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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-tax Act,
Manufacturers of export products covered under above SIONs and the concerned Export Promotion Councils should submit production and consumption data as soon as possible but not later than Friday, the 31st January, 2014 so that such a review is taken up. Failure to provide the data, so required by the date so specified would result in stoppage of the benefit of Advance Authorisation / DFIA for export products covered by these SIONs.
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement
When in the electronic filing of the return there is no provision for filing of the balance sheet, then non-furnishing of the balance sheet cannot lead to the presumption that there was no cash in hand with the assessee.
Investigation Wing informed the Assessing Officer of the assessee that they have carried out large scale investigation to unearth a huge racket including accommodation entry providers. Such entry providers found to be involved in giving accommodation entries in the form of bogus gifts/loans/share capital money etc.
In view of this position, there was no reason why reassessment proceedings should continue as no notice under section 143(2) of the Act was served on the assessee within the stipulated time. Decision of Hon’ble Jurisdictional High Court in the case of Alpine Electronics Asia Pte. Ltd. (supra) and V.R. Educational Trust (supra) would be applicable.
If the assessee has really repaid the amount to the creditors then it will be injustice to him, if the amount is added to his income. Under such circumstances, we remand this case back to the file of the Assessing Officer for fresh assessment.
The Central Bureau of Investigation has arrested Sunil Kumar, Preventive Officer working in the office of Deputy Commissioner of Customs, SEEPZ-SEZ, Andheri (East), Mumbai for demanding & accepting a bribe of Rs.25,000/- from the Complainant.
In supersession of earlier Orders constituting Dispute Resolution Panel. Hyderabad, the Central board of Direct Taxes hereby constitutes the Dispute Resolution Panel at Hyderabad comprising of three Commissioners of Income-tax as Members of the said Panel with a Reserve Member in accordance with Rule 3(3) of the Income-tax (Dispute Resolution Panel) Rules, 2009 as under:
Export of onion for the item description at Serial Number 51 & 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price(MEP) of US$ 800 per Metric Ton F.O.B. or as notified by DGFT from time-to-time.
