Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
Commissioner of Customs (Import) vs Stoneman Marble Industries and others [SUPREME COURT OF INDIA) – Apex Court do find some substance in the submission of learned counsel for the Revenue that a standard formula cannot be laid down for imposition of redemption fine and penalty under the aforenoted provisions of the Act and each case has to be examined on its own facts but when a final fact finding body returns a finding that the facts obtaining in each of the cases before it are similar, and such finding is not questioned, levy of redemption fine or penalty uniformly in all such cases cannot be construed as laying down an absolute formula, which is the case here. We are convinced that the Revenue did not discharge its burden under Section 130A of the Act in as much as it did not specifically challenge the Revenue’s aforestated finding as being perverse. In this view of the matter, the High Court was justified in declining to issue direction to the Tribunal to make a reference under Section 130A of the Act.
Though a judgement of a non-jurisdictional High Court prevails over a judgement of the Special Bench, the former cannot be followed, even though it is the only High Court judgement on the point, if “rendered without having been informed about certain statutory provisions that are directly relevant“.
Prime Minister Manmohan Singh on Wednesday said there is “no instant solution” to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. “There is no instant solution to
1. Govt Of India is the largest share holder in IDFC. 2. IDFC is the fastest growing infrastructure financing company in India. 3. Fully Secured (backed by assets of IDFC) Instrument with highest credit rating. 4. Earn 8 % interest rate (tax sa
This Court has upheld the conclusion of the Tribunal that the physician’s samples have to be valued on pro-rata basis. The Tribunal, while arriving at the aforesaid conclusion, had relied upon its earlier decision in the case of Commissioner of Central Excise, Calicut vs. Trinity Pharmaceuticals Pvt. Ltd., reported as 2005 (188) ELT 48, which has been accepted by the department. Therefore, we hold that physician samples have to be valued on pro-rata basis for the relevant period.
Institute of Chartered Accountants of India (ICAI) would soon publicize the CA Final and Common Proficiency Test (CPT) result by 21st January, 2011 at around 2:00 PM. ICAI & CPT Results 2010 would be accessible over the ICAI’s official website.
The enactment of ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ has facilitated an easy mode of recovery of loan for the banks where there is a ‘Secured Asset’ and it will definitely reduce the rate of ‘Non-performing Assets (NPA)’. Non-performing Assets (NPA) effect the functioning of the banking system in India. Just because the Banks face problems in recovering the dues, the interests of the borrowers can not be compromised and they should be provided with an effective remedy when there exist a genuine grievance.
Interest on refund of pre-deposit amount is payable from the date of receipt of order of the tribunal by the commissioner. Interest to be paid on amount of pre deposit at the rate prescribed under the statutory provisions of the Act and not as per rate determined on equitable principles by Tribunal.
Selecting the best tax-saving mutual fund (also referred to as equity linked saving scheme – ELSS) is never an easy task. For one, there are just too many funds, which only confuses the investor. Add to this the sometimes misrepresentative mutual fun
Good news awaits hundreds of thousands of taxpayers in the country. The Income Tax department is mulling a proposal for providing them small refunds of below Rs 1 crore (Rs 10 million) within a month’s time. Delay in receiving income tax refunds has
