B&B Tax

"Learned counsel appearing for the petitioner states that although the matter seems to be covered by the decision of a Coordinate Bench of this Court in Salil Gulati Vs. Assistant Commissioner of Income Tax, Circle 49(1) Delhi & Ors. in W.P.(C) 12541/2022 decided on 31.08.2022, there are several aspects which have not been considered.  2. He also states that the Gujarat High Court and Allahabad High Court have taken a contrary view and no other Court has taken a view similar to that in Salil Gulati (supra). He submits that there are some aspects which are not brought to the notice of the Court in Salil Gulati (supra)." Veekay General Industries v. UOI, WP(C) 3733/23 order dated 24.03.2023

" 2. On consideration of the practical challenge being faced in making compliance as per the above notification, those non-resident (NR) taxpayers who were not having PAN and not required to have PAN as per relevant provisions of the Income-tax Act,1961 read with Income-tax Rules, 1962, were exempted from mandatory electronic filing of Form 10F till 31st March 2023 by the competent authority.  3.  In view of the continued practical challenges and to mitigate the genuine hardship being faced by such category of taxpayers, it has been decided by the competent authority to extend the above mentioned partial relaxation further till 30th september 2023. For the sake of clarity, it is reiterated that such category of taxpayers may make statutory compliance of filing Form 10F till 30th September 2023 in manual form as was being done prior to issuance of the DGIT(Systems) Notification No. 3 of 2022. "   F. No. DGIT(S)-ADG(S)-3/e-Filing Notification/Forms/2023/ 3420 dated 28.03.2...

"Consequent to the notification substituting rule 1I4AAA of the Income-tax Rules, 1962 (the Rules) vide notification no. 15 of 2023 dated 28th March, 2023, it is hereby clarified that a person who has failed to intimate the Aadhaar number in accordance with section 139AA of the Income-tax Act, 1961 (the Act) read with rule 114AAA shall face the following consequences as a result of his PAN becoming inoperative:  (i) refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made to him;  (ii) interest shall not be payable to him on such refund for the period, beginning with the date specified under sub-rule (4) of rule 114AAA and ending with the date on which it becomes operative;  (iii) where tax is deductible under Chapter XVJJ-B in case of such person, such tax shall be deducted at higher rate, in accordance with the provisions of section 206AA;  (iv) where tax is collectible at source under Chapter XVJJ-BB in case of such person...

"In the present case, the first authorization was issued on 13.03.2001 which ultimately and finally concluded and/or culminated into Panchnama on 11.04.2001. However, in between there was one another authorization dated 26.03.2001 with respect to one locker and the same was executed on 26.03.2001 itself and Panchnama for the same was drawn on 26.03.2001. However, Panchnama drawn with respect to authorization dated 13.03.2001 was lastly drawn on 11.04.2001. As observed and held by this Court in the case of VLS Finance Limited (supra), the relevant date would be the date on which the Panchnama is drawn and not the date on which the authorization/s is/are are issued. It cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search/s and on the basis of the respective Panchnama/s drawn. Therefore, the date of the Panchnama last drawn can be said to be the relevant date and can be said to be the starting point of ...

 "In view of the above and for the reasons stated above and in absence of any further cogent material like furnishing the name and address of the selling dealer, details of the vehicle which has delivered the goods, payment of freight charges, acknowledgement of taking delivery of goods, tax invoices and payment particulars etc. and the actual physical movement of the goods by producing the cogent materials, the Assessing Officer was absolutely justified in denying the ITC, which was confirmed by the first Appellate Authority. Both, the second Appellate Authority as well as the High Court have materially erred in allowing the ITC despite the concerned purchasing dealers failed to prove the genuineness of the transactions and failed to discharge the burden of proof as per section 70 of the KVAT Act, 2003. The impugned judgment(s) and order(s) passed by the High Court and the second Appellate Authority allowing the ITC are unsustainable and deserve to be quashed and set aside and ar...

"In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to the as the Act), the Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub sub-clause, namely:- (i) exchange between virtual digital assets and fiat currencies;  (ii) exchange between one or more forms of virtual digital assets;  (iii) transfer of virtual digital assets;  (iv) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and  (v) participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.  Explanation:- For the purposes of this notification “virtual digital asset” shall have the same meaning assigned ...

1. New Definition  are inserted/substituted under Sub-rule 2  “(cba) “group" shall have the same meaning assigned to it in clause (e) of sub-section (9) of section 286 of the Income-tax Act,1961 (43 of 1961);  “(cf) “Non-profit organization” means any entity or organisation, constituted for religious or charitable purposes referred to in clause (15) of section 2 of the Income-tax Act, 1961 (43 of 1961), that is registered as a trust or a society under the Societies Registration Act, 1860 (21 of 1860) or any similar State legislation or a Company registered under the section 8 of the Companies Act, 2013 (18 of 2013);”  “(db) “Politically Exposed Persons” (PEPs) are individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials;”.  Preve...

If your ITR is filed between 1.4.2022 to 31.07.2022 for AY 2022-23 and not verified within 120 days. It shall be taken up for further processing only when it is verified, therefore department has requested to complete the e-verification process by raising a condonation request from the e-filing portal on www.incometax.gov.in at the earliest. e-verification of ITR

" Section 270A  of the Act provides for imposition of penalty  for under-reporting and misreporting of income. Sub-section (2) enlists certain circumstances of under-reporting of income. Sub-section (3) deals with the determination of under-reported income, which, in our context, is by reducing the income returned by the assessee from the amount of income finally assessed. Sub-section (6) is relevant for our purpose which states that under-reported income for the purpose of this section shall not include certain items. Clause (b) of sub-section (6) refers to: “the amount of under-reported income determined on the basis of an estimate, if the accounts are correct and complete to the satisfaction of the Assessing Officer ….”. It is ostensible from the language of sub-section (6) that an addition made on the basis of estimation cannot provide foundation for under-reported income for the purpose of imposition of  penalty  u/s  270A  of the Act. As the only basi...