For the Equity Derivatives segment, the client margins which are required to be compulsorily collected and reported to the Exchange/Clearing Corporation, as the case may be, by the Clearing members / Trading members shall include initial margin, exposure margin/extreme loss margin, calendar spread margin and mark to market settlements.
CIT(E) was not justified in rejecting approval sought by assessee under section 80G(5) on the allegation that assessee had sufficient disposable fund because sufficiency of funds available with an institution seeking the approval is not mentioned as condition under section 80G, which needs to be looked into before granting approval.
Notification No. 3/2018-Customs (N.T./CAA/DRI)- 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 as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015 in Gazette of India
Some MEIS entries classifiable under the Handicrafts sector are included for enhanced benefit under the Merchandise Exports from India Scheme, for the exports made in the period 1.11.2017 to 30.6.2018.
The Competition Commission of India (CCI) passed final order imposing penalty on six firms – Fortified Security Solutions (Fortified), Ecoman Enviro Solutions Pvt. Ltd. (Ecoman), Lahs Green India Pvt. Ltd.
Where AO failed to record his satisfaction in the assessment order as to under which limb, penalty under section 271(1)(c) was initiated against assessee, being essential condition was not fulfilled, penalty was liable to be deleted.
Where assessee did not furnish any evidence of earning agricultural income shown in return of income merely because assessee was holding agricultural land of 20 bighas would not prove that assessee earned any agricultural income or has any past savings so as to make any investment in the property.
CBDT Vs. Satya Narain Shukla (Delhi High Court) A plain reading of Section 24(1) of the Right to Information Act, 2005 indicates that the provisions of the Act would not be applicable to Intelligence and Security Organizations as specified in the Second Schedule. Further, any information received from such organizations falls under the exclusionary clause […]
Sub-section (1) of Sec. 271AAB of the Act uses the word may not shall. May cannot be equated with shall especially in penalty proceeding. Using the word may in our opinion, gives a discretion to the AO to levy the penalty or not to levy, even if the assessee has made default under said provision. Therefore we hold that penalty u/s. 271AAB of the Act is not mandatory and is discretionary.
ITO Vs Adhikar (ITAT Cuttack) In the instant case, it is not in dispute that the assessee is engaged in the activity of Micro Finance. The Assessing Officer considered the same as non-charitable activity within the meaning of section 2(15) of the Act on the ground that the activities were carried out on commercial lines. […]
