Penalty u/s 271(1)(c) can be levied only in the cases of concealment of income in the return of income filed by the assessee. In the present case, the return filed in response to notice u/s 153A was accepted by the AO as it is which also included surrendered income not disclosed in the original return due to bonafide error.
The Central Bureau of Investigation has arrested a Superintendent of Customs posted at Bangalore International Airport, Bangalore (Karnataka) while demanding & accepting a bribe of Rs. 2.5 lakhs from the complainant. A case was registered U/s 7 and Sec. 13(2) r/w 13(1)(d) of the Prevention of Corruption Act, 1988 on the complaint that the Superintendent […]
ITAT Ahmedabad held In the case of ITO vs. M/s Bharat Agro Industries that section 69 comes into operation only if investments are not recorded in the books of account maintained by the assessee which is not the case looking to the facts of the assessee wherein the bank balances are shown in the audited balance sheet
CL & G Dated- September 08, 2015 Subject: Companies (Accounts) Second Amendment Rules, 2015; Notification regarding sub-section (6) of section 129 of the Companies Act, 2013 (18 of 2013) Notification regarding sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013) Dear Professional Colleagues, The Ministry of Corporate Affairs vide its notification […]
These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. (2) They shall come into force from the date of their publication in the Official Gazette.
Supreme Court held In the case of Modern Hotels v CCE that the amount paid for the renewal of licence under Foreign Liquor Rules under the Amnesty scheme will be treated as an adjustment toward interest.
Supreme Court has held in the case of CCE v M/s Indorama Synthetics (I) Ltd. of India held that the surrendering of advance licence in order to receive the products at lower rate will be considered as “additional consideration” under section 4 of Central Excise Act, 1944.
Supreme Court held In the case of CCE v. Hindustan Unilever that Vaseline intensive Care Heel Guard is a medicament as it is produced under the Drug Licence and also before classifying any particular product the dominant function have to be considered.
It has been decided to introduce a reward scheme for informers providing vital inputs in order to check and detect value added tax evasion in Delhi so as to minimize the pilferage of VAT revenue of the Government of Delhi.
Continuous Disclosure Requirements for Listed Entities – Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015-In order to enable investors to make well-informed investment decisions, timely, adequate and accurate disclosure of information on an ongoing basis is essential.
