AO, based on the information, found that both suppliers were subject to proceedings and were found guilty of economic offenses punishable under the relevant CGST Act, 2017, and KGST Act, 2017.
DGFT amends Handbook of Procedures 2023 to outline the process for seeking feedback from stakeholders on the Foreign Trade Policy provisions.
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
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Explore the Bombay High Court’s decision on reassessment under Section 147, balancing tax authority powers with procedural safeguards to ensure fairness and consistency.
The notice u/s. 148A(b) of the Income Tax Act, 1961 was issued to the assessee, along with the notice reasons recorded for reopening assessment were also supplied to the assessee.
Held that the shareholding of the assessee (voting right) has continued to remain not less than 50% as prescribed in clause (b) of proviso to 47(xiv) of the Act, even after issuing of new shares by the above said company.
Supreme Court raps Punjab government for inaction on shifting ailing farmer leader to a hospital, raising concerns over law-and-order and compliance with its orders.
Assessee was registered under GST Act, had its original GSTIN cancelled in September 2018 and was later assigned a new GSTIN in September 2019. Assessee had filed its monthly returns in GSTR-1 and GSTR-3B through the common portal.
ITAT Delhi held that order passed u/s. 148A(d) is non-speaking since AO failed to provide adequate counter explanation against reasons furnished by the assessee. Accordingly, assessment u/s. 147 non-est and void ab initio.
