CBDT notifies ITR Forms 1 to 7 for Assessment Year 2021-22

The CBDT has notified the ITR Forms 1 to 7 for the assessment year 2021-22 vide Notification No. 21/2021 in G.S.R 242(E) dated 31-03-2021. ITR-1 shall not be available for return filing if the tax has been deducted under Section 194N. Further, no return filing to be allowed in ITR-1 or ITR-4 if the tax has been deferred in respect of ESOPs allotted by an eligible start-up.

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Assessee eligible for Vivad se Vishwas if prosecution initiated on issue not related to tax arrear: HC

INCOME TAX : Where there was a pending prosecution for assessment year in question on an issue unrelated to tax arrear, holding that an assessee would not be eligible to file a declaration would defeat very purport and object of Vivad se Vishwas Act. Such an interpretation which abridges scope of settlement as contemplated under Vivad se Vishwas Act could not be accepted

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Assessee can’t escape from Sec. 271D penalty by depositing cash loan in bank a/c on same day; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that where director of assessee-company obtained cash in excess of Rs. 20,000 as loan from a financier and deposited same in cash in bank account of company, merely because director took cash loans from financier and deposited it in current account of assessee-company on very same day and assessee utilized it to pay salaries

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197918/assessee-can’t-escape-from-sec-271d-penalty-by-depositing-cash-loan-in-bank-ac-on-same-day-slp-dismissed.aspx

Retrospective effect to amendments can’t be given to make disallowances for non-deduction of TDS

INCOME TAX : No disallowance under section 40(a)(ia) was to be made on account of leased line charges paid by assessee before insertion of amendment covering leased charges within definition of royalty by Finance Act, 2012 though with retrospective effect from 1-6-1976

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197856/retrospective-effect-to-amendments-can’t-be-given-to-make-disallowances-for-non-deduction-of-tds.aspx

Assessee can’t escape from Sec. 271D penalty by depositing from cash loan in bank a/c on same day; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that where director of assessee-company obtained cash in excess of Rs. 20,000 as loan from a financier and deposited same in cash in bank account of company, merely because director took cash loans from financier and deposited it in current account of assessee-company on very same day and assessee utilized it to pay salaries

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197918/assessee-can’t-escape-from-sec-271d-penalty-by-depositing-from-cash-loan-in-bank-ac-on-same-day-slp-dismissed.aspx

Interest on capital amp; remuneration not taxable in hands of partner in absence of proof to indicate actual payment

INCOME TAX : Where reopening notice was issued against assessee partner on ground that amount of interest on capital and remuneration received by him from partnership firm as per a clause in partnership deed being claimed as deduction under section 10AA by firm was liable to be taxed in hands of assessee, since there was no material on record to indicate that assessee had actually received any interest or remuneration from firm, impugned reopening notice was unjustified

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No case of anti-competitive practice made out against OP as informant failed to prove alleged cartelization

COMPETITION LAW : Where informant had failed to adduce any material in support of its allegation that insurance companies were using GIC Re (reinsurance company) as a platform to exchange sensitive information, including information on prices which might facilitate price fixing, allegation of cartel arrangement between GIC Re and insurance companies in contravention of section 3 was not made out

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