Learn about the exemption for section 8 microfinance companies from RBI approval. Understand how these companies can provide loans for the betterment of the poor.
Section 5 of the GST Act provides for powers of officers to discharge functions under this Act. Accordingly, the Ld. Commissioner may delegate his powers to any other officer who is subordinate to him.
Understanding the implications of CBIC circular on various types of declared services under GST. Get insights into liquidated damages, compensation, cancellations, and more.
Madras High Court directed Assessing Officer to pass a speaking order, after hearing the petitioner in full, with regard to determination of appropriate rate of tax on Aviation Turbine Fuel (ATF).
Madras High Court held that the proper method for assessing the turnover from works contract is as per Rule 8(5). Accordingly, it was directed to redone de novo applying the methodology set out under rule 8(5) of the Tamil Nadu Value Added Tax Rules, 2007.
Brij Bihari Singh Vs Commissioner Commercial Tax Lucknow (Allahabad High Court) The statutory right of appeal is not an illusory remedy given to the assessee or a person aggrieved. It is an effective and real remedy granted within the structure of the statute to allow for redressal of genuine grievances. Therefore, the appeal forum (wherever […]
Nandini V. Kalgutkar Vs ITO (ITAT Bangalore) On perusal of section 41 of the IT Act, it is evident that it is a sine qua non that there should be an allowance or deduction claimed by the assessee in any assessment in respect of loss, expenditure or trading liability incurred by the assessee. Then, subsequently, […]
t is settled law that if the assessee has not received the amount from the buyers, it cannot be held, that the Appellant will be unjustly enriched.
ITAT Kolkata held that penalty u/s 271AAB of the Income Tax Act cannot be levied on the assessee based on the disclosure made by other person during the course of search proceedings.
Dipakkumar Ishwarlal Panchal Vs ITO (ITAT Ahmedabad) Admittedly the concealment/furnishing of inaccurate particulars of income, for which act penalty under section 271(1)(c) in the present case has been levied, related to the income added as per the provisions of section 56(2)(x) of the Act. More particularly on account of the fact that actual consideration paid […]
