The assessee argues that the expression reasons to believe under Section 147 refers to objective circumstances. In the present case, the assessment was completed under Section 143 (3) after notice was issued under Section 142 (1) was issued and explanation sought in respect of all relevant matters.
It has been brought to the notice of the Board that some of the officers are issuing notices to the taxpayers/witnesses/representatives etc. indicating a standard time of appointment. Thus, many persons called for hearing etc. on a day by an officer are given the same time for appearance. Naturally the persons are made to wait for their turn. Such actions, apart from causing avoidable inconvenience to the taxpayers/witnesses/representatives etc. cause great embarrassment to the Government.
Policy instructions/guidelines issued through Orders, OMs, etc. may be uploaded on the official website of the Ministry/Department/Organization. Number of hard copies of such communications may be limited to the required minimum.
Sitting SC judge Justice Arjan Kumar Sikri slams parliament over poor drafting of Companies Act, 2013 and warned that it may lead to Tsunami of Litigations. He Says that : Companies Act, 2013 been drafted in haste. There appears to be no thinking behind drafting of Cos Act Legislative authority of parliament has been delegated […]
Direct Taxes have remained unfazed with a recalibration of tax slabs and increase in deduction and allowing higher amounts of investments. Indirect Taxes side also has seen some important changes. Advance rulings have been made available for resident private limited companies. Basic rate of excise remains same with minor changes in rates of duty in case of capital goods, consumer durables and automobile sectors. There are other changes like Customs rates have been rationalized, interest rate slab has been prescribed in service tax.
The Institute of Chartered Accountants of India (ICAI) today announced the result of Chartered Accountants Intermediate (IPC) Examination held in May / June 2014. Announcing the result, CA.K.Raghu, President ICAI said, “I convey my heartiest congratulations to the top 3 rank holders and all other students who have been able to clear the exam. It is […]
The concept of Corporate Social Responsibility has been introduced by Companies Act, 2013. Section 135 of the Companies Act, 2013 deals with provisions related to Corporate Social Responsibility. Ministry of Corporate Affairs (MCA) has, vide its notification dated February 27, 2014 notify the provisions of Corporate Social Responsibility to be applicable w.e.f. April 01, 2014.
Transfer of Additional / Joint Commissioner of Income Tax – Transfer / posting of officer in the grade of Additional / Joint Commissioner of Income Tax vide ORDER NO. 136 OF 2014- dated the 20th August, 2014 Download CBDT Order No. 136 dated 20.08.2014 transferring Additional / Joint Commissioner of Income Tax Transfer / Posting Of Addl./ Joint CsIT (International Taxation + Transfer Pricing) Transfer and postings in the cadre of Addl./Joint Director/Commissioner of Income-tax under various Directorates of International Taxation and Transfer Pricing vide Order No. F.No. PCCIT(lntl Tax.)/ 60/12/2014-15/1407
This department vide Notification No. 3(393)VAT/2013/1085-1096 dated 19/02/2013, directed the owner/lessee/custodian of the venue where programmes/functions are to be organised In the Banquet Halls, Farm Houses, Marriage/Party Halls, Hotels, Open Ground etc, where food and/or liquor items are to be supplied/provided and cost of booking exceeds rupees one lakh per function to get themselves enrolled by filing form BE-1 and thereafter to submit return in Form BE-2 at least 3 days before first day of a month and for second fortnight by 12th of the month.
On applications filed by the Institute of Chartered Accountants of India for impleadment and vacation of stay, the Hon’ble Lucknow Bench of Allahbad High Court has modified its order dated 6th August, 2014 vide its order dated 20.08.2014 and consequently Chartered Accountants and non advocates would continue to be permitted to appear before the Authority under the VAT Act in the State of U.P.
