In this process of manufacturing the perfumery compounds are capable of being sold in the open market. The odoriferous compound has got a shelf life and capable of being stored/transported/sold and bought by agarbathi industries.
CBEC hereby makes the following amendments in the Notification of CBECs No.103/2017-CUSTOMS (N.T.), dated 2nd November, 2017, with effect from 7th November, 2017
If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain the source of investment.
Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously paused before us was, was the Tribunal justified in adopting the gross profit rate of 8% as against 25% adopted by the Commissioner (Appeals)?
The Central Bureau of Investigation has arrested an Income Tax Officer, Ward No.1, Gurgaon (Haryana) for demanding & accepting a bribe of Rs. 60,000/- from the complainant.
Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultural produce by cultivators/agriculturists to traders.
The functionality of Table 6A of Form GSTR 1 is now available on GST Portal. Taxpayers can file their export data from the month of August 2017 onwards. This will enable the exporters to get IGST refund from Customs.
Question 1. I am a resident of Delhi having no business in Delhi or elsewhere but I have a commercial property in NOIDA on which I receive a rent of Rs. 25 lakhs. Where should I take registration and what tax should I pay ? Answer: As you do not have a place of business […]
The appellant has admitted in his sworn statement about this undisclosed income, has filed the return of income showing the same as his income & has paid the necessary taxes on this. From the case laws mentioned above, it is clear that on similar facts of the case, penalty u/s 271AAA has been cancelled. Therefore, humbly following the case laws as cited supra, the penalty u/s 271AAA is cancelled.
The Goods and Services tax (GST) to be levied on gold jewellery has been fixed at the rate of 3% of its sale value. Though this is slightly more than the tax attracted by gold earlier, it is less than the 5% rate that was being anticipated initially, and is likely to benefit the gold jewellery industry.
