The assessee is engaged in the business of letting out buildings both residential and non-residential. The case of the assessee was selected for scrutiny and accordingly statutory notices u/s. 143(2) and 142(1) of the Act.
ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department of Scientific & Industrial Research [DSIR] is soft loan and hence cannot be considered as grant-in-aid.
CESTAT Allahabad held that material imported based MOEF permission by a company cannot be diverted to any other unit for any purpose other than one stated in permission letter.
ITAT Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital investment properly explained by the assessee. Accordingly, addition deleted.
CESTAT Chennai held that no customs duty could be demanded on the material intended for use in the factory, however, were destroyed by fire accident. Accordingly, duty demand not sustained.
On verification of the bank account copies and the other material available before him, AO noticed that the assessee made cash deposits amounting to Rs. 24,31,000/- by way of Specified Bank Notes [“SBNs”].
नई जीएसटी एमनेस्टी योजना को समझें और वित्त वर्ष 2017-18 से 2019-20 के लिए करों, ब्याज और जुर्माने पर राहत का दावा कैसे करें।
The 18th Customs Consultative Group meeting discussed trade issues. Vigilance Awareness Week focused on integrity, with highlights on recent gold smuggling case.
Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting corporate and non-corporate gains.
CBIC amends Customs notification, omitting specific port entry in Maharashtra. Effective from 11th Nov 2024 under Notification 76/2024-Customs (N.T.).
