Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was available.
All the regulatory changes across the globe have mainly protected the investors, who fight against inflation and try to get some healthy returns on their investments. The common investors only know how the returns offered on various products.
There is no dispute that the search was conducted in the previous year relevant to the assessment year under consideration therefore the provisions of Section 153C are not applicable for the assessment year under consideration however, the mention of this Section in the order is only a mistake which is covered under the provisions of Section 292BB of the Act.
Deemed Exports refer to those transactions in which goods supplied do not leave country, and payment for such supplies is received either in Indian rupees or in free foreign exchange. Supply of goods as specified in Paragraph 7.02 of Foreign trade policy shall be regarded as “Deemed Exports” provided goods are manufactured in India.
The government of India, taking lessons from the past mistakes of other countries who have implemented the GST model, has established the National Anti-Profiteering Authority to ensure that the benefit of rates reduction by GST council as on November 14, 2017, passes to the final consumer.
