Learn about the alert of risky exporters, its impact on refunds, and the procedures for revocation and regularization. Insights by CA Sachin M Jain.
After introducing Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2023 Government of Himachal Pradesh on 04.03.2023 notifies Procedure for the Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2023 vide notification no. No. EXN-F-(10)-17/2022 dated 04.03.2023 which is applicable for (a) settlement of any additional demand pending for recovery pertaining to a financial year or any […]
Discover how to identify fraud risk factors in mid-cap private limited companies and learn strategies to mitigate potential risks. Expert insights provided.
ITAT Delhi held that interest income on income tax refund is chargeable at the rate of 10% as per Article 11 of India – Japan tax treaty.
ITAT Mumbai held that CPC (Centralised Processing Centre) is not authorized to carry out adjustments for disallowance of deduction under section 80P of the Income Tax Act.
ITAT Chennai held that simply because there are coconut trees on the land it doesnot mean that agricultural operations are carried out. Accordingly, deduction claimed under section 54B on sale of the land is disallowed.
ITAT Jabalpur held that as per the sale deed what was purchased was only a plot of land for construction of residential house. However, in absence of construction of residential house thereon, exemption under section 54F of the Income Tax Act not admissible.
ITAT Ahmedabad held that depreciation on licenses software is allowable at the rate of 60% and not at the rate of 25% as alleged by the revenue.
ITAT Mumbai held that issuance of draft assessment order along with the demand notice is in violation of provisions of section 144C of the Income Tax Act and hence bad in law.
The applicant does not undertake any value addition on the goods. It earns a margin of 3% while trading imported goods. The assessable value for payment of customs duties has been determined by the applicant as the sum of price at which the goods are sold by Ingrasys Singapore to the applicant plus freight. It may be noted that such freight is directly met by ADSPL.
