Penalty under section 271(1)(c) was not leviable as AO was not certain that for which limb he wanted to initiate penalty proceedings, that is, for concealment of income or for furnishing inaccurate particulars of income. AO initiated penalty proceedings on one footing and concluded on other footing, therefore, the basis of levy of penalty itself was not correct.
Income Tax Department conducts search operations in Maharashtra, Gujarat and Delhi on certain Indian companies and their associate concerns, controlled by a neighbouring country The Income Tax Department has carried out search and seizure operations on certain Indian companies and their associate concerns, controlled by a neighboring country on 16.11.2021. These companies are engaged in the […]
CESTAT held that in a case where the assessee is a manufacturer of dutiable goods as well as exempted goods and it is impractical to maintain separate accounts of common inputs used in manufacture of dutiable goods and exempted goods the only practical way of maintaining accounts is by corresponding credit and debit entries, reversing proportionate amount of cenvat credit.
Bombay High Court held that for an assessment to be reopened beyond a period of four years there must an omission or failure on part of the assessee to disclose fully and truly all material facts necessary for the assessment and should not merely be the change of opinion of Assessing Officer (AO).
All about Input Tax Credit under GST Input Tax Credit The tax already paid by a person at the time of purchase of goods or services and which can be deducted from the tax payable is referred to as Input Tax Credit. Input credit refers to the ability to deduct the tax you have already […]
The recent issuance of Bulletin Part-II on the Lok Sabha’s website has created huge havoc between the common man, investors and market players. The said Bulletin covers the ‘General Information relating to Parliamentary and other matters’. As per the Bulletin, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is likely to be introduced […]
Ease Of Doing Business – अर्थात ‘व्यवसाय करने में सरलता’ पिछले कुछ वर्षों से विषय अंतर्राष्ट्रीय, राष्ट्रीय एवं मध्यप्रदेश राज्य के स्तर पर एक महत्वपूर्ण चर्चा के बिंदु के रूप में छाया हुआ है | ‘मेक इन इंडिया’ जैसे आंदोलनों के द्वारा अंतर्राष्ट्रीय स्तर पर विभिन्न देशो में समूहों में भारत एक नए इन्वेस्टमेंट डेस्टिनेशन […]
The 33rd Annual International Seminar of the Institute of Chartered Accountant of India (ICAI) UAE Chapter is going to be held on 25th and 26th November 2021. The theme of the event is ‘Building Resilience – Emerging Stronger’. The professional event of ICAI has recently got into the limelight because one of the appointed speakers […]
IFSCA decided that registered broker dealers incorporated in IFSC shall be permitted to access exchanges in jurisdictions outside IFSC, subject to compliance with Chapter V of the CMI Regulations and the conditions laid out in this circular No. F. No. 416/IFSCA/Global Access/2021-22 Dated: November 25, 2021. International Financial Services Centres Authority CIRCULAR F. No. 416/IFSCA/Global […]
CBIC notifies Rate of Exchange of Turkish Lira against Indian Rupees with effect from 26th November, 2021 vide Notification No. 94/2021- Customs (N.T.) | Dated: 25th November, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 94/2021 – Customs (N.T.) New Delhi, dated the […]
