The Institute of Chartered Accountants of India (ICAI) has directed to try again to update those UDINs which have been invalidated earlier at the e-filing Portal.
The ICAI has said that, Various instances of invalidation of UDINs at the e-filing portal of Income Tax Department are being reported by Members. In view of these, certain technological changes have been made. The Members are advised to try again to update those UDINs which have been invalidated earlier at the e-filing Portal.
The ICAI asked Members to kindly update all the pending UDINs at the e-filing portal immediately. The ICAI also said that, the last date for updating UDINs at the e-filing portal is 31st May 2022.
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
In a significant ruling, the Gujarat High Court has quashed the detention order noting that there was a bonafide mistake in the selection of the wrong ODC vehicle type while generating the e-way bill. The petitioner, M/sVaibhavi K Parikh observed that the goods were moved by a truck whose registration number was also correct. The…
The Central Board of Direct Taxes (CBDT) has issued guidelines for the compulsory selection of income tax returns for scrutiny for the assessment year 2022-23. As per the guidelines, the Board prescribed the parametersfor compulsory selection on completion of which, notice u/s 143(2) of the Act shall be served on the assessee through NaFAC. The…
The Goods and Service Tax Network (GSTN) has enabled the functionality of Annual Aggregate Turnover (AATO) for the FY 2021-22 on taxpayers’ dashboards. Taxpayers may now check the precise Annual Aggregate Turnover (AATO) for the previous fiscal year.
As per a recent advisory from the GSTN, the taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date. The taxpayers have also been given the option of updating their turnover if they believe that the system estimated turnover presented on their dashboard differs from the turnover on their records.
The facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs. All GSTINs registered under a single PAN would be able to update their turnover. All changes in turnover by any of the GSTINs will be totalled together for the purpose of calculating Annual Aggregate Turnover for each of the GSTINs.
The taxpayer has the option to change the turnover twice during the month of May 2022. Following that, the data will be given to the Jurisdictional Tax Officer for examination, who will be able to change the values provided by the taxpayer as required.
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
A division bench of the Delhi High Court consists of Mr. Justice Manmohan and Mr. Justice Dinesh Kumar Sharma has quashed an assessment order for not complying with the provisions of section 144B of the Income Tax Act, 1961.
The Petitioner, Atma Ram Saria sold the shares of Croitre Industries Limited/ Mahavir India Limited through online transaction at the Bombay Stock Exchange through the SEBI registered Stock Broker and had received the sale price in cheques on which Securities Transaction Tax at applicable rates had been paid.
The petitioner contended that the Assessing Officer has violated Section 144B of the Act as it has passed the assessment order dated 30 April, 2021 without issuing a prior show cause-cum-draft assessment order. The petitioner stated that the Assessing Officer had hastily passed the assessment order on 30th March, 2022 without deciding the objections to the re-opening filed by the Petitioner on 28th March, 2022 which was within the time allowed by the Respondent, as the copy of the reason for reopening of assessment was provided by the Respondent only on 26th March.
Mr. Justice Manmohan and Mr. Justice Dinesh Kumar Sharma observed that the petitioner-assessee had filed his return of income for the Assessment Year 2013-14 on 27th April, 2021.
“However, the reasons for reassessment were supplied to the petitioner-assessee for the first time as late as 26th March, 2022. Thereafter even when the petitioner-assessee had filed his objections, the same were disposed of prior to passing of the impugned assessment order.Keeping in view the aforesaid, it is apparent that the impugned assessment order has been passed contrary to the procedure stipulated by the Supreme Court in GKN Driveshafts (India) Ltd. (supra). Thereafter even when the petitioner-assessee had filed his objections, the same were disposed of prior to passing of the impugned assessment order,” the Court said.
Quashing the assessment order, the Court held that “Accordingly, the impugned assessment order, demand notice and penalty notice all dated 30th March, 2022, are set aside and the Assessing Officer is directed to decide the objections dated 28th March, 2022 filed by the petitioner-assessee in accordance with law within ninety days. If the Assessing Officer wishes to issue any notice or seek any further information he shall be at liberty to do so. This court clarifies that rights and contentions of all the parties are left open.”
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no prohibition under the law that the Assessing Officer is required to confine assessment on the issue for which the assessment was reopened by him under sections 147/148 of the Income Tax Act, 1961. The Assessing Officer reopened the assessment…
While condoning a delay of 1217 days in filing an income tax appeal due to covid-19 pandemic, the Income Tax Appellate Tribunal (ITAT), Chennai bench has imposed a cost of Rs. 25,000 n the assessee as a condition to condone such delay. The assessee, M/s. Kal Airways Private Limited, challenged an assessment framed under section…
The Madras High Court, while quashing criminal proceedings against the assessee, has held that the income tax department is misusing its power by initiating the proceedings after suppressing the fact that the tax amount is already remitted with the department. A criminal complaint was filed against the petitioner for prosecution filed by the Income Tax…
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the data retrieved from the pen drive seized during the search cannot be a sole basis for re-assessment under section 147/148 of the Income Tax Act, 1961 in the absence of certificate required under section 65B (4) of The Indian Evidence Act,…
While upholding a full-bench decision of the Allahabad High Court, the Supreme Court, on Friday, held that there cannot be ‘deemed registration’ in case of non-deciding of an application filed under section 12AA (2) of the Income Tax Act, 1961.
The appellant, Harshit Foundation Sehmalpur Jalalpur Jaunpurchallenged the judgment of the High Court wherein the Court decided the issue, whether on non-deciding the application for registration under Section 12AA (2) of the Income Tax Act, 1961 within a period of six months, there shall be deemed registration or not.
While deciding the issue, the Full Bench of the Allahabad High Court relied on its decision in the case of Commissioner of Income Tax vs. Muzafar Nagar Development Authority and ruled against the assessee.
A two-judge bench of the Supreme Court comprising Justice M.R. Shah and Mrs. Justice B.V. Nagarathna observed that “After considering in detail the provisions of Section 12AA (2) of the Act and having found that there is no specific provision in the Act by which it provides that on non-deciding the registration application under Section 12AA (2) within a period of six months there shall be deemed registration, the Full Bench of the High Court has rightly held that even if in a case where the registration application under Section 12AA is not decided within six months, there shall not be any deemed registration.We are in complete agreement with the view taken by the Full Bench of the High Court.”
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Kerala High Court has held that the bonafide errors in the e-way bill formats would attract minor penalty under the GST law.
The petitioner/assessee, M/s Greenlights Power Solutions, has a valid GST registration and carries on business in electrical contract work. In connection with the work of a hospital in Assam, some goods were transported by a vehicle after paying the required tax. During the course of transportation from Ernakulam, the goods were intercepted by the department, who detained the goods under section 129 of the Central Goods and Service Tax Act, 2017 on noticing an irregularity in the e-way bill.
According to the petitioner, the error occurred due to the default computer formatting system. Instead of day-month-year (dd-mm-yyyy) formatting for the Indian system, the computer-generated bill provided a month-day-year (mm-dd-yyyy) format. As a result, instead of 02.03.2021, the invoice bill mentioned the date as 03.02.2021. Due to the irregularity in the invoice, the goods were detained and tax along with the penalty was demanded.
Justice Bechu Kurian Thomas observed that the discrepancy pointed out is only on the date of invoice which is shown as 03.02.2021 while that shown in the e-way bill was 02.03.2021.
“All other details in the invoice and the e-way bill including the nature of goods transported, the details of consignor and consignee, the GSTIN of supplier and recipient, place of delivery, invoice number, value of goods, HSN code, vehicle number etc. tallied and had no discrepancy. Thus the error noticed is insignificant and not of any consequence for invoking the power conferred under section 129of the Act to impose tax and penalty,” the Court said.
While concluding, the Court added that “The situation arising in the instant case, warranted imposition of only a minor penalty as contemplated under the Circular. In view of the above, the imposition of tax and penalty upon the petitioner to the extent imposed in Ext.P6 is perverse and illegal, warranting interference under Article 226 of the Constitution of India.”
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT), while granting relief to a subsidiary company of IT giant Microsoft Corporation, MOL Corporation (MOLC/the assessee), held that the subscription fee is not royalty but merely a consideration for online access of the cloud computing services.
The assessee is a company incorporated in the United States of America, having its registered office in USA. The department found that the assessee had received a total consideration of INR 3,373,74,00,209/- as revenue from licensing of MS Software products. Apart from this a revenue of Rs. 11,35,98,751/- was also been received from online services termed as “Cloud Services”. According to the department, the amount received for cloud services would amount to royalty within the meaning of the Income Tax Act, 1961.
A division bench of the Tribunal comprising Sh. R.K.Panda, Accountant Member and Sh. Anubhav Sharma, Judicial Member has observed that the cloud base services do not involve any transfer of rights to the customers in any process.
“The grant of right to install and use the software included with the subscription does not include providing any copy of the said software to the customer. The assessee’s cloud base services are though based on patents / copyright but the subscriber does not get any right of reproduction. Theservices are provided online via data centre located outside India. The Cloud services merely facilitate the flow of user data from the front-end users through internet to the provider’s system and back. The ld. AO has fallen in error in interpreting it as licensing of the right to use the above Cloud Computing Infrastructure and Software (para 10.5 of the Ld. AO order). Thus the subscription fee is not royalty but merely a consideration for online access of the cloud computing services for process and storage of data or run the applications,” the Tribunal said.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Bank Of India, a leading Public Sector Bank having Head Office in Mumbai, invites applications for recruitment of Officers as mentioned below.
Risk Manager (On Regular basis)
No: vacancies: 2
Qualifications:
Credit Analyst (On Regular basis)
No: vacancies: 53
Qualifications:
Credit Officers (On Regular basis)
No: vacancies: 484
Qualifications:
For more details and to apply click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The State Bank of India invites Online application from Indian citizen for appointment to the post of Manager (Performance Planning & Review).
Qualifications:
Responsibilities:
Location: Mumbai
For more details and to apply, click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Maharashtra Government has launched an amnesty scheme to settle the penalty or Late fee under various Acts and services tax department of tax, interest, penalty or late fee.
The Goods and Services Tax Act has come into force with effect from 1st July 2017. In order to reduce the pending litigations and unlock the outstanding dues under the erstwhile Maharashtra Value Added Tax Act, Central Sales Tax Act, 1956, Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975, and other repealed Acts, the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2022 has been enacted. The salient features of this Settlement Act have been explained in this Circular.
As per the circular issued on Wednesday, this Settlement Act shall be applicable for the settlement of arrears of tax, interest, penalty and late fee under the various Acts administered by the Department. Arrears of tax, interest, penalty or late fee for the periods ending upto 30th June 2017 under the following Acts, referred as “Relevant Act’ in section 2(1)(k)] are eligible for settlement under this Act -the Central Sales Tax Act, 1956; the Bombay Sales of Motor Spirit Taxation Act, 1958; the Bombay Sales Tax Act, 1959; the Maharashtra Purchase Tax on Sugarcane Act, 1962; the Maharashtra State Tax on Professions, Trades, Callingsand Employments Act, 1975; the Maharashtra Sales Tax on the Transfer of Right to use any Goods.* cmv Purpose Act, 1985; the Maharashtra Tax on Entry of Motor Vehicles into Local A reasAct, 1987; the Maharashtra Tax on Luxuries Act, 1987; the Maharashtra Sales Tax on the Transfer of Property in Goodsinvolved in the Execution of Works Contract (Re-enacted) Act, 1989; the Maharashtra Tax on the Entry of Goods into Local Areas Act; 2002; and the Maharashtra Value Added Tax Act, 2002.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The President of India, Ram Nath Kovind has given to the Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2021.
The Bill amends the Chartered Accountants Act, of 1949, the Cost and Works Accountants Act, of 1959, and the Company Secretaries Act, of 1980. It changes the disciplinary mechanism under the three Acts and specifies timelines for disciplinary proceedings. It also provides more external representation on the Board of Discipline and Disciplinary Committee.
The Bill creates a Coordination Committee headed by the Secretary of the Ministry of Corporate Affairs. The Committee will have representation from the three Institutes formed under the Acts. The Secretary to each Council will be designated as chief executive with the President as the head of the Council. The President will be responsible for ensuring the implementation of decisions of the Council.
Firms must now register with the Institutes. The Councils must maintain a register of firms containing details including pendency of any actionable complaint or imposition of penalty. The Bill increases certain fines under the three Acts. If a partner or owner of a firm is repeatedly found guilty of misconduct during last five years, disciplinary action can be taken against the firm.
Key Features
Disciplinary Mechanism
Role of the President of the Council
Coordination Committee
Registration of firms
Penalties
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The HSBC has invited applications for the post of Analyst / Associate / Senior Associate.
The Role requires the Analysts to be a part Corporates Credit Analysis Team in Bangalore which supports UK, US, France, Hong Kong, Middle East, Japan, India, Singapore, Canada & Spain. In addition the analyst would also be required to liaise with the business and locally with the supporting Departments which would enable him/her to carry out the duties.
Responsibilities:
Qualifications:
Location: Bangalore, India.
For more details and to apply, click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Uber has invited applications for the post of Analyst, Financial Risk Management.
Responsibilities:
Qualifications:
Location: Gurgaon, India
For more details and to apply, click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Meesho has invited applications for the post of Associate Director – FP&A.
Responsibilities:
Qualifications:
Location: Bangalore, Karnataka
For more details and to apply, click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
The Colgate-Palmolive has invited applications for the post of Associate Analyst II – Finance.
Colgate-Palmolive Company is an American multinational consumer products company headquartered on Park Avenue in Midtown Manhattan, New York City. It specializes in the production, distribution and provision of household, health care, personal care and veterinary products.
Qualifications:
Location: Mumbai, Maharashtra, India
For more details and to apply, click here:
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
A division bench of the Delhi High Court, on Wednesday dismissed an appeal filed by the assessee and held that the payment of bonus or commission is not allowable as a deduction under Section 36 (1) (ii) of the Income Tax Act, 1961.
The appellant company, SRC Aviation Private Ltd, had been paying bonuses to the above working directors apart from the directors’ remuneration and claimed deduction towards the same. The department disallowed the claim by observing that such an amount does not cover the definition of ‘business expenditure’ under section 36.
The appellant contended before the High Court that the directors declared the bonus as part of the ‘salary’ under Section 15 of the Act in their returns of income and the same was accepted and assessed as such in their assessments. The directors paid the taxes on their respective incomes at the highest tax rate.
Upholding the original order, Justice Manmohan and Justice Dinesh Kumar Sharma observed that the question of law is very well settled.
“There is no substantial question of law in the present cases. The assessing officer and CIT (A) have given a concurrent finding that the assessee has paid the bonus in lieu of the dividend and therefore, the above sum is disallowed under Section 36 (1) (ii) of the Act. The ITAT also after considering the findings of the assessing officer and the CIT (A) had inter alia held that the payment of bonus or commission is not allowable as a deduction under Section 36 (1) (ii) of the Act in the hands of the assessing company. In the absence of any substantial question of law, the appeals are liable to be dismissed.”
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
