Karam Singh Vs ITO (ITAT Delhi) Assessing Officer made the addition alleging that the assessee did not furnish the required information to prove the loan transaction. However, it is observed, before the first appellate authority, the assessee produced additional evidences, such as, the bank statements of lenders, copy of Income Tax Return etc. to prove […]
In case of the assessee itself if we take the presumption that what the assessee has purchased from RSP is only scrap then he would be selling the same to some other steel manufacturing plant. However, the sales are retail sales. This itself shows that what has been sold by the assessee is not scrap but usable products.
The entire assessment was itself erroneous and bad in law due to non-service of notice to the relevant address of the assessee. The ld. Counsel had not pressed the factual aspect of the assessee. We considered only the legal issue. Accordingly, the assessment order itself is void and liable to be quashed.
Icon Industries Vs Commissioner, CGST (CESTAT Delhi) Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) was introduced by way of Finance (No. 2) Act, 2019 by the Central Government. The main objective of the scheme is to provide for the settlement of pending disputes related to indirect taxes. The Appellant although applied under the said scheme […]
It is well-settled law that once the proceedings are before Ld. CIT(Appeals) in respect of certain issues, then the same issue again cannot be re-agitated by taking recourse to proceedings under section 263 of the Act as held in the case of CIT v. Vam Resorts and Hotels Private Limited 418 ITR 723 (Allahabad)
Amid conflicting opinions & interpretations, the CBIC has issued a notification as proposed during Budget 2022, to allow Input Tax Credit (ITC) claims and amendment of invoices till 30th November 2022.
Discover the advantages and considerations of FDI in India: Should you choose a company or LLP structure?
Understanding the Double Taxation Avoidance Agreement (DTAA) between India and USA. Learn how this tax treaty helps prevent double taxation on income.
The Buy-back Regulations currently provide that buy-back from open market through stock exchange shall be less than fifteen per cent of the paid-up capital and free reserves of the company, based on both standalone and consolidated financial statements of the company.
Authority regarding action consequential to issuance of Show Cause Notice and for issuance of recurring SCN in case of an enforcement action initiated by the State authorities against a taxpayer assigned to Centre and vice versa.
