Assessing Officer has made all additions, disallowances, treating the cash credits/foreign receipts as well as the assessee’s declared agricultural income merely on estimate and guess work basis without bringing on record any positive and concrete evidence to be applied against the assessee. We also find that the Assessing Officer has not quoted any comparable case in this line of business, which has shown better gross profit than that shown by the assessee in the present assessment year.
The objection of the Revenue that the deduction under Section 80IA(4)(iii) of the Act is available to an industrial park only on CBDT notifying the industrial park under Rule 18C of the Income Tax Rules, 1962 (‘the Rules’ for short). This the CBDT did only on 5th June 2006. Therefore, according to the Revenue the benefit of Section 80IA of the Act in terms of sub-section (4)(iii) thereof would be available as from Assessment Year 2007-08 and not earlier.
The Tribunal found that a tax payer can manage his affairs to reduce tax liability within the frame work of law and that the sale of goods at a lesser price to the sister concerns than to the non-sister concerns, does not violate any provision of law.
Punjab government has issued the notification No. S.O.19/P.A.8/2005/S.8/2013. Dated 15th March 2013 in which sales made to canteen store department are subject to tax at the rate of 6.05% subject to the furnishing of certificate duly signed and stamped by the officer authorized to make such purchase certifying that the goods purchased are meant for […]
In view of the above, it is hereby clarified that, Reverse Repo transactions in Government Securities are treated at par with CBLO transactions and 10% investment limits are not applicable to Reverse Repo transactions in Government Securities in line with CBLO transactions.
The government has increased the tariff value of gold to 521 dollar per 10 grams, making import of gold in any form costlier. According to an official release however, the tariff value for silver has been lowered to 920 dollar per kg. The base price on which the customs duty is determined to prevent under […]
The Department related Parliamentary Standing Committee on Commerce has emphasized that in order to promote export of Agriculture and Processed Food products, the Customs authorities must be sensitized to accord priority clearance to perishable agro products cargo. Accordingly, the Board reiterates that export consignments of perishable agricultural goods should not be examined in a routine manner
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in
Large disparities have been noticed in the application of CCFs on guarantees issued by banks. As incorrect application of CCFs may have a direct bearing on the capital adequacy, banks are advised to keep in view the following principles for application of CCFs:
NABARD includes Cost Accountant for Stock Audit – Delhi VAT Act now also includes Cost Accountants for VAT Audit – National Bank for Agriculture and Rural Development (NABARD) vide its circular dated 30.1.2013,include Cost Accountant also for purpose of carrying out the Stock Audit for Working Capital Finance of Central Cooperative Banks and State Cooperative Banks.
