No reason is assigned for not following Rule of Consistency. The Revenue is under legal obligation to be consistent in its approach regarding taxability of any item. It cannot be purely on the whims and fancies of the Assessing Officer.
CBDT has issued a Notification on 27.01.2022 and by Mistake numbered it as Notification No. Notification No. 12/2022-Income Tax while it already issued a notification with similar Number on 25.01.2022. CBDT has now corrected its Mistake and numbered Notification issued by it on 27.01.2022 as Notification No. 12/2022-Income Tax. MINISTRY OF FINANCE (Department of Revenue) […]
Cargo Specialist Inc. Vs Commissioner of Customs (CESTAT Delhi) CESTAT finds that it has been recorded in the final order that the appellant – Custom Broker inspite of having already handled eight export consignment in the past, till the inspection of the 9th consignment, has never met the exporter or the owner of M/s Fashion […]
In pursuance of Regulation 20B of Cost and Works Accountants Regulation, 1959, the last date for registration/enrolment to Intermediate and Final Course stands extended up to 25th February,2022 (Friday) for June-2022 term of examination.
ACIT Vs Vinay Girish Bajpai (ITAT Mumbai) Assessee claimed that he has complied with all the requirements of claiming exemption/deduction under section 54 of the IT Act. He submitted that assessee has made the payment to the builder within the stipulated time. There was some issue of obtaining the completion certificate by the builder. Hence, […]
During the year under consideration also the assessee could not substantiate with relevant evidences that these expenses were related to loan syndication fees and the same was claimed as Investment Advisory Services without any break up of the detail of loan advances arranged by these two parties.
Start-ups as drivers for the Indian economy’s growth they fuel innovation and value creation for all in general thereby reducing wastages and increasing efficiencies by recognising the gaps. Three words that defined the start-up landscape in 2021 – Funding, Unicorns, and Exits ♦ $24 billion in funding, 40+ unicorns, 11 IPOs, and 198 M&A deals. […]
UCC Infrastructure Pvt. Ltd. Vs UOI (Bombay High Court) In the facts of this case also the respondents had issued a summons only on 30th August, 2019 i.e. after 30th June, 2019 and thus summons issued after the cut-off date of 30th June, 2019 could not be the ground for declaring the application filed by […]
Centum Electronics Ltd. Vs DCIT (ITAT Bangalore) Hon’ble Supreme Court, while deciding the identical issue in the case of Maruti Suzuki India Ltd held that assessment order passed on a nonexistent entity is without jurisdiction and deserves to be set aside. Fact of the case before the Hon’ble Supreme Court clearly shows that the notice […]
Whether Rajasthan Tax Board was justified in law in holding that respondent cannot be hold responsible for amount not deposited by selling dealer and allowed benefit of Input Tax Credit which ultimately will amount to double jeopardy to State as selling dealer has not deposited tax whereas subsequent dealer has claimed benefit of Input Tax Credit.
