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Archive: February, 2014

Posts in February, 2014

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

HC not happy with reopening of case of IRS officer to settle personal vendetta

February 28, 2014 2112 Views 0 comment Print

The petitioner is a retired officer of the Indian Revenue Service and served in various capacities including, inter alia, the position of Chief Commissioner of Income Tax, Director General of Vigilance, Chief Vigilance Officer of the Central Board of Direct Taxes

DGFT – Corrigendum in Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014

February 28, 2014 369 Views 0 comment Print

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following correction in the Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014.

Return of income processed u/s 143(1) cannot be reassessed u/s 147 on mere change of opinion of AO

February 28, 2014 6672 Views 0 comment Print

The Hon’ble High Court allowed the appeal placing reliance on the decision in case of CIT v. Kelvinator, (2010) 320 ITR 561 (SC) emphasizing that AO has power to re-open, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of the belief.

Statement recorded during survey u/s 133A and retracted thereafter have no evidentiary value

February 28, 2014 2483 Views 0 comment Print

The ITAT in its impugned judgment took note of the statement of D.K. Jain and the retraction of the assessee on 21.02.2008. It was also noticed that the said statement was recorded in the course of survey under Section 133A and consequently did not have any evidentiary value.

Assessee entitled to adjustment of seized cash against advance tax liability

February 28, 2014 5102 Views 0 comment Print

Hon,ble ITAT Agra has held in the case of ACIT Vs. Sunil C Gupta that Cash seized to be adjusted against advance tax liability. Explanation-2 to Section 132B of the Act enacted with effect from 1st June 2013. Hon’ble ITAT has upheld the observations of ld CIT(A) which are as under

Notification No. 14/2014-Customs (N.T.) Dated 28th February, 2014

February 28, 2014 484 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the

Deductor Grievance-Due to inordinate delay in filing Form 24G

February 28, 2014 5726 Views 0 comment Print

CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to […]

TDS Certificates downloaded only from TRACES are valid

February 28, 2014 9899 Views 0 comment Print

Downloading of TDS Certificates from TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory […]

Delha VAT – Dealers to keep records at principal place of business for 7 years

February 28, 2014 2731 Views 0 comment Print

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules, you are also required to maintain and retain prescribed records at the declared principal place of business in Delhi for 7 years.

New Return Form for furnishing Quarterly Return by first stage/ second stage dealer or registered importer

February 28, 2014 19504 Views 1 comment Print

G.S.R. (E). – In exercise of the powers conferred by sub-rule (8) of rule 9 of the CENVAT Credit Rules, 2004, and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 73/2003-Central Excise

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