CA Udit Swami
13 articles written by CA Udit Swami on ConsultEase.
New Claim While Responding to Notice U/s 153A of I.T. Act 1961
PCIT v. JSW Steel Limited [2020] Hon’ble Bombay High court in the case of PCIT v. JSW Steel Limited [2020] adjudicated the following issues: Whether assessee can make an additional claim in return of income filed for assessment year which was already concluded on the
Prashanti Medical Services & Research Foundation
A plea based on equity or/and hardship is not legally sustainable and the constitutional validity of taxing provisions cannot be struck down on such reasoning: Supreme Court In Prashanti Medical Services & Research Foundation Union of India, a writ petition was filed challenging:- The constitutional
Taxability of Bogus Share Capital Under Section 68 of Income Tax Act 1961
Background A. The most effective and lethal weapon used by the government against evasive tactics used by the assessee, to convert their unaccounted money in accounted one is section 68 of the Income Act 1961. B. As per said section, it taxes any credit appearing
Misuse of Duty-Free Credit Entitlement Scheme (DFCE)
Misuse of DFCE Scheme Delhi HC Imposes One Lakh Rupees Cost on Exporter to Deposit in ‘PM CAREs’ Fund A. The Delhi High Court has recently imposed a cost of Rs. 1,00,000 on an exporter for The blatant violation of the Duty-Free Credit Entitlement Scheme
Maharashtra Govt. Issues Clarification on GST Appeals in regard to Non-Constitution of Appellate Tribunal
Maharashtra Govt. Issues Clarification on GST Appeals in regard to Non-Constitution of Appellate Tribunal 1. The Government received various representations that have been received wherein the issue has been decided against the registered person by the adjudicating authority or refund application has been rejected by
Maharashtra State Warehousing Corporation Versus DCIT & ITR Changes
Maharashtra State Warehousing Corporation Versus DCIT Business loss on giving effect to ITAT’s order to be carried forward even if no claim raised in subsequent ITRs. TOPIC A: – MAHARASHTRA STATE WAREHOUSING CORPORATION VS. DCIT ITA NOS.: 2366 TO 2399/PUNE/2017 1. Hon’ble Supreme Court, in
Rahul Sharma Vs Tanya Enterprises: Part I
National Anti Profiteering Authority (NAA) Imposes Penalty For Profiteering Amount And Directed It To Be Deposited In Consumer Welfare Funds In The Case Of Rahul Sharma Vs Tanya Enterprises 1.1. Brief Facts Of The Case M/s Vini Cosmetics Pvt. Ltd is a manufacturer of the
IBBI Imposes Penalty on an Insolvency Professional; Penalty Levied For Moratorium Violation by Allowing Transfer of Assets of a Corporate Debtor During CIRP
IBBI Imposes Penalty on an Insolvency Professional; Penalty Levied For Moratorium Violation by Allowing Transfer of Assets of a Corporate Debtor During CIRP 1. Brief Facts of the Case:- In exercise of its power under section 218 of the Code read with the IBBI (Inspection
Enablement of SMS For Filing GSTR-3B on portal
Enablement of SMS For Filing GSTR-3B To make the compliance easier for taxpayers, the Government on today i.e. 08.06.2020 allowed the filing of Nil GST monthly return in FORM GSTR-3B through SMS. This would give substantially benefit over 22 lakh registered taxpayers who had to
GST Insight on Recent Notifications and Circulars
Notifications issued as on 9th June 2020 1. Notification 45/2020 dated 9th June 2020 The transition procedure prescribed by CBIC to ascertain tax period, to transfer ITC and taxes for persons whose place of business was in the erstwhile Union Territory of Daman and Diu
New Delhi Television Ltd. Vs. Deputy Commissioner of Income Tax
A. What it is about? In a major relief to media company New Delhi Television Ltd (NDTV), the Supreme Court on 03.04.2020 allowed its appeal to quash the notice issued by the Income Tax Department seeking to re-open it income assessment for the financial
Irrespective of Retrospective Amendment – Form GST TRAN -1 Can be Filed Till 30.06.2020
Irrespective of Retrospective Amendment – Form GST TRAN -1 Can be Filed Till 30.06.2020 Delhi High Court SKH SHEET METALS COMPONENTS Versus UNION OF INDIA & ORS. W.P.(C) 13151/2019 dated 16.06.2020 Delhi High Court held that in spite of the retrospective amendment in Section 140