Explore Delhi High Court’s ruling on Section 41(1) of the Income Tax Act in Valley Iron and Steel Co. Ltd. vs. PCIT. Detailed analysis and implications of the judgment.
Unlock global trade success with the IEC code. Learn its legal significance, role in customs clearance, financial transactions, and government incentives. Get a step-by-step guide.
Assessee-company who was an exporter of rice and other agricultural products, received an Order from its overseas buyer M/s Indi Sino Trade Pte Ltd for the sale of 40,000 MT of rice which was to be exported from Kandla Port in Gujarat.
ITAT Mumbai held that foreign exchange loss incurred by the assessee attributable to purchase of material is revenue expenditure and it cannot be included in the cost of project. Accordingly, the same is allowable as deduction.
ITAT Chennai held that the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue, because, the issue of exemption u/s.11 of the Act, has been considered by the AO while completing assessment u/s.143(3) of the Act. Thus, order passed by the CIT(Exemptions) u/s.263 of the Act unsustainable.
Explore Delhi High Court’s decision allowing the revenue to challenge Black Money Act proceedings in PCIT vs. Ashok Kumar Singh. Detailed analysis of the judgment.
Explore the Delhi High Court’s judgment on CIT – International Taxation, highlighting the invalidity of invoking S. 263 without satisfying twin conditions. Full analysis and implications.
Explore the latest Ministry of Finance notification appointing adjudicating authorities for finalizing provisional assessment in the SVB case of M/s Ecoclean Machines Pvt. Ltd.
Explore the Madras High Court’s judgment in Brakes India Pvt. Ltd. vs. Assistant Commissioner, highlighting the quashing of an ITC reversal order due to inadequate notice. Full analysis and implications.
Delhi High Court’s ruling in PCIT (Central) vs. Sanjay Singhal upholds ITAT’s deletion of addition under Section 69A for AY 2015-16, emphasizing need for incriminating material for valid additions.
