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In absence of Jurisdiction over Assessee AO cannot issue Section 143(2) Notice

June 28, 2022 2415 Views 0 comment Print

Explore the legal intricacies of Anil Kumar Khetawat case vs. ACIT. Uncover how a jurisdictional flaw in issuing notice under section 143(2) renders the assessment proceedings void.

Section 263 jurisdiction cannot be exercised for substituting other possible view

June 28, 2022 552 Views 0 comment Print

Explore the case of Mahesh Arvind Tilve vs. PCIT (ITAT Mumbai) where the validity of the assessment is questioned. Assess the jurisdictional challenges and the significance of cash transactions.

Service Tax Refund cannot be denied to SEZ unit for mere non-inclusion of service in approved list

June 28, 2022 1002 Views 0 comment Print

Explore the case of Tega Industries vs. C.C.E. & S.T. (CESTAT Ahmedabad) as CESTAT overturns refund denial. Analysis of Business Support Service, procedural lapses, and distinct identities.

No Section 271AAB Penalty if Search Proceedings were not initiated on assessee

June 28, 2022 699 Views 0 comment Print

Explore the ITAT Mumbai decision in Ramavatar Mandavewala vs. JT.CIT regarding the applicability of penalty under Section 271AAB for undisclosed cash. Detailed analysis and conclusion.

ITAT deletes addition for cash deposited during demonetization based on past trend of Cash Sales & Deposit

June 28, 2022 3129 Views 0 comment Print

Lateef Abdul Mohd. successfully challenges ITAT Hyderabad decision on cash deposit addition during demonetization, citing sales correspondence and legal precedent.

CBIC Notifies Rate of Exchange of Turkish Lira wef 29.06.2022

June 28, 2022 375 Views 0 comment Print

CBIC Notifies Rate of Exchange of Turkish Lira wef 29.06.2022 vide Notification No. 53/2022 -Customs (N.T.) Dated: 28th June, 2022

FSSAI Imports related directions on rectifiable labeling information

June 28, 2022 1395 Views 0 comment Print

FSSAI Imports related directions on rectifiable labeling information for imported food consignments and import of Clove Stem – Instruction No. 10/2022-Customs

Gift Deed can be cancelled if Possession Not Handed Over

June 28, 2022 9342 Views 0 comment Print

HC upheld the cancellation of a gift deed after noting that the possession was not handed over and that the deed was not acted upon by the parties.

PCIT cannot initiate penalty proceedings if no findings in assessment order on under or misreporting of income

June 28, 2022 969 Views 0 comment Print

In absence of any findings in assessment order regarding underreporting or misreporting of income, PCIT cannot revise assessment order to initiate penalty proceedings.

Geopolitical Spillovers and the Indian Economy

June 28, 2022 549 Views 0 comment Print

Reserve Bank of India Geopolitical Spillovers and the Indian Economy (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India – June 24, 2022 – Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi) Shri Pradeep Multani, President, Shri Saket Dalmia, […]

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