Continue reading “Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 (Ministry of Finance Press Release dated 21st Oct 2021)”

by Business So Simple

Judiciary updates (Income Tax)- 20th Oct 2021

HC took strong view against Carelessness by AO in Assessment ( Mantra Industries Limited Vs National Faceless Assessment Centre (NFAC or NeAC) & Ors. (Bombay High Court) dated 11/10/2021) Amendment in section 36(1)(va) & 43B applicable from 01.04.2021 Gopalakrishna Aswini Kumar Vs Assistant Director of Income Tax (ITAT Banglore) dated 13/10/2021 Reasons recorded on incorrectContinue reading “Judiciary updates (Income Tax)- 20th Oct 2021“

by Business So Simple

    Judiciary updates -18th Oct 2021

    Benami Act, 1988, would not extend to properties purchased by the company Kalyan Buildmart Pvt. Ltd. Vs Initiating Officer (Rajasthan High Court) dated 06/10/2021 NCLT admits RBI application for initiating CIRP against Srei Infra Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata) dated 08/10/2021 No limitation period in case of usufructuary mortgage:Continue reading “Judiciary updates -18th Oct 2021”

    by Business So Simple

    Income Tax Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management (Ministry of Finance Press Release dated 17th Oct 2021)

    The Income Tax Department initiated search and seizure operations in two groups based in several States on 12.10.2021. The first group is engaged in digital marketing and campaign management wherein the search operations have been carried out at 7 premises located in Bengaluru, Surat, Chandigarh, and Mohali. Incriminating evidence found reveals that the group hasContinue reading “Income Tax Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management (Ministry of Finance Press Release dated 17th Oct 2021)”

    by Business So Simple

    Income-tax Department’s searches in NCR, Haryana & WB reveal large scale under-invoicing of imports (Ministry of Finance Press Release dated 16 Oct 2021)

    The Income Tax Department carried out search and seizure operations on an importer and trader of laptops, mobile phones and peripheral parts. The search operations commenced on 10.10.2021 and were spread across the National Capital Region, Haryana and West Bengal. During the course of the search, several incriminating documents, diaries and digital evidences have been foundContinue reading “Income-tax Department’s searches in NCR, Haryana & WB reveal large scale under-invoicing of imports (Ministry of Finance Press Release dated 16 Oct 2021)”

    by Business So Simple

    Income Tax Department’s searches in Maharashtra reveal unaccounted income of over Rs. 184 crore ( Ministry of Finance Press Release dated 15 Oct 2021)

    Income Tax Department’s searches in Maharashtra reveal unaccounted income of over Rs. 184 crore ( Ministry of Finance Press Release dated 15 Oct 2021) The Income Tax Department carried out search and seizure operations on two real estate business groups of Mumbai and certain individuals/ entities associated with them. The search operations commenced on 07.10.2021 and haveContinue reading “Income Tax Department’s searches in Maharashtra reveal unaccounted income of over Rs. 184 crore ( Ministry of Finance Press Release dated 15 Oct 2021)”

    by Business So Simple

    Judiciary updates- Income Tax (14th October 2021)

    Section 54F exemption available on Multiple Flats obtained under JDA (Ganga Poorna Prasad Vs ACIT (ITAT Bangalore) dated 07/10/2021) An agreement shall reflect a true commercial substance of transaction  Parexel International Clinical Research Private Limited Vs DCIT (ITAT Bangalore) dated 07th Oct 2021 Onus lies on person who alleges untruthfulness against other persons Jainarayan HariramContinue reading “Judiciary updates- Income Tax (14th October 2021)”

    Over 2 crore Income Tax Returns filed on the e-Filing portal of the Income Tax Department (MOF Press Release dated 14th Oct 2021)

    The e-filing portal of the Income Tax Department (www.incometax.gov.in) has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021. The new portal was launched on 7th June, 2021 and in the initial period taxpayers had reported glitches and difficulties in the functioning of the portal. A number of technical issues have since been resolved andContinue reading “Over 2 crore Income Tax Returns filed on the e-Filing portal of the Income Tax Department (MOF Press Release dated 14th Oct 2021)”

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