Assessee come out with the plea that they were not provided with opportunity of cross-examining the witness, the investigation report was not furnished and proper opportunity was not provided of being heard. However we find that all these arguments raised by the assessee before us was never alleged before the AO when the matter was before them.
Milestone Gears Private Limited Vs ACIT (ITAT Chandigarh) For the purpose of calculating deduction u/s 80IC, profit of each undertaking should be treated separately and losses from other eligible undertaking should be ignored. Profit and losses of all the eligible undertaking couldn’t be netted off. Facts –- Assessee is engaged in the manufacturing of automotive […]
M/s. Lal Products Vs Intelligence Officer (Kerala High Court) Hon’ble Kerala High Court had an occasion to determine the situs of sale of incorporeal goods namely, patents and trademarks when the contract of sale was executed by the Appellant in the state of Gujarat where they had one operating manufacturing plant while the HO of […]
EOU/EHTP/STP/BTP schemes are governed by Chapter 6 of Foreign Trade Policy (FTP), duly supported by the relevant Customs and Central Excise notifications. These notifications have now been amended in order to align them with the present Foreign Trade Policy (FTP), 2015-2020, as amended
Q 1. Are the accounts maintained by the registered taxable person required to be audited by a Chartered Accountant/Cost Accountant under GST? Ans. It has been stated in the law that every registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs. 2 Crore, shall get his accounts audited by […]
Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.
In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in subsection (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by […]
CBDT notifies revised provisions related to Unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in the case of foreign company referred to in sub-section (1) of section 115JG of the Act and […]
Assessment under section 153A could not be made for making addition of unexplained income if assessment was unabated which had attained finality on the date of search and no incriminating material was found as per record.
With a view to enhance credit discipline among the larger borrowers enjoying working capital facility from the banking system, delivery of bank credit for such borrowers shall be as under:
