ITAT Bangalore held that revisionary power u/s 263 cannot be invoked when the order passed by AO is neither erroneous nor prejudicial to the interest of revenue.
ITAT Mumbai held that AO had only recorded general satisfaction but not with reference to the accounts of the assessee and hence has not satisfied the formula contained in rule 8D in order to compute disallowance u/s 14A of the Act.
Union Minister of Steel and Civil Aviation Shri Jyotiraditya Scindia stated that the removal of export duties on steel and stainless steel by the government will herald a new era for the nation’s steel sector, and allow it to firmly establish its position in the global market.
Understanding Rule 127 of Income tax Rules, 1962. Learn how communication with assesse, including notices, summons, requisitions, orders, is made.
PCIT has given his own observation which amounts to review and change of opinion or review while exercising Section 263 is not permitted by the Income Tax Statute. Thus, the PCIT was not right in exercising Section 263 in assessee’s case.
CESTAT held that in respect of utilisation of Cenvat credit there is no requirement of one to one correlation and cross utilisation of credit is permissible.
Nai Dunia Media Pvt. Ltd. Vs Commissioner of Central Goods & Service Tax and Central Excise (CESTAT Delhi) Appellant urges that there is no dispute about the fact that the appellant have shared the electricity received from MPEB with Web Dunia, PPPL and others on proportionate (reimbursement) basis. Admittedly, the appellant has not generated electricity. […]
A conjoint reading of sub Section (1) (b) & (2) of Section 50 of Prevention of Money-Laundering Act, 2002 makes it abundantly clear that it is wide enough to authorize and empower Director or Additional Director to issue a summons to a person.
Aurolab Vs Commissioner of GST & Central Excise (CESTAT Chennai) The issue is whether the refund claim is hit by the bar of unjust enrichment. Undisputedly, the appellant has mentioned the duty element in the invoices issued to the buyers. The presumption envisaged in section 12B of Central Excise Act, 1944 then applies and the […]
Murli Industries Ltd. Vs Commissioner of Central Excise & Customs (CESTAT Mumbai) It is not disputed that the Resolution Plan for the appellant company was approved by Learned NCLT vide its orders dated 3.7.2019 and 22.7.2019. As per Section 31(1) of I&B Code, once a resolution plan is duly approved by the Adjudicating Authority, the […]
