Finance Act 2013 has changed the meaning of urban area in relation to agricultural land. The definition of urban area is reflected at 2 places in Income tax act. 1. Capital Asset. Where it says that agricultural land not situated in urban area is not a capital asset. Hence no capital gain can arise.
Agra ITAT in the case of ACIT Vs. Shri Yogendra Kumar Singhal has held that Quality & lavishness of construction is not incriminating material. Reference cannot be made to the Valuation Officer in the absence of incriminating material/document found during the course of search
Hon’ble ITAT Agra in the case of ACIT V/s. Kalyani Chaturvedi held that Re-appreciation of seized material in subsequent proceedings by the AO is unjustified and quashed the Re-assessment Order. Hon’ble ITAT has held as under
The unutilized balance of Cenvat credit in the books of accounts is eligible to be transferred to the new premises when the factory is shifted from one site to another., in terms of rule 10(1) of the Cenvat Credit Rules,2004 (hereafter referred to as CCRs,2004).However, audit objections are being raised against such transfers, where there are no stock of inputs ,capital goods or goods in process at the old site, relying on the sub-rule 3 of rule 10 of CCRs,2004.
Condition of limiting commercial establishment/shops to 2000 sq.ft, which has come into force w.e.f. 1.4.2005 would be applicable for the project approved on or after 1.4.2005 and where the approval of the project was prior to 31.3.2005, the amended provision would have no application for those projects.
On behalf of Oil & Spices dealers I have drafted the representation for withdrawal of notification No. S.O 17/P.A.8/2005/S.8/2014 dated 21.02.2014 which is effective from 01.03.2014 as this notification has not only enhanced the rate of tax rather created discrimination between the class of dealers who are dealing in similar goods and this notification is […]
CBDT Chairpersons Dr. Sudha Sharma’s Farewell Message Dated 28.02.2014 to members of the Aayakar Family and Work Accomplished by the TPL and FT&TR Divisions of CBDT as well as DGIT(Logistics) up to February 2014.
VAT system is to rationalize the tax burden and bring down in general the price level and to bring in simplicity and transparency in the tax structure thereby improving the tax compliances and eventually to ensure revenue growth and for that registration plays vital role and for obtaining the same certain documents and process is […]
Authorities under the Act are obliged to dispose of proceedings before them as expeditiously as possible after the conclusion of the hearing. This alone would ensure that all the submissions made by a party are considered in the order passed and ensure that the litigant also has a satisfaction
According to the notified refund rules, passengers on a confirmed ticket can avail refund upto 50% of the fare provided the ticket is cancelled within 2 hours of the departure of the train.
