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Section 69C Cannot Be Applied Where All Purchase And Sales Transactions Are Part Of Regular Books Of Accounts: ITAT Mumbai

In the case of M/s. Fancy Wear vs. ITO, ITAT Mumbai has held that: The AO or the FAA have not rejected the books of accounts of the assessee nor have doubted the purchases made by it. The recognised principles of accountancy and tax jurisprudence hold that no sales can take place without purchases. Thus, …

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SBI’s Big Setback To its Home Loan Customers

If you are a customer of State Bank of India (SBI) or you are planning to take home loan from SBI, then the beginning of the new month will increase the expenses for you too. In fact, let us tell you that SBI has increased its home loan external benchmark lending rate (EBLR) by 40 …

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CBI Arrests ABIL Group’s Chairman Avinash Bhosale

The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate giant ABIL Group, in its probe into the Yes Bank and DFFL scams. The CBI is probing the alleged corruption case of Yes Bank founder Rana Kapoor and DHFL’s Kapil Wadhawan. The CBI had raided Bhosale’s residence and office last month and he …

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Government’s Big Plan To Curb Fake Reviews On E-commerce Platforms

The central government has stepped up its steps to protect customers from fake reviews of products and services on online sales platforms. According to the report, the government will come up with SOPs to protect the consumers. The government has also sought advice from other concerned parties including e-commerce companies in this regard. Rohit Kumar …

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Income Tax Department has recruited for degree pass, salary will be more than 39000

If you have passed 8th-10th-12th or degree and are roaming in search of government or private job then you have a golden opportunity to get a job. Income Tax Department has issued a notice for the interested and eligible candidates to apply for the posts of Assistant Director. Eligible and interested candidates who are interested …

Income Tax Department has recruited for degree pass, salary will be more than 39000 Read More »

CBDT: Functionality under section 206AB and 206CCA of the Income-tax Act, 1961

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (TPL Division) vide Income Tax Circular No. 10 of 2022 dated 17th May, 2022 has released “Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961, which were inserted into the act by the Finance Act, …

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Centre to develop framework to check fake reviews on E-Commerce websites

The Centre will develop a framework to keep check over fake reviews on E-Commerce websites. The Department of Consumer Affairs (DoCA) after studying the present mechanism being followed by the E-Commerce entities in India and best practices available globally, will develop these frameworks. DoCA in association with the Advertising Standards Council of India (ASCI) along …

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Which ITR form is applicable to you? for FY 2021-22?

The Central Board of Direct Taxes (CBDT) notified income tax return (ITR) forms for the financial year (FY) 2021-22 (assessment year or AY 2022-23) on March 30, 2022 and has also enabled the filing option for ITR 1, ITR 2 and ITR 4 form through its website http://www.incometaxgov.in. CBDT has also widened the scope of …

Which ITR form is applicable to you? for FY 2021-22? Read More »

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“Concealment Of Particulars Of Income” And “Furnishing Of Inaccurate Particulars Of Income” Are Different Terms: ITAT Mumbai

In the case of Orbit Enterprises vs. ITO, ITAT Mumbai has held that: Notably, Sec. 292BB of the Act has been inserted w.e.f. 01.04.2008 and is understood basically as a rule of evidence. The implication of Sec. 292BB of the Act is that once the assessee appears in any proceedings or has co-operated in any …

“Concealment Of Particulars Of Income” And “Furnishing Of Inaccurate Particulars Of Income” Are Different Terms: ITAT Mumbai Read More »

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Breaking: Google To Enter in Indian E-Commerce Market

Google is all set to enter the e-commerce market through the Government of India’s online platform Open Network for Digital Commerce (ONDC). ONDC was launched last month as a pilot project in some cities. Google wants to add purchase services to it. This move will give competition to companies like Amazon and Flipkart. ONDC CEO …

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ED Issues Provisional Attachment Order in Bank Fraud Case

Directorate of Enforcement (ED) has issued the Provisional Attachment Order on 22.02.22 for attachment of immovable properties of M/s Nipko Engineering Services Pvt Ltd. amounting to Rs.62.70 Crore in a Bank fraud case. ED initiated money laundering investigation in the year 2020 on the basis of FIR registered by CBI, ACB Pune, wherein a complaint …

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CBI Arrests Station Fire Officer For Accepting Bribe

The Central Bureau of Investigation has arrested a Station Fire Officer posted at Fire Station, Sector-38, Chandigarh for demanding & accepting bribe of Rs. 30,000/- from the Complainant. A case was registered against Station Fire Officer posted at Fire Station, Sector-38, Chandigarh on a complaint. It was alleged that the complainant had applied for Fire …

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CBI: Four Years Rigorous Imprisonment To Former Chief Minister Of Haryana

The Special Judge for CBI cases, New Delhi has today sentenced Sh. Om Prakash Chautala, then Chief Minister of Haryana to undergo four years Rigorous Imprisonment with fine of Rs. 50 lakh for possessing disproportionate assets. A case was registered on 03.04.2006 against Sh. Om Prakash Chautala & others on the allegations that while functioning …

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Minister of State for Commerce & Industry Smt. Anupriya Patel launches Indian Business Portal – e-commerce marketplace

Union Minister of State for Commerce & Industry Smt. Anupriya Patel launched the Indian Business Portal – An International Trade Hub for Indian Exporters and Foreign Buyers here today. FIEO in partnership with GlobalLinker, has designed and developed the “Indian Business Portal”, an International Trade Hub for Indian Exporters and Foreign Buyers. This is a …

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Technology Innovation Hub paving the way towards India’s cybersecure future

A surveillance system installed at the National Highways Authority of India headquarters at Dwarka keeps track of the health of all the computers in its network, flagging attempts to hack into the system, malware in systems within the network, or malfunctioning programme being used. Installed in 2021, the Security Operation Centre (SoC) titled C3iVazra has …

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New Guidelines of Micro & Small Enterprises Cluster Development Programme (MSE-CDP) approved

The Government has approved New Guidelines of Micro & Small Enterprises Cluster Development Programme (MSE-CDP), which will be implemented during 15th Finance Commission Cycle(2021-22 to 2025-26). The scheme aims at enhancing the competitiveness and productivity of Micro & Small Enterprises by undertaking interventions such as: Common Facility Centers (CFCs): The central government grant will be restricted to …

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GST: Annual Aggregate Turnover (AATO) Functionality is live

The Goods and Service Tax Network (GSTN) vide a notification dated 02nd May, 2022 has enabled the functionality of Annual Aggregate Turnover (AATO) for the FY 2021-22 on taxpayers’ dashboards. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “aggregate turnover” …

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No Addition Can Be Made in Absence Of Direct Evidence Showing Assessee Received Cash Payment: ITAT Mumbai

In the case of ACIT vs. Katrina (Kaif) Rosemary Turcotte, ITAT Mumbai has held that: The Assessing Officer has not brought on record any clinching evidence on the basis of any enquiry made by him to demonstrate that the assessee has actually received any cash as per the evaluation sheet from Matrix. Therefore, in the …

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Must Read: Second Phase Of Gold Hallmarking

Let us tell you that the second phase of gold hallmarking will be started from June 1, 2022. While sharing this information in the past, the government had said that from the beginning of June, the second phase of gold hallmarking will be started, under which it will be necessary to prove the purity of …

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Big Update On RBI Repo Rate

Like other central banks around the world, RBI is raising interest rates to control inflation. The central bank may increase the repo rate by 0.50 per cent in the Monetary Policy Committee (MPC) meeting to be held in June. This will make different types of loans like home-auto loans more expensive. < p style=”text-align: left”>British …

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CBI Conducts Searches in Alleged Irregularities in Procurement During 34th National Games

The Central Bureau of Investigation has today conducted searches at 16 places including at Ranchi, Dhanbad, Bokaro, Godda, Dhumka Districts of Jharkhand, Patna (Bihar) & Delhi at the premises of accused/others in an on-going investigation of a case. Certain incriminating documents have been recovered during searches which are being scrutinized. CBI has registered a case …

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DEA organises a 2-day workshop on Awareness Building and Guidance on using the PPP Toolkits

A two day -workshop on Awareness Building and Guidance on using the PPP Toolkits was organized by the Department of Economic Affairs (DEA), Ministry of Finance, in collaboration with Foreign, Commonwealth and Development Office, UK with an objective to sensitize and train government officials in using PPP toolkits for decision making in PPP projects. The Training programme …

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52 kg Cocaine worth over Rs 500 crore under Operation Namkeen

Continuing its streak of significant seizures, the Directorate of Revenue Intelligence (DRI) has recovered 52 kg of cocaine, estimated to be valued at over Rs 500 crore in the international illicit market, from an import consignment. On the basis of extensive data analysis and field surveillance, intelligence was developed by DRI that certain consignments being …

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Delhi Customs launches Project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram

Chief Commissioner, Delhi Customs Zone, Shri Surjit Bhujabal inaugurated project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram, here today. Project NIGAH is an initiative to track container by using ICTM (ICD Container Tracking Module) which will help in better visibility of the container movement inside the ICD. It will help Customs to expedite long standing containers …

Delhi Customs launches Project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram Read More »

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DRI seizes 52 kg Cocaine worth over Rs 500 crore under Operation Namkeen

Continuing its streak of significant seizures, the Directorate of Revenue Intelligence (DRI) has recovered 52 kg of cocaine, estimated to be valued at over Rs 500 crore in the international illicit market, from an import consignment. On the basis of extensive data analysis and field surveillance, intelligence was developed by DRI that certain consignments being imported from Iran were likely to …

DRI seizes 52 kg Cocaine worth over Rs 500 crore under Operation Namkeen Read More »

Delhi Customs launches Project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram

Project aims at container tracking and monitor timely clearances to ensure Ease of Doing Business Chief Commissioner, Delhi Customs Zone, Shri Surjit Bhujabal inaugurated project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram, here today. Project NIGAH is an initiative to track container by using ICTM (ICD Container Tracking Module) which will help in better visibility of …

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Fake reviews on E-Commerce platforms under Centre’s radar

To gauge the magnitude of fake reviews on E-Commerce platforms which mislead consumers into buying online services or products and to prepare a roadmap ahead, the Department of Consumer Affairs (DoCA) in association with the Advertising Standards Council of India (ASCI) will be holding a virtual meeting on Friday, 27th May, 2022 along with various …

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