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Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred by limitation.
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Rashtriya Gokul Mission Scheme proposed to be continued under umbrella scheme Development Programme with the aim of development & conservation of indigenous bovine breed, genetic upgradtion of bovine population and enhancement of milk production and productivity of bovines. RASHTRIYA GOKUL MISSION The Rashtriya Gokul Mission (RGM) is being implemented for development and conservation of indigenous bovine […]
“SEBI bars Mohammad Nasiruddin Ansari, owner of ‘Baap of Chart,’ for misleading investors through financial ‘education.’ Details on the ban and refunds.”
Held that the entries in the books of account of amalgamating companies prior to amalgamation cannot be part of the additions made under section 153A in the hands of the assessee (i.e. amalgamated company). Accordingly, additions deleted.
Kerala High Court held that person who failed to avail the opportunity granted to him to make submissions cannot complain about the violation of principles of natural justice. Writ not entertained on account of availability of alternative remedy.
Discover the latest IFSCA Notification for 2023, amending the Insurance Office Regulations. Get insights into the key changes and their implications
AO without bringing any material or reasons before making any addition, simply added back the opening balances of the trade payables without making any verification from the parties and he had failed to discharge the preliminary onus and had made the addition in summary manners, therefore, CIT(A) had committed no error in deleting the addition made u/s 41.
Delhi High Court held that as discrepancies in sales figures as well as physical stock not explained, the assessing authority took a fair view in enhancing sales by 10% of net GTO after deducting the stock transfer figure of GTO. Accordingly, levy of tax with interest confirmed.
