News & Updates Latest Tax newsCompletion of Investigation not a Condition Precedent for Eligibility under SVLDR Scheme 2019: Bombay HC [Read Order] February 7, 2023In a recent judgement, the High Court (HC) of Bombay has held that the completion of the Investigation is not a condition precedent for eligibility under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. Access Platform Equipments Limited, the Petitioner had applied under seeking benefit thereunder SVLDR Scheme 2019 which has been denied to the […] Anagha _SadanInitiation of Revision Jurisdiction on Mere Conjectures, Suspicions and Surmises is invalid: ITAT [Read Order] February 7, 2023The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), observed that initiation of revision jurisdiction on mere conjectures, suspicions and surmises is invalid. The assessment in the hands of the assessee, Impact Foundation (India), for the year under consideration was completed by the AO under Section 143(3) of the Income Tax Act […] Taxscan TeamSCN Must Clearly State Allegations that the Concerned Notice has to Meet: Delhi HC Quashes Notice through GST Portal [Read Order] February 7, 2023The Division Bench of Delhi High Court has quashed the notice issued through GST portal holding that the show cause notice (SCN) must clearly state the allegation that the concerned notice has to be met. The petitioner, Surender Kumar Jain has filed the petition against the impugned Show Cause Notice which called upon the petitioner […] Anagha _SadanActivities of Donation to Veda Pathashalas, Veda Pundits, Medical Assistance etc. are “Charitable” in Nature: ITAT allows Approval u/s 80G [Read Order] February 7, 2023The Bangalore Bench of Income Tax Appellate Tribunal has allowed approval under Section 80G of the Income Tax Act 1961, holding that the activities of donation to Veda Pathashalas, Veda Pundits, Medical Assistance etc. would be treated as “charitable” in nature. The assessee, Shruthi Parampara Gurukulam applied for the regular registration under section 12A and […] Anagha _SadanCBIC notifies instructions wrt. SVLDRS as per CAG Recommendations in Performance Audit Report [Read Instruction] February 7, 2023The Central Board of Indirect Taxes and Customs has notified the instructions for proper implementation of Sabka Vishwas (Legacy Dispute Resolution) Scheme [SVLDRS], 2019 as per the recommendation of the Comptroller and Auditor General (CAG) in the Performance and Audit Report tabled in the Parliament on December 21st, 2022. The Performance Audit Report NO. 14 […] Taxscan Team“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order] February 7, 2023The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961 would be invalid. The fact of the case is that when a search is conducted on the premises of the Assessee Prakash Asphaltings & Toll of Highway (India) […] Taxscan TeamRelief to CISCO Systems: Delhi HC directs to Refund Duty paid on Enhanced Value of Goods under Protest [Read Order] February 7, 2023The Division Bench of Delhi High court has granted relief to CISCO Systems directing to refund duty paid on enhanced value of the goods under protest. The respondent CISCO Systems India Pvt Ltd had imported certain goods from its parent company located overseas during the period April, 2004 to June, 2008. Since the import was […] Team TaxscanBranding Expenses by Start-Up before Commencement of Business constitute “Business Loss”: ITAT [Read Order] February 7, 2023In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that branding expenses by a Start-Up before the commencement of business constitute “Business Loss” and a claim by the assessee was allowed. M/s Qyuki Digital Media Private Limited, the assessee challenged the order passed by the CIT(A)-21, Mumbai, which upholds […] Team TaxscanPrinciple of Estoppels is Not Applicable to Income Tax Proceedings: ITAT [Read Order] February 7, 2023The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that the principle of estoppels is not applicable to income tax proceedings. A survey under section 133A of the Income Tax Act 1961 was carried out in the business premises of the assessee Bipin Singh Rana,. The case of the assessee was selected for […] Team TaxscanInterest paid to Legal Heirs of Deceased Partners cannot be Disallowed If TDS already Deducted: ITAT [Read Order] February 7, 2023The Allahabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the interest paid to legal heirs of deceased partners could not be disallowed if the TDS had already been deducted. The appellant Savla Agencies, has filed an appeal regarding disallowance of interest paid to the legal heirs of the deceased partners. The Assessing […] Anagha _Sadan
