Learn how to reverse ITC for non-payment of tax by suppliers and availment of ITC – rule 37A of CGST rules CBIC, Notification No 26/2022 – Central Tax and more with Finance Act 2022.
This writ petition has been filed, challenging the levy of fees under Section 234E of the Income Tax Act, for the financial year 2012-13 on the ground that the provisions of Section 234E of the Act can operate only prospectively, i.e, with effect from 01.06.2015 and not in respect of any earlier period.
In Ansal Housing it is held that when there statutory appeal is provided, then the said remedy has to be availed.
Merely because entity has not responded to section 133 (6) notice the transaction cannot be doubted and be treated as non-genuine
Before we dive into the provisions regarding raising foreign contributions from foreign sources, it is important to understand the nature of this act i.e whether it is civil or criminal, strictly interpreted or has space for liberal interpretation and the true spirit/intention of the legislators.
MA Multi-Infra Development Pvt. Ltd. Vs ACIT (Bombay High Court) On a perusal of the notice dated 31st March 2021 issued u/s.148 of the Act by the Assessing Officer shows that the same has been issued after obtaining necessary satisfaction of the Range 3(2), Mumbai. As per the objections filed by the revenue, the approval […]
Since Bogus Purchase expenses were shown by assessee under the head work in progress and has not been reflected in the trading account, therefore, no addition can be made.
Requirement of furnishing audit report in Form No. 10B before due date prescribed in section 44AB mandatory w.e.f. 1.4.2020 only.
CESTAT not find any error in imposition of composite penalty under Rule 173 Q read with Section 11 AC as in the instant case all the charges have been confirmed and the charges pertains to both the period prior to introduction of Section 11 AC and thereafter. Therefore, penalty under both the provision could have been rightly imposed.
D.C.I.T Vs Vinodchandra Shanabhai Patel (ITAT Ahmedabad) On perusal of the profit and loss account of the assessee placed on page 29 of the paper book, we find that the assessee has shown other income of ₹1,92,78,814.00 which is representing the unaccounted stock found during the course of survey operation under section 133A of the […]
