This appeal by assessee u/s 253 of Income Tax Act (the Act) is directed against the order of ld. Commissioner of Income-tax (Appeals)-15, Mumbai dated 16.10.2012 for Assessment Year 2007-08. The assessee has raised the following grounds of appeal
Since the difference is reconciled at the penalty stage and claim of assessee have not been doubted or rejected, therefore, Ld. CIT(A) was not justified in confirming the levy of penalty merely because assessee conceded for addition of the amount in question.
GST which was termed as biggest economic reform after independence was made a reality with effect from 1st July 2017. Approximately 70 days have elapsed and still the GSTN portal which was termed by its Ex Chief (who retired yesterday) Navin Kumar as capable of taking over processing 300 Crores Invoices per month.
We request your good self to provide appropriate and sufficient time relaxation in filing GSTR 6 from without any penal consequences after GSTIN System get ready to accept the returns in a smooth way as non functioning of website is in result of loss of professional man hours. This would enable / encourage the assessees across the country to comply with the requirements of the law completely.
Assessee is engaged in the business of trading in securities and shares. In the year under consideration the assessee suffered a loss of Rs. 29,82,952/- on the sale of Mutual Fund which was held as stock in trade and as such claimed as business loss. The issue in this case is whether the amount of Rs 29,82,952/- on account of loss on sale of mutual funds can be treated as capital loss as held by the AO as against business loss shown by the assessee. It is undisputed fact that the loss has been incurred during the normal course of the business.
It was alleged that the Principal Commissioner of Income Tax, Ranchi had entered into a criminal conspiracy with Additional CIT, Ranchi, ITO (Tech.), Another Officer, Income Tax Department & five private persons, all Kolkata based businessmen & infamous entry operators and a CA of Kolkata for getting Income Tax assessment files of their different assessee companies transferred from Kolkata/ Hazaribagh to Ranchi for providing undue favour to those assesses, who had been charged with heavy tax liability, in lieu of huge bribe.
The Institute of Company Secretaries of India (ICSI), recognising the need to provide support to its members to develop the auditing acumen, techniques and tools and for inculcation of best auditing practices among its membersconstituted Auditing Standards Board (ASB) with theobjective of formulating Auditing Standards of the ICSI.
(a) Slow response time of the GSTN portal. (b) Specified Information Technology system requirement not readily available and understandable especially in rural areas. (c) The saved data automatically got lost which compelled the members of the Petitioner/assessee to fill again all the details. While filing information on the GSTN portal, repeatedly errors were shown with no explanation about the problem / rectification which need to be done by assessee. (g) While filing information on the GSTN portal, repeatedly errors were shown with no explanation about the problem/rectification which need to be done by assessee.
No appeal should be filed before Tribunal in case tax effect does not exceed Rs.10 lakhs. The tax effect means the difference between tax on the total income assessed and tax that what have been chargeable had such total income been reduced by the amount of income in respect of issues against which appeal is intended to be filed. This circular further states that tax will not include any interest thereon the chargeability of interest itself is in dispute.
Till today, I use to mention you as MODI JI (a person, I could connect). But experiencing your dictatorship for last 1 year (on GST Issue), I am force to disconnect myself and mention you as Mr. Prime Minister (Dictator). In your speeches, you have termed yourself as PRADHAN SEVAK. But you are acting as Dictator, not SEVAK.
