Reserve Bank of India hereby notifies that proviso (ii) to sub-regulation (1) of regulation 10 and proviso (ii) to sub-regulation (2) of regulation 10 of the Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017, shall come into force with effect from June 02, 2018.
In such a scenario, by adopting the principles of harmonious construction and interpretation of rule, I hold that the appellant right to avail the credit at the time of coming out of the exemption scheme cannot be curtailed down by adopting Rule 4(1) of the Cenvat Credit Rules.
Assessee made no offence prohibited by law which can be contemplated to be covered under Explanation to section 37 of the Act and, therefore, the payment of penalty made by the assessee to the Stock Exchange is a regular business expenditure and the impugned disallowance has rightly been deleted by the learned Commissioner of Income Tax (Appeals).
Revenue has demanded the Service Tax on the renting of trucks under the head of Supply of Tangible Goods Service. As per the facts of the case which is not in dispute, we note that the appellant have given the trucks to the lessees on monthly rental charges. The appellant did not provide any facility such as driver, repair and maintenance, fuel etc. Once the truck is rented out the entire possession and control is of the lessees and during the renting period there is no interference of the appellant.
Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court) In the present case, having started off on a wrong note that the original assessment was scrutinized and an order was passed under section 143(3) of the Act, the assessing officer proceeded to put up the note to the DIT as is evident from […]
This is an appeal filed by the assessee directed against the order of the learned Commissioner of Income-tax (Appeals)-13, Bengaluru [CIT(A)] dated 21/06/2017 for the assessment years 2011-12 to 2013-14.
DCIT(E) Vs GS 1 India Assessee is a society involved in importing, developing and distributing of Bar code technology to be used by various manufacturers and industries which is for the general benefit of public at large. However, during the scrutiny of the return of income of the assessee for the AY 2011-12, AO made […]
Zion Promoters & Developers (P) Ltd. Vs Addl. CIT (ITAT Delhi) The investment in the share of the assessee company by the above five companies whose directors appeared before the Assessing Officer and whose statements were recorded and full details were filed substantiating the identity and creditworthiness of the investor companies and the genuineness of […]
Inclusion of Cost Accountants for undertakings/submission of Certificates to the exporters to overcome the problem of refund blockage and post audit scrutiny
DCIT Vs M/s. Real Strips Ltd. (ITAT Ahmedabad) The addition was solely made on the basis of the statement furnished by the production manager of the assessee at the time of survey. The lower authorities have not brought any iota of evidence suggesting that the assessee has suppressed the production leading to suppressed sale out […]
