Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks.
Surendra Kumar Jain Vs PCIT (Delhi High Court) The general provision of two years, in the opinion of the Court, has been provided with one important objective i.e. to cater to a specific situation where upon search and seizure operation, if new material is found, already completed assessments are revisited. Had Parliament not prescribed such a […]
Needless to clarify that in the absence of a clear policy, the Courts may then impose interest on the quantum of refund generated either by virtue of Court orders or by virtue of substantive proceedings arising out of refund applications. Either-way, it is the Revenue who would have to pay interest on the delayed refund and as such rates determined by the Court.
Vague information given by DIT (inv) there is no other material the AO collected after preliminary enquiry which could have enabled him at the time of recording reasons to come to a conscious independent conclusion that income of the assessee has escaped assessment.
As Members are occupied in Tax Audit Report under the Income Tax Act, 1961 (due date is 31.10.2018) and also in GST Reconciliation and Rectification work, we hereby request your good self to kindly extend the due date of filing Annual Return under VAT in Form 10A (Period ending 30-June-2017) for the dealers who moved to GST Regime from 31st October’ 2018 to 31st December’ 2018, as members is finding it difficult to cope up with the work pressure.
In the case at hand, the applicant is the recipient of the services and not supplier of such service. Accordingly, the Application is not liable for admission and therefore rejected without going into the merits of the case.
There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO.
ICAI has issued suo moto notices to the statutory auditors of Amrapali Group for the period 2008-2015 and also for the latter period. The ICAI has issued suo moto notices to these auditors by treating as Information in terms of the provisions of the disciplinary mechanism as provided in the Chartered Accountants Act, 1949 and the Rules framed there under.
Electoral Bond Scheme 2018 Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI) Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No.2(d) of […]
M/s.V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court) When there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted. Learned counsel for the appellant assessee emphatically argued that inasmuch as the source of credit in […]
