The CBDT has very recently issued an Instruction bearing F.No. DGIT(Vig.)/HQ/SI/Appeals/2017-18/9959, dated 8.3.2018, to the CIT(Appeals), concerning the Plenary & Coterminous Powers of CIT(Appeals).The crucial question in this regards, is, as to whether the plenary, coterminous and co-extensive powers of the CIT(Appeals), with that of the Assessing Authority, are to be exercised in judicious disposal of appeals in order to provide appropriate appellate reliefs to the assessees or these are to be exercised with a mindset of curing the technical and legal defects of the Assessing Authorities, in the assessments, so as to provide second opportunity to the Revenue Authorities, in further strengthening their assessments, with a view to deprive the assessees of their appellate reliefs?
Interpretation is crucial., and to understand how to arrive at that interpretation is imperative.
All out efforts must be made by banks, regulators, government and India Inc to limit the collateral damage from the alleged fraud in PNB, said the ASSOCHM today, cautioning over-reaction by the banks and the investigative agencies would hurt essential credit disbursement to the trade and industry and tamper the growth expectations.
The Hon’ble Finance Minister presented the Budget to the nation on the 1st February, 2018 and the Managing Committee of the Society thought it appropriate to conduct a brain storming session on the budgetary proposals, within the sub group formed for the purpose and to prepare a concise Post Budget Memorandum to be submitted to the Government, for its consideration and possible action.
Government Issues Clarification on Gold Imports Scheme The past few days have seen some misapprehensions being generated on the scheme of gold imports known as the 80:20 scheme. The factual position is being clarified. The increase in gold imports had put pressure on the current account deficit in 2012-13. A series of steps were taken […]
The only constant thing in the world is change and it is insidious, i.e., be it political, economic, social, technological and legal environment. It is imperative that one needs to keep himself / herself updated with the latest developments in order to surmount the soaring professional challenges.
Both the RBI and the IBBI are interested in the effective implementation of the Code and its allied rules and regulations, through a quick and efficient resolution process. Therefore, they have agreed under the MoU to assist and co-operate with e
M/s S.R. Ingots Pvt. Ltd. Vs CCE & ST, (CESTAT Delhi) Revenue’s entire case for clandestine removal is based upon the recovery of certain weighment slips from the appellant’s factory during the course of the search. The appellants have taken a categorical stand that they were having the weighing bridge in their own premises also […]
DCIT Vs. S.V.S Prop mart Pvt. Ltd. (ITAT Delhi) Assessing Officer has mentioned in the Assessment order about the submissions made by the assessee that the commission was not received by the assessee company on account of dispute with the said party. Since the commission income has not been settled and crystallized, the same has […]
Assessing officer treated the receipts as unexplained cash credit for the reason that M/s. National Multi Commodity Exchange of India had confirmed that M/s. Vatika Merchants (supra) was expelled from the exchange long prior to the transactions in question.
