Core Minerals Vs Commissioner of Service Tax (CESTAT Chennai) Notification No. 17/2009 dated 07.07.2009 only requires the production of documents and it is not in dispute that the appellant had indeed produced the documents (though a few photocopy of some invoices). Thus, we are of the clear view that the appellant has complied with the […]
Lakshminarayana Gupta Vs CIT(A) (ITAT Bangalore) The solitary issue that is raised in this appeal is with regard to the disallowance of brokerage claim amounting to Rs.2,17,000/-. It is claimed that assessee had incurred brokerage of Rs. 3,10,000 regarding sale of a property. The assessee has not produced any proof/evidences to substantiate that he had […]
Prepare for FY 2023-24 under GST with key steps like reconciling supplies, opting for schemes, applying for LUT, and staying updated on regulatory changes.
Where assessee had offered business receipts amounting to Rs 41,81,800/- in his return of income which was sufficient to make business advances of Rs 8,05,000/- there was no justifiable reason to not accept the entries in the cash book corresponding to advances of Rs 8,05,000/- made out of said business receipts.
ITAT Amritsar held that provisions of section 68 of the Income Tax Act is inapplicable as assessee does not maintain any books of accounts. Mere possession of pass book cannot be treated as books of accounts. Accordingly, addition u/s 68 unsustainable.
ITAT Pune held that as receipts from business activity is more than 20% of the total receipts, character of charitable purpose as given in section 2(15) will be lost and accordingly, exemption under section 11 of the Income Tax Act not available.
Madras High Court held that initiation of coercive recovery proceedings, by exercising power under section 45 of the Tamil Nadu Value Added Tax Act, 2006, without passing of assessment order is invalid and unsustainable.
Definition of term `networth’ in SEBI (Issue and listing of Non-convertible securities) Regulations, 2021 is linked to one provided by Companies Act, 2013. Section 2(57) of Companies Act 2013, provides for calculation of networth.
Import of 10000 MT of marble [under ITC (HS) Codes 2515 and 6802] shall be allowed from Bhutan without Minimum Import Price each year, subject to valid Registration Certificate issued by the DGFT. The procedure for issuance of Registration Certificate shall be notified separately. Government of India Ministry of Commerce & Industry Department of Commerce […]
In absence of any incriminating documents seized during search, AO is not justified in making addition in non-abated assessment orders u/S 153-A r/W Sec 143(3) of Income Tax Act of 1961.
