The assessee has placed reliance on some decisions. However, as afore-stated, the matter is purely factual, i.e., based on primary facts on which inference as to a finding of fact, i.e., the explanation with regard to that nature and source of credit being satisfactory or not, keeping the entirety of the facts and circumstances of the case into account, is to be drawn. The decisions cited by the assessee have been with reference to the one of positive inference.
Applications for stay cannot be treated by the assessing officers or for that matter by appellate authorities as meaningless formalities. Quasi judicial authorities have to apply their mind in an objective and dispassionate manner to the merits of each application for stay. While the interest of the Revenue has to be protected, it is necessary for assessing officers to realize that fairness to the assessee is an intrinsic element of the quasi judicial function conferred upon them by law. Applications for stay must be disposed of at an early date.
Mid-Quarter Monetary Policy Review: March 2013 Monetary and Liquidity Measures Based on an assessment of the current macroeconomic situation, it has been decided to: • reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect; Consequently, the reverse repo […]
Co-op Department Maharashtra State, Pune issued Cir.no. 237/2013 dt.18.3.13 for empanelment of Co-op societies audit with modified form (offline) & terms & extended last date for submission to 25.03.2013.
The Reserve Bank today placed on its website a Working Paper titled “Estimation of Counterfeit Currency Notes in India – Alternative Methodologies” under the RBI Working Paper Series. The paper has been written by Shri Sanjoy Bose and Dr. Abhiman Das. Counterfeiting poses increasing challenges to currencies all over the world, including India. Recent advances […]
Beware if you are the one illicitly holding the government revenue!!! Government is all set to severely punish the people contravening the provisions of Finance Act, particularly, when one collect the service tax and fails to deposit the same to government exchequer.
As you are aware that priority sector guidelines are being revised from time to time, the last major revision done in the year 2012. However, Annual Credit Plans of States and Districts continue to be prepared based on the old sub sector classification of Agriculture, SSI
Before concluding, we clarify that the observations in the present judgment are confined only to the disposal of the application for stay of the recovery of the demand against the Petitioner and shall not prejudice the rights and contentions of the assessees, the Petitioner and the Revenue in the pending appeals.
