ITAT Delhi held that addition merely on the basis of bald statement under section 153A of the Income Tax Act without any incriminating material is unsustainable in law.
There is a marked distinction between the nature and character of the two amounts – the employer’s liability is to be paid out of its income whereas the second is deemed an income, by definition, since it is the deduction from the employees’ income and held in trust by the employer. This marked distinction has to be borne while interpreting the obligation of every assessee under Section 43B.
Assessing Officer, however, denied the benefit on the ground that the assessee had failed to furnish a certificate from the concerned Port Authority certifying that the structure was a part of the Port, which it considered mandatory in view of the Board’s notification dated 23rd June 2000 followed by Circular No.10 of 2005 dated 16th December 2005.
Vide Notification No. 04/2023-Central Excise Dated 16th January, 2023 Government reduces Special Additional Excise Duty on Diesel to Rs. 3.50 per litre with effect from 17th day of January, 2023 from existing Rs. 5 per litre. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 04/2023-Central Excise | Dated 16th January, 2023 G.S.R. 24(E).— In exercise […]
Government reduces Special Additional Excise Duty on production of Petroleum Crude to Rs. 1900 per tonne from 2,100 per tonne and to Rs. 3.50 per litre from Rs. 4.50 per litre on export of Aviation turbine Fuel vide Notification No. 03/2023—Central Excise Dated: 16th January, 2023. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. […]
Any person who intends to acquire shares or voting rights in a banking company beyond the limit for which approval was obtained from the Reserve Bank, is required to apply to the Reserve Bank for prior approval to increase their aggregate holding in the banking company.
According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022.
If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’
CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962 vide Notification No. […]
ITAT Delhi held that as per CBDT Instruction nos. 20/2015 and 5/2016 read with DGIT(Vigilance) letter dated 30th November, 2017 before venturing into other issues outside the scope of limited scrutiny, the Assessing Officer should have taken prior approval of PCIT/CIT. Failure of prior approval would render the assessment order bad in law.
