Admittedly, the return was processed u/s 143(1), as per the assessment order, on 15.05.2002 and the notice u/s 148 was issued on 28.03.2008. Therefore, as per section 151, the Assessing Officer was required to obtain the sanction of Joint Commissioner of Income tax as four years had lapsed from the end of relevant assessment year.
It will be mandatory for sleeper-class train passengers to carry identity proof from December 1, this year, Railways announced today, in a bid to facilitate travel by bonafide people and reduce the scope for misuse of tickets by touts.
In the case under consideration, we notice that the requirement of filing form 24Q was new one for the assessee and as being the first year of filing such return, there is no dispute about the fact that the tax has been deducted by the assessee. As held by the I.T.A.T., Mumbai Bench in the case of Royal Metal Printers (P.) Ltd. (supra), that for such technical or venial breach supported by reasonable cause, penalty under section 272A(2) is not leviable.
CBDT has extended the time limit for filing ITR-V form relating to returns filed electronically without digital signatures for the AY 2010-11 and AY 2011-12 filed on or after 1st April, 2011 upto 31st December, 2012 or within a period of 120 days from the date of uploading return, whichever is later.
Benefit of SSI exemption Notification No.6/2005-ST dated 01.3.2005 as amended vide Notification No.8/2008-ST dated 01.3.2008, grants the benefit of exemption of service tax per year, provided that the assessee has not crossed the threshold limit of rupees ten lakhs in the preceding financial year.
As per the mandate of section 92(1), income from International transaction between AEs has to be computed having regard to ALP. Thus, there is nothing in the statutory language to suggest that the AO must demonstrate the avoidance of tax before invoking these provisions.
In this case, the Tribunal had noticed that there was no dispute as regards the terms of employment of the workers and officers. The only question was the exact quantification of the compensation or wage revision. The Tribunal also held that provision for wage revision was based on past experience, interim Pay Commission of government employees, previous Pay Commission’s reports of public sector employees, union demands and other relevant factors.
High Court has stated that cash flow statements submitted by the assessee were not supported by documents. If so, the High Court should have remitted the case to CIT(A) giving opportunity to the assessee to produce relevant documents.
On going through the records, we find that the assessee Company has been following the net method for valuing the closing stock. It includes excise duty at the time of removal of goods. Following the order of this Court in the case of CIT v. Shri Ram Honda Power Equipment Ltd. [2012] 26 taxmann.com 331 (SC), this civil appeal filed by the Department is dismissed with no order as to costs.
In the interest of common consumer, from today onwards 19 commodities of day- to-day use, like bread biscuits, tea etc. can be sold in specified standard packs only. Ministry of Consumer Affairs, Food and Public Distribution had issued a notice on June 5, 2012 in this regard by amending Legal Metrological (Packaged Commodities) Rules, 2011. Manufacture, packing or import of these 19 commodities in non-standard packs will invite penal action.
