We are inclined to follow the view taken by the Bombay High Court, which in any case, was also the view taken by this Court in Smt. Anita Chaudhary (supra). Since this appeal has been filed within 90 days which is prescribed period of limitation under Section 28(4) of the Act of 1955, the same is held to be within limitation.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Corrigendum-Cum-Notification No. 62/2019-Customs (N.T./CAA/EXTENSION/DRI) New Delhi, the 6th November, 2019 S.O. 4059(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), and […]
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 61/2019-Customs (N.T./CAA/DRI) New Delhi, the 6th November, 2019 S.O. 4058(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and […]
CBDT has notified vide Notification No. 95/2019 that in various income-tax forms and Rules the word ‘Permanent Account No.’ or ‘PAN’ is to be substituted by the words ‘Permanent Account Number or Aadhaar Number’. Changes has made it possible for A person, not having PAN to furnish his Aadhaar number in lieu of PAN, in […]
Any changes to the terms of investment, including extension in the maturity of a money market or debt security, shall be reported to valuation agencies and SEBI registered Credit Rating Agencies (CRAs) immediately, along-with reasons for such changes.
Reserve Bank of India, after reviewing the Punjab and Maharashtra Cooperative Bank Limited’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹ 50,000/- (Rupees Fifty Thousand only), inclusive of ₹ 40,000 allowed earlier.
Union of India Vs Unicorn Industries (Supreme Court) 3 Judge Bench of Supreme Court has held that the inapplicability of doctrine of promissory estoppel is established when the larger public interest demands so. Observing that pan masala (with or without tobacco) was found to be one of the causes of oral cancer, the Court was […]
The Jammu and Kashmir High Court declined to entertain pleas filed by the kin of former Chief Minister Farooq Abdullah challenging their alleged house arrest by the State. High Court held that In writ proceedings, a fact is to be supported and proved by authentic documentary evidence. Press cuttings cannot be relied upon as authentic documentary evidence.
Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai) In the present case the valuation done by the assessee for valuing its shares is on the basis of DCF method and the AO could not have substituted it by NAV method rather he should have arrived at another value, if any, by applying DCF method only. […]
Issuance of notice under section 143(2) on the very same day when return was filed showed non-application of mind on AO’s part in issuing section 143(2) notice and thereafter in framing assessment and therefore, all proceedings were nullity.
