The authorities below as well as the Tribunal, on verification of the materials on record, came to a finding that the audit report and balance sheet of the assessee had shown the outstanding amount as loan received from 12 persons.
In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Governemnt of India
Section 269SS would not be violative when money is exchanged inter-se between the partners and partnership firm in spite of the fact that the partnership firm and individual partners are separate assessees.
Features of various Deposit Schemes available for Non-Resident Indians (NRIs)1 Particulars Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] Non-Resident (External) Rupee Account Scheme [NRE Account] Non-Resident Ordinary Rupee Account Scheme [NRO Account] (1) (2) (3) (4) Who can open an account NRIs (individuals / entities of Bangladesh / Pakistan nationality / ownership require […]
Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of […]
FM: Global Situation is Favourable to the Country as more and more Investors are Showing Curiosity and Interest in India; Our Major Challenges will be to Boost Investment Especially in Infrastructure Sector and Give Further Boost to Both Manufacturing and Agriculture Sector Among Others
Based on the feed back received from different officers the position on the implementation of AEBAS has been reviewed by the Chairperson, CBDT who has observed as follows- Very tardy Progress. It appears that field offices have assumed that their work ended with appointment of nodal officers. Please send a self contained advance reminder w.r.t compliance report due on 15.2.2015
As it has been observed that there is substantial increase in the number and amount of advances received for exports remaining outstanding beyond the stipulated period on account of non-performance of such exports (shipments in case of export of goods), AD Category –I banks are advised to efficiently follow up with the concerned exporters in order to ensure that export performance (shipments in case of export of goods) are completed within the stipulated time period.
CIRCULAR NO. 24 OF 2014-15 In partial modification of this department’s Circular No.18 of 2014-15, the following Assistant Commissioners(mentioned at Col.No.4) are hereby authorised as Spl.OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 in place of Sh. Sameer Minz, Assistant Commissioner (W-22 & 23), in addition to the wards earlier allocated vide the above said circular till further orders :-
CA Umesh Sharma Arjuna (Fictional Character): Krishna, 7th February to 14th February is celebrated as Valentine Week all over the World. This is celebrated by giving gifts and wishes and for that the markets were ready. This market of love gifts is called as “Loveonomics”. Please explain the provisions of Income Tax regarding these Love […]
