As per the nature of business of the assessee, certain procedural non-compliance are not unusual, for which assessee is required to pay some fines or penalties. In our considered view, these routine fines or penalties are compensatory in nature; these are not punitive.
ITAT Mumbai held in the case of M/s. Multi Act Realty Enterprises Pvt. Ltd. vs. ITO that setting up of business’ and ‘commencement of business’ may be too different and independent events. For the purpose of deductibility of the business expenses, the reference point would be initial setting up of the business.
In the present case, the assessee had filed an application with National Housing Bank on 23.12.2004 and submitted along with this application Cheque No.669766 dated 23.12.2004. This fact has not been disputed by the Ld. DR appearing on behalf of the revenue.
In general terms tax defined as a levy of any type of financial charges being imposed by state or central governments on Individuals and Other Entities (includes Education, Corporates and Small and Big Shop keepers) Local authorities like municipal corporations also have the right to impose taxes.
From the time we are born, we are taught to be masters of our destiny but somewhere in the hustle and bustle of our daily life, we forget this readily. Sometimes things just don’t go our way and we fall prey to circumstances. The human spirit though is extremely resilient and most often than not […]
Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 51/2015-Customs (ADD), dated the 21st October, 2015, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R. 804 (E), of the same date, namely:-
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 26 (twenty six) non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
ITAT Ahmedabad held In the case of ACIT vs. Rupam Impex that the AO has justified the mistake on record on the ground that it is attributed to the assessee. The income tax proceedings are not adversarial proceedings.
1. Inverted duty structure in respect of various items may be given due consideration in the Union Budget as it not only effects exports but also the manufacturing sector and adversely hit Make in India.
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
