Whether any addition to income can be made on the basis of balance-sheet and profit and loss accounts certified to have been prepared on estimate basis to avail bank loan and having no relation with the actual?
In the reference first cited, a revised circular in respect of export refunds in supersession of all earlier circulars relating to export refunds has been issued, in which it has been instructed to defer the refund claim relating to input tax credit on capital goods with respect to zero rate sales including exports in para 14 as given below:
Goods and Services Tax is about to complete its first year in our Country. It is really a matter of proud that I belong to a State which has first passed /ratified the GST Constitutional Amendment Bill on 12.08.2016 in its State Legislative Assembly. Assam was the first in the Country to pass the GST Constitutional Amendment Bill.
The most favorite word for an assessee under dictionary of GST is REFUND, and the most favorite word for Chartered Accountant(s) under the same dictionary is AUDIT (of course after REFUND…!). Till date, whichever forms and formats are prescribed for Returns, it clearly emphasizes on self assessment processes
The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded.
LRS was introduced on February 4, 2004, vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004 read with GoI Notification G.S.R. No. 207(E) dated March 23, 2004, as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both.
