ITAT Delhi held that conditions for the eligibility of claim u/s 80IC in the case of a new industrial undertaking stands satisfied as new firm acquired new plant & machinery which was not previously used.
ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable.
Madras High Court held that issuance of communication to pay penalty amount within prescribed period, despite of interim orders of division bench directing customs department not to take coercive steps, is untenable in law.
CESTAT Chandigarh held that construction services and other services which are necessary for the renting of the business falls in the definition of ‘input service’ as provided under Rule 2(l) of Cenvat Credit Rules, 2004.
ITAT Mumbai held that as per paragraph 3.2 of the Instruction no. 3/2016 dated 10th March 2016, cases selected for scrutiny on a TP risk parameter has to be referred to TPO after obtaining approval from PCIT/ CIT. Non-complying with the instruction renders the order erroneous and prejudicial to the interest of revenue.
CESTAT Delhi held that unless there is an undertaking by the principal manufacturer that they would discharge the duty liability (notification no. 83/94-CE), the job worker is liable to discharge duty on the clearances from the premises of job worker.
National Financial Reporting Authority Imposes Penalties and Sanctions on M/s. Sundaresha & Associates and its Auditors for Professional Misconduct
ITAT Delhi held that the assessee has option to determine the method of valuation and the AO has no power to reject the method resorted by the assessee as no infraction of methodology has been brought out by the AO.
Account merger functionality has made live at ICEGATE if the duty payment was initiated using PAN and due to any reason Payment Integration failed and amount transmitted to PAN based wallet. User can now request to transfer amounts from PAN based wallet to the associated IEC ICEGATE ID based wallet.
CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, 1962. New sub-rule (7) to rule 11AA states that for applications made under clause (iv) of the first proviso to sub-section (5) of section 80G of the Income-tax Act, 1961, provisional approval will be effective from […]
