Assessing officer treated the receipts as unexplained cash credit for the reason that M/s. National Multi Commodity Exchange of India had confirmed that M/s. Vatika Merchants (supra) was expelled from the exchange long prior to the transactions in question.
During search proceedings certain blank cheques and blank bills were found from assessee’s premises of the parties from whom purchases were made, and AO made addition of entire purchase from these parties, Tribunal was justified in holding that addition of 25% amount as income would suffice.
It has come to notice that after generation of IGST Refund Scroll through ICES, in some cases the IGST Refund could not be disbursed due to IFSC not being accepted by PFMS/not registered at PFMS. The list of such IEC holders whose IGST Refund has not been disbursed due to PFMS error is being uploaded on the JNCH website (jawaharcustoms.gov.in)regularly.
At the outset, Learned A. R. submitted that assessee is running a school and had been claiming exemption u/s 10(23C)(iii) and now the assessee had applied for registration u/s 12AA which the CIT (Exemptions) has refused relying on the provisions of section 13(1)(c) of the Act.
Understand the scope of Section 153A in the case of Anurag Dalmia Vs DCIT. Analysis of unabated assessments, incriminating material, and additions made post-search.
The number of appeals and complaints pending on December 31, 2016 in the 23 information commissions, from which data was obtained, stood at an alarming figure of 1,81,852. The pendency increased to 1,99,186 at the end of October 2017.
Allowance of bad debt depends on how it is reflected in accounts
In this case, we are concerned with the question as to whether Samosa is to be treated as namkeen or cooked food and we are not asked to pronounce upon whether it is to be treated as unclassified items, the choice is narrowed down to whether it is to be treated as namkeen or as cooked food.
Advance intimation is required to be submitted by importer through their official email id to shipping line at least 72 hours before expected arrival of the vessel informing the details such as Bill of Lading Number, Details of consignment, DPD client code allotted by Terminal operator & Preferred CFS and its Code (stacking code). Accordingly, Shipping Lines prepare and submit Import Advance List (IAL) to Port Terminal indicating details of such consignment including stacking code ro enable Port Terminal to decide stacking plan these containers.
The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consistent with the Code and the rules made thereunder
