The ITSC could not have been satisfied as to the acceptability of the assessee’s explanation with regard to the various issues raised before it in the report of the Commissioner merely on the basis of the reports of the JDIT. Without applying its mind directly to the report of the Commissioner and the materials referred to therein, it could not have reached the conclusion that nothing more was required to be added over and above the undisclosed income of Rs. 15 lakhs disclosed by the assessee. The ITSC thus ignored relevant evidence and material which it ought to have taken into account while processing the assessee’s application. [
Once the assessment was reopened to investigate the purchase of various lands then the Assessing Officer was duty bound to make enquiries to examine the purchase of these land as well as the sources for the same. The Assessing Officer has simply issued notice under sections 142(1) and 143(2) which is standard for format of the notice.
in the instant case, the assessee denied incurring any expenditure for earning income, which did not form part of total income during the course of assessment proceedings even when huge investments were made by the assessee in securities .
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Depositories and
In exercise of the powers conferred by sub-section (6) of section 1 of Payment of Wages Act, 1936 (4 of 1936), the Central Government, on the basis of figures of the Consumer Expenditure Survey published by the National Sample Survey Organisation, hereby specifies Rupees eighteen thousand per month as the wages under said sub-section (6).
There have been several times in the last two decades when the ethical behavior of organisation has been the center of attention. This may be due to lack of knowledge on the issues related to compliance.
Representations have been received from certain industry associations seeking a clarification whether Cenvat credit of the duty of excise specified in the First Schedule to the Central Excise Tariff Act (commonly known as basic excise duty) paid on inputs used in or in relation to the manufacture of final products can be utilized for payment of National Contingency Calamity Duty (NCCD) on said final products.
In order to curtail the transfer of additional issue of shares/securities including by way of further public offerings, rights issue, preferential allotment, bonus issue etc of the listed company, prior to receipt of final listing/trading approval, the depositories shall devise a mechanism so that such new securities created shall be frozen till the time final listing/ trading permission is granted by the exchange.
Assessing Officer made the addition merely on the ground of low gross profit rate. In our opinion, the low gross profit rate can be a reason for making an enquiry but, it cannot be the sole basis for making the addition. The trading result can be rejected only if the condition prescribed under Section 145 for the rejection of books of account or the method of accounting is fulfilled.
On a review, it has been decided to allow companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB) to avail of trade credit up to a maximum period of five years for import of capital goods as classified by DGFT subject to the following conditions: –
