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HC issues notice, stays operation of impugned assessment order for AY 2018-19; Considers assessee’s submission that no show-cause notice has been served upon it before making the addition u/s. 69; Also considers the submission that while an addition of Rs. 90,00,000 has been made u/s. 69, tax at the rate of 60% has been levied in terms of Section 115BBE, as a result of which the tax demand raised has scaled up to Rs. 92,14,550/-, an amount, which is more than the addition made by the AO.
No. 12(2)/2020-E.II(A)
Government of lndia
Ministry of Finance
Department of Expenditure
North Block. New Delhi
Dated 7th May, 2021
OFFICE MEMORANDUM
Subject: Clarification regarding full and final settlement of bills / claims pertaining to LTC Special Cash Package Scheme.
The undersigned is directed to refer to this department OM of even no. dated 31st March 2021 clarifying that submission of bills / claims with regard to LTC Scheme may be entertained and settled by Ministries Departments not later than 30"' April 2021.
2. Queries have been received in this department to extend the date for submission of bills / claims and settlement beyond 30th April. 2021. Keeping in view of the situation existing due to Covid-19 pandemic, it has been decided that submission of bills claims may be entertained and settled by Ministries / Departments not later than 31s May, 2021. However is reiterated that payment for the purchases should have been made not later than the due date i.e. 31st March 2021.
3. This issues with the approval of Finance Secretary.
(Prateek Kumar Singh)
Dy. Secretary of the Government of India
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No. 12(2)/2020-E.II(A)
Government of India
Ministry of Finance
Department of Expenditure
North Block, New Delhi
Dated 31st March, 2021
OFFICE MEMORANDUM
Subject: Clarification regarding full and final settlement of bills / claims pertaining to LTC Special Cash Package Scheme.
The undersigned directed to refer to point no. 11 of FAQ-1 of this Department issued vide O.M. of even No. dated 20th October 2020 and point no. 1 of FAQ-4 issued vide O.M. dated 10th March, 2021 clarifying that "as far as possible, the claims should be made and settled well before 31st March, 2021. Ministries/Departments may consider settlement of only those claims / purchases made on or before 31st March, 2021 beyond the due date, i.e, 31st March, 2021".
2.In this regard, it stated that queries are being received in this Department with respect to purchases made upto 31st March, 2021 (including on-line purchases) and submissions of bills/claims and settlement beyond 31st March, 2021. Keeping in view of practical difficulties in submission of bills/claims for purchases made particularly in late hours of 31st March, 2021 (including on-line purchases), it is clarified that submission of bills/claims may be entertained and settled by Ministries / Departments not later than 30 April 2021. However, it is reiterated that the payment for the purchases should be made not later than the due date i.e. 31st March, 2021.
3. This issues with the approval of competent authority.
(Prateek Kumar Singh)
Dy. Secretary to the Government of India
HC issues notice to Revenue upon writ petition filed by assessee-company assailing assessment order passed in breach of its own timeline. Observes that a show cause notice was issued to the assessee on April 18, 2021 and seeking explanation from the assessee by 23:59 hours on April 22 and AO passed an assessment order u/s 143(3) r.w.s 144B of the IT Act, 1961 for the concerning AY 2018-2019 on April 22 at 14:11 hours. HC notes that prima facie, it appears that there has been a breach of principles of natural justice, grants stay on impugned order as well as the notice of demand issued u/s 156 and the notice initiating penalty proceedings u/s 270A of the Act.
Click here to read and download HC order
Click here to read and download HC order
Ministry of Finance
Sovereign Gold Bond Scheme 2021-22 (Series I) – Issue Price
Dated: 14 MAY 2021
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series I) will be opened for the period May 17-21, 2021 with Settlement date May 25, 2021. The issue price of the Bond during the subscription period shall be Rs 4,777 (Rupees Four thousand seven hundred Seventy seven only) – per gram, as also published by RBI in their Press Release dated May 14, 2021.
TheGovernment of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,727 (Rupees Four thousand Seven hundred twenty seven only) per gram of gold.
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RM/MV/KMN
(Release ID: 1718661)