It is evident that when the exempted amount of duty was required to be refunded for operationalising the exemption, Education Cess, which was in the nature of piggy back duty on the excise duties under the said three Acts, was also required to be refunded, because it was not at all leviable, in view of the entitlement to exemption worked out under paragraph 2 of the said Notification.
Does the third proviso to Section 254 (2A) of Income Tax Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs? Finance Act 2007 substituted sub-section (2A) to Section 254 of the Income Tax Act, 1961 with effect from 1st June, 2007.
An auditor is precluded from making inquiries and sending feelers to appoint him as the auditor. The proposal should come from the client and should not be initiated by the auditor. Several professional and legal requirements are to be considered while accepting a new audit. Code of conduct, auditing and assurance standards, the Indian Contract Act and the Companies Act contain legal provisions about the appointment and acceptance of an audit.
The Assessee is not entitled to deduction u/s 80IB on profit from DEPB Scheme and the cross objection filed by the Assessee was dismissed. In regard to Duty Draw Back Scheme, it has held by the division bench of the ITAT, Delhi that the receipt was in lieu of expenses earlier incurred by payment of excise and customs duty. Therefore, the receipt was in the course of the business of the industrial undertaking. Accordingly, it was entitled to exemption u/s 80IB.
