Assessment order could not have been passed by the Assessing Officer without granting an opportunity to respondent to defend his position or cross-examine the two persons on whose affidavits, the Assessing Officer had relied upon to conclude that respondent had made certain purchases from those persons identified as Hawala Traders.
PCIT Vs JK Surface Coatings Pvt. Ltd. (Bombay High Court) The only issue that comes up for consideration is with respect to the extent of ad-hoc disallowance to be sustained with respect to bogus purchases. The AO has observed 100% of the purchase value to be added to the income of Assessee, the CIT(A) has […]
If AO, after passing an assessment order, finds something amiss in it to the detriment of the Revenue, he has ample power to either reassess the earlier assessment in terms of section 147 or carry out rectification u/s 154 of the Act. He can’t usurp the power of the CIT and recommend a revision.
The quantification of loss, which is well beyond the limited scope of ‘mistake apparent on record’ under section 154], could not have been disturbed in the proceedings under section 154, and what cannot be done under section 154, cannot be done under section 263 r.w.s. 154 either.
Approval granted by superior authority in mechanical manner solely relying upon the implied undertaking obtained from AO in the form of draft assessment order, defeated the very purpose of obtaining approval under section 153D and consequently, impugned assessment relatable to search was non est and a nullity and was, therefore, quashed.
It is seen that the CBIC and DGARM has held back many refunds of exporters due to the difference between the FOB Value of exports as reported in the Shipping Bills and the CIF Value as reported in the GST Invoices which also find a way in the Shipping Bill. The matter has been taken […]
CBIC has vide notification No. 35/2021-Central Tax has notified rules related to Mandatory Aadhar authentication for GST Refund application and GST for GST Registration Revocation application. Now CBIC has vide Notification No. 38/2021–Central Tax | Dated: 21st December, 2021 made these rules applicable w.e.f 1st Jan 2022. The Government vide the abovementioned notification has notified […]
A company (Private as well as Public) is required to issue Share Certificates to it subscribers to memorandum in case of incorporation and to its shareholders in case of further allotment of shares within the given time line. However, there are many instances where a company fails to pay stamp duty within the given time line and faces difficulty to prove its authenticity this where the process of adjudication comes into the picture.
Company Incorporation- In general usage, the term ‘incorporation‘ refers to the process of forming a legal corporation out of a firm, city, or other entity. In order to form a business in India, you must follow the regulations set forth in the Companies Act of 2013. Directors- Person who examine the day-to-day operations of the company, make […]
Section 80JJAA of the Income Tax Act was created to encourage firms to hire new employees on a regular basis. Section 80JJAA deduction is for the recruitment of new or additional employees. Section 80JJAA DEDUCTION: 30% of additional employee cost for three years. ELIGIBILITY for Section 80JJAA Deduction: Applicable to all Assessees having business income. […]
