If the AO had reopened the assessment and made a disallowance and these facts could affect the outcome of the issue, the AO should appear before the FAA to file an explanation about the chronology of events. But, in any manner the subsequent decision taken by the AO cannot be held to be a mistake apparent from the record.
The assessee company rather assumed the risk of taking the liability of another company which cannot be said to be for business purpose of the assessee. Hence, the activity of advancing the money and paying the debt of the M/s. Vinedale Ltd. which was on account of purchase of machinery being capital asset, cannot be said to be the business activity
In the instant case, the assessee has proved beyond doubt that the default by him in not paying the self-assessment tax is not wilful and it was beyond his control as there was no sufficient money available with him to pay the self-assessment tax especially when the income is mainly from short term and long term capital gain.
The State of Andhra Pradesh Vs. M/s The Indian Hume Pipe Co., Ltd. (High Court), At the outset, it may be noted that consequent to the Constitutional amendment, levy of Sales Tax on the Works Contract came to be introduced in the State of Andhra Pradesh with effect from 01.07.1985.
Punjab & Haryana High Court in CIT Vs M/s Mahesh Munjal HUF held that if the assesse had paid advance tax in his individual capacity after considering his estimated share in his firm’s income without any anticipation that the firm’s income on which he was paying advance tax was false then interest u/s 215 could not be levied.
Provision relating to import of certain categories of processed metallic scrap, at designated ports having Scanner/Radiological Detection Equipments (RDEs), has been notified. Three new Appendices 2G-1, 2-H-1 and 2N-2 are inserted in the Appendices and Aayat Niryat Forms of FTP, 2015-20.
Trade with ISIL and related terrorist organisations in oil and oil products (hydrocarbons) and items of cultural, scientific and religious importance is Prohibited. Prohibition on Trade with ISIS, ISIL, Al Nusrah Front [ANF] and others associated with Al Qaida.
In partial modification of Notification No.F.3(352)/Policy/VAT/2013/936-47 dated 31/03/15 regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub-section (2) and (3) of section 70 and sub-section (2) of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form DP-1 shall be submitted online by all the dealers latest by 31/08/2015.
Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S.O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 61/2015-Customs (N.T.), dated the 15th June, 2015
In exercise of the powers conferred by clause (a) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the Notification of the Government of India in the Ministry
