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The Court held that the Bank could not have unilaterally changed the quantified OTS amount to Rs.50,50,000/- after correctly quantifying the OTS amount to be Rs.36,50,000/-. The same would be against the principles of natural justice, and also runs contrary to the doctrine of Legitimate Expectation.
Get insights into the latest internal circular issued by the Maharashtra State GST department. Learn about the guidelines for GST return scrutiny for tax periods 2017-18 and 18-19.
Representations have been received from various entities indicating that certain firms have entered into purchase contract prior to 11.02.2022 for import of Moong (ITC(HS) Code 0713 31 90) with either (i) advance payment, or (ii) partial advance payment and remaining amount payable against Documents (CAD).
On the Anti-Evasion front, the Sea Patrolling Team of Mumbai Customs Preventive Commissionerate intercepted a fishing boat which was found to be carrying over 35,000 litres of smuggled diesel in the high seas off the coast of Mumbai, last week. Cases such as these, which involve both assiduous intelligence collection as well as constant patrolling, profile the ever vigilant work of our sea patrol teams and underscore the role of Customs in maintaining coastal security.
OFFICE ORDER NO. 46 OF 2022 The following officers in the grade of Pr. CCsIT / CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition to their substantive charge/additional charge(s), if any, being held by them, with effect from 01.03.2022 and until further orders: –
Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]
Tax Holiday is an initiative by the government that gives away a tax reduction or even exemption in certain cases. In India like developing countries it is used to attract foreign investment. When the government wishes to boost certain production of goods or a sector of industries it grants a scheme of tax holidays. However, […]
Commodities Transaction Tax (C.T.T.), is a tax payable to the central government on trades made on commodities. CTT was first proposed in 2008 and received violent opposition as commodity trading was at a beginning stage in India, and levying such tax could lead to a dip in commodity trades. CTT was brought before parliament again […]
ITAT Held that the assessee is eligible for deduction u/s 80 IB of the Income Tax Act on fertilizer subsidy received by it. Accordingly, we hold that the fertilizer subsidy income received by the assessee is income derived from the business of the industrial undertaking and is eligible for deduction u/s 80 IB of the income tax act.
In the present case, the AO, apart from relying upon some opinion of rent from property broker firms and websites, does not appear to have made any independent inquiry on the adequacy of the rent being charged by the respondent/assessee from Hamdard Dawakhana (Wakf).
