After hearing the rival contentions, ITAT held that that the disallowance made by the assessee, is in excess to the disallowance with the working under 14 A r.w.s.8 D which amounts to Rs 1,32,913. ITAT upheld the contentions of the assessee and deleted the addition.
The learned counsel for the assessee contended that the assesseee was given sufficient opportunity to put forward his arguments with necessaryevidences by appearing in person or by an authorized representative.
Assessing Officer passed an order disallowing the deduction u/s 80IC and also rejected the assessee’s business loss set off against business income by concluding that the income credited to job work was an unexplained cash credit against which claim of set off not available.
While Section 68 certainly enables the AO to bring to tax amounts which are suspect, in a transaction of the present kind, where the identity and the relationship of the donor are known, the AO in our opinion ought not to have concluded that the transaction – by which the assessee received the amount of Rs. 1,84,860/- was ingenuine.
Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings.
The assessee contended that the note was antedated and is accordingly not valid. He tried to substantiate his argument by demonstrating the following: If the satisfaction note was recorded on 29th Aug., 2002
The appellant deals in the manufacture and sale of cement. According to the appellant, in the present case, sale of cement was made at the destination of the buyer and hence the appellant would be entitled to CENVAT credit on input service on transportation of the cement sold by the appellant.
All the PSIA listed in Appendix 2G are allowed time upto 31.07.2015 to submit Bank Guarantee as prescribed in Public Notice 21 dated 23.06.2015 read with Public Notice No. 19 dated 05.06.2015.
Central Government hereby makes the following Scheme further to amend the Employees’ Provident Funds Scheme, 1952, namely :- 1. (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2015.
The Central Excise officers posted in Commissionerate of Audit conducts Audit which include Assistant / Deputy Commissioner, Joint /Additional Commissioner or Joint Director (Cost).
