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,
As per ED, Vivo deployed the technique of tax-loss harvesting by creating multiple shell/ dormant companies which were used to transfer its revenue domestically and further back-tracked them to China causing loss to Indian exchequer. It was also alleged that the officials at Vivo did not cooperate with ED.
For smooth TDS / TCS compliance, it is important that a robust and reliable software is used which will not only ensure efficiency but also take care of correct tax credits to employees, vendors and other stakeholders.
As per section 49 of the Act, where the capital asset became the property of the Assessee on any distribution of assets on the total or partial partition of a Hindu undivided family etc. etc. etc., the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the Assessee, as the case may be.
