ECGC has introduced a new scheme to provide enhanced export credit risk insurance cover to the extent of 90% to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB- WTPC & PS).
Extend the due date of filing income tax return for all salaried & non-corporate tax payers (not subject to audit) to 31.08.2022.
Extension of Due date for filing of Income Tax Returns u/s.139(1) of Income Tax Act,1961 for non-Audit category of assesses from 31st July, 2022 to 31st August, 2022.
These Regulations may be called the Foreign Exchange Management (Borrowing and Lending) (Third Amendment) Regulations, 2022.
CBIC has amended its guidelines regarding the conduct of personal hearing. As per the new instruction, personal hearings can be conducted virtually at the request of the assessee.
Navin Sirahmal Mukim Vs ITO (ITAT Pune) It is observed that the assessee allegedly purchased diamonds through the Hawala purchase bills and thereafter utilized the same in the manufacture of the jewellery. In such a situation, the entire amount of purchase bills does not requires addition but only the profit element because the diamonds must […]
Diamond Creations Vs C.C.-Mundra (CESTAT Ahmedabad) Coming to the contention of revenue regarding forgery of the textile committee report, we do not find any reason to go into the detail as the fact that reports were forged does not impact the classification assuming the reports relied upon by the department are the original one as […]
Shesh Dhar Chaube Vs ITO (ITAT Delhi) AO alleged that assessee has not filed any declaration from the lorry owner with regard to the number of vehicles owned by them. In this regard sub-section (6) of Section 194C is relevant which provide for the condition as to providing such declaration from the lorry owners. It […]
Suminter India Organics Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT held that When the overriding provisions of Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020 (TOLA) provide separate relaxations for the purpose of the legal obligations with respect to the filing of return vis-à-vis filing of other documents, to that extent, […]
Since the registration was obtained for the subject projects post the introduction of Goods and Services Tax only, the provisions of Section 171 dealing with Anti-profiteering could not be made applicable to the said projects in the view of the fact that there was no additional ITC that had been made available to the Respondent,
