Credit notes not affecting input tax already deposited cannot be treated as taxable turnover by the extended meaning of Section 2 sub-section (lii) Explanation VII of Kerala Value Added Tax Act.
Reassessment notice under Section 148 of IT Act i.e, impugned notice if carried to its logical end, in the facts and circumstances of the case, will clearly neutralize all these arguments and the writ petitioner assessee bank will not be aggrieved in any manner.
The Government has been simplifying the law and procedure relating to imports through courier from time to time. Accordingly, lot of trust and reliance has been placed on the courier agencies. A very clear procedure has been put in place by way of Courier Regulations to stream line the imports through Courier mode.
When the appellants have been given permission to clear the goods in DTA by the Development Commissioner (DC), the department cannot then vaguely allege that they are not similar goods.
The CAM charges are in the nature of contractual payments towards electricity, water supply, security, lift maintenance etc., falling within the meaning of section 194C whereby these charges are paid for carrying out the work for maintenance of the common area that are available along with the lease premises.
Srei Equipment Finance Limited Vs Additional / Joint/ Deputy / Assistant CIT (Calcutta High Court) Facts- The appellant had filed the writ petition challenging the notice dated 23rd March, 2022 which is an opportunity granted to the assessee to show cause as to why the proposal made in the notice by way of giving effect […]
ITO (Exemption) Vs Innovative Welfare and Educational Society (ITAT Delhi) Facts- The Assessee had filed its ROI on dated 31.03.2006 by declaring Nil income which was processed and resulting into passing of the assessment order u/s 143(3) of the Act on dated 21-09-2007. Later on it came to the knowledge of the AO that the […]
TPO /DRP in their order has expressed an inability to compute the ALP using CUP due to a lack of information in the public domain. Given the difficulty / impossibility in computing ALP using CUP and considering the close nexus between the manufacturing activity and payment of management / license fees, the method to be adopted for benchmarking the above international transactions by the assessee ought to be TNMM.
We observed that the exemption was claimed U/s 54F of the Act on this account is Rs. 6,33,190/-. It is further noticed that the Assessing Officer has not disputed the purchase of new house in the name of wife of the assessee though the claim was denied by the AO.
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