The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961.
M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi) There is no dispute to the fact that the department conducted inquiry in the case of third party where the name of the assessee was also written to have received accommodation entry and accordingly, the AO reached to a conclusion while recording reasons that the income of the assessee has escaped assessment and it is a fit case for initiation of proceedings u/s 148 of the Act and the case was selected for scrutiny and assessment was made by making necessary additions.
Procedure for manual disbursal of budgetary support under Goods and Service Tax Regime to the units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North East including Sikkim.
SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India.
APPLICATION FOR EMPANELMENT OF STOCK AUDITORS WITH INDIAN OVERSEAS BANK (IOB) Issued Date- 20/11/2017 – 10:00AM Last Submission Date- 30/11/2017 – 5:00PM Indian Overseas Bank invites application, in the prescribed format, for empanelment of firms of Chartered Accountants for Stock Audit. The firms fulfilling the criteria* may apply (Details are available on Bank’s website www.iob.in […]
Since drawback payment is subject to finalisation of case after receipt of test report of samples, monitoring on regular basis at senior level should be undertaken so that samples are drawn only where necessary and the cases are closed in a timely manner and not later than thirty days from date of let export. Customs may draw samples in case of any specific intelligence or doubt of misuse, fraud, etc.
Notification No. 90/2017-Customs CBEC hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 56/2000-Customs, dated the 5th May, 2000, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 399 (E), dated the 5th May, 2000, namely:-
It was not unexpected to know from Mr. Ganesan, my friend for 40 years that one of his relatives has gone to Japan since he got a visa for work and I was equally delighted to know that he wanted me to write about Japanese income tax system.
Prohibition on export of Red Sanders wood in log form has been relaxed for export of 186.588 MTs of Red Sanders wood, in log form, through State Government of Karnataka.
Supreme Court questioned the maintainability of the petition filed by CPI Leader in which he challenged the provisions of section 139AA of the Income Tax Act,1961 which mandates linking of Aadhaar with PAN number for filing income tax returns (ITR). The petition was later withdrawn by the counsel appeared on behalf of the petitioner. Supreme Court […]
