In the case of DCIT vs. M/s Jindal Photo Limited in I.T.A. No. 814/Del/2011, the Delhi Bench of the Tribunal has also expressed similar view, in which it has been held that satisfaction of the Assessing Officer is pre-requisite to invoke the provisions of Rule 8D.
In the present case, it was found that the input supplier supplied input accompanied with Central Excise invoice. There is no dispute of genuinity of invoice. It is clearly evident from the statement of input supplied by the transporter. In such a situation
It was held that the eligible profits are not to be subjected to the adjustment under Section 72 of the Act, and the brought forward loss from the unit eligible for the relief under Section 10B cannot be adjusted against the profits from the other units
As far as the invocation of extended period is concerned tribunal observed that improper credit taken which was detected by the department officers only. At no stage of appellant approached the department for any guidance that there was any confusion in admissibility of credit on the impugned services.
It is now settled position of law that, while considering the application for waiver of pre-deposit, the Tribunal or the Appellate Authorities are directed to take into consideration three factors namely, prima facie case, undue hardship and the interest of Revenue.
Indian Stamp Act, 1899 is a fiscal statute by which the Union and State Governments can garner more revenue. In India for every document, not exempted by the Act, executed whether in India by any person or outside India stamp duty has to be paid. Moreover, failure to pay stamp duty attracts heavy penalty.
Accounting Standard (AS)-22 Accounting for Taxes on income prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprises. In accordance with the matching concept, taxes on income are accrued in the same period as the revenue and expenses to which they relate
This article is very special as it doesn’t relate to any career guidance or mentoring I generally do. This article is inspired from a real life incident that happened with me couple of weeks back when I acted in a way I shouldn’t have and later how I made it good by a simple apology. […]
G. Indhirani Vs. DCIT (ITAT Chennai) The only issue arises for consideration is with regard to levy of fee under Section 234E of the Income-tax Act, 1961 while processing the statement furnished by the assessees under Section 200A of the Act which was held as unsustainable
AST Instruction No. 136 The functionalities for passing orders u/s 143(1) (a)/ 143(3)/154/ appeal effects/ penalty exist on the system and, progressively, AOs are mostly issuing orders on the system from AY 2011-12 onwards. The CBDT has repeatedly instructed that in all cases orders must be passed on the system.
