Assessee despite being given more than sufficient opportunity has not been able to explain the discrepancy in stock. No new document or evidence has been brought to the notice of the Bench, nor has the assessee been able to show how the document has been wrongly considered. As such neither on facts nor on law the assessee’s explanation is acceptable,
Before adverting to the various contentions raised in challenging the vires of Section 11AA of the SEBI Act, we feel that it is worthwhile to state and note certain precautions to be observed whenever a vires of any provision of law is raised before the Court by way of a writ petition. It will be worthwhile to lay down certain guidelines in that respect, since we have noticed that on very many occasions a challenge to a provision of law,
As far as the present case is concerned, none of the circumstances were narrated by the assessee either before the Assessing Officer or before the Appellate Authority concerned in support of the contention that the claim for allowance should not be disallowed. The mere circumstance, that the amount had been remitted to the account of the payee, would not be a good ground to accept the case of the assessee that Section 40A(3) of the Act will not applied to the case.
CBEC has requested the Chief Commissioners of Central Excise & Customs to keep their offices open on 29th, 30th and 31st March and also to issue Trade Notices for the information of the Trade as it feels bulk of the Revenue is received at the end of the month.
It is announced by the Government of Maharashtra that Local Body Tax (LBT) will be implemented in the Pune, Pimpri-Chinchwad, Navi Mumbai, Thane, and Nagpur with effect from 1 April 2013.
In the reopened assessment, the AO has taken the view that the amount in fact did not represent any capital gains on sale of shares, but represented the undisclosed income of the assessee brought in by means of an accommodation entry given by My Money Security Pvt. Ltd. Accordingly he brought the amount to tax with the narration undisclosed income introduced under guise of short term capital gains.
Steps to Check Inflow of Illegal Money Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system […]
ICAI has released today its Guidance Note on Statutory Audit of Banks for FY 2012-13. The 2013 edition of the Guidance Note has been updated to give effect to the changes brought in by the various Master and Other circulars of the Reserve Bank of India which affect critical aspects of banking operations, generally, and the […]
Cancellation or Deactivation of DIN.- The Central Government or Regional Director (Northern Region), Noida or any officer authorised by the Regional Director, upon being satisfied on verification of particulars of proof attached with the application received from any person seeking cancellation or deactivation of DIN, in case –
Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries/jurisdictions. On […]
