Tribunal observed that normally it is practice that in case of any doubt or ambiguity, taxing provision is normally construed in favour of the assessee but when it is case of granting some exemption then there should be strict interpretation.
The various authorities of the Supreme Court in Malabar Industrial Co. Ltd. v. CIT 243 ITR 83 has highlighted that the power under Section 263 cannot be invoked to correct a mere error of an AO, based upon an incorrect assumption of fact.
Hon’ble HC did not find any merit in the ground of delay in issuance of notice. Court further remitted the matters ITAT to decide afresh on merits. In the light of the observations of the Supreme Court in Calcutta Knitwears, particularly the contextual facts discussed
Whether CIT (A) has no jurisdiction to entertain the appeal filed by assessee. Whether CIT (A) was right in sustaining the additions made by AO which are not applicable to the assessee.
The Service Tax Rules, 1994 were amended vide Notification No. 5/2015 – ST dated March 1, 2015 to insert New Rule 4C after Rule 4B thereof. In terms of Rule 4C of the Service Tax Rules, provision for issuing digitally signed invoices, bill or challan has been added along with the option of maintaining of records in electronic form and their authentication by means of digital signatures effective from March 1, 2015.
Whether addition made by AO for undisclosed income of Rs 2,68,11,454/- is justifiable in view of the fact that assessee has rebutted onus cast of him with the help of information/ documents/evidence, which he could have made to support his claimed that he has not done any transaction with alleged party.
Provisions of section 43 and 47 deals with the kinds of shares which may be issued by a Company and the voting rights attached to such shares. In this article we will analyze the present law with reference to the issue of shares without voting rights.
Amendments shall have the following effect w.e.f. 14.05.2015– (1) The remedy of appeal to Tribunal u/s 86 is not available in every case as it has now been provided subject to the saving clause ‘save as otherwise provided herein’. The provisos added provide that saving. Thus, scope of section 86 has been curtailed. (2) Any appeal against the order of Commissioner (Appeal) in relation to matters concerning rebate of Service Tax (e.g. exports) shall be governed in terms of section 35EE of Central Excise Act, 1944.
In 2012, Govt. of India has changed the overall taxation of Service tax and that time they had presented a different taxation method to levy service tax on services which was negative List Based taxation method. All the services except services provide in Negative List and Exempted Services are taxable in India.
All Deductors/Collectors are required to file quarterly TDS/TCS statements on or before the due dates prescribed by Income Tax Department (ITD) for the respective Forms (i.e. Form 24Q, 26Q, 27Q or 27EQ). Due date for filing of quarterly Regular TDS/TCS Statement(s) for the 1st quarter of Financial Year 2015-16 is as mentioned below.
