ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) Completed assessments can be interfered with while making assessment under section 153A only on the basis of some incriminating material unearthed during search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made […]
FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court) Reliance by the Revenue upon an audit report, cannot be considered as tangible material. This Court is of the opinion that Carlton Overseas Pvt. Ltd. v. Income Tax officer & Ors., (2009) 318 ITR 295 concludes the issue in the present case; the audit objection […]
M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]
The Indian MSME Sector The Indian MSME sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, providing it resilience to ward off global economic shocks and adversities. With around 63.4 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the […]
The e-way bill in respect of movement of goods originating and terminating in the State of Bihar shall not be required to be generated where the consignment value does not exceed One Lac Rupees
With effect from 1.4.2018 (AY 2019-20) a new sub clause (e) has been added to section 28(ii) to bring into tax net gains / receipts in the nature of compensation arising out of termination / modification of a contract related to business of the assessee. In this article we try and analyze whether the attempt of the legislature to tax all capital receipts has been successful with the enactment of the said sub clause.
If it is found that the employer has not fulfilled the conditions or has submitted false information to avail the benefit of exemption then, his exemption of late fee shall be revoked and action will be taken against him as per the provisions of law.
Balakrishnan Vs Union of India & Ors (Supreme Court of India) As far as the acquisition of the land was concerned, assessee had succumbed to the action taken by the Government in this behalf. He was put in such a condition that he knew that his land would be acquired and he could not reiterate […]
One of the biggest bottleneck for SMEs in India is the lack of financial support from the formal banking or financial sector which hampers growth of small businesses. To remove this bottle neck and provide finance to micro units or Entrepreneurs, MUDRA Bank has been setup as a subsidiary of SIDBI. MUDRA (Micro Units Development […]
f we compare GST and kite flying, then the person who is flying kite is the Taxpayer , kite is GST, Chakri means books of accounts, jumbling in threads means Returns, Air means Tax collection, Cutting of Kites means Matching mis-matching, and String means Law.
