The position under section 161(1) of the Act is that a trustee under a trust cannot be assessed on the aggregate income received by it as a single unit. The assessment in the name of the trustee in terms of the sub-section can be made in two ways.
On perusal of records, it transpires that the issue is regarding refund of Central Excise duty paid on various petroleum products which are consumed by the respondent whether it can be refunded or otherwise.
M/s. Delhi International Tax Airport Pvt. Ltd Vs DCIT (ITAT Bangalore) Once it has been repeatedly held that Airlines Operators are collecting the PSF on behalf of the Airport Authorities/Operators and the PSF is to be paid to the airport authority in terms of the notifications issued by the MOCA at different points of time,the […]
ITO Vs. Sh. Neeraj Goel (ITAT Delhi) IT(A) has rightly held that the assumption of jurisdiction to frame an assessment or non assumption of jurisdiction to frame an assessment goes to the root of the judicial act of framing an assessment order and in the event of non assumption of jurisdiction u/s. 143(2) of the […]
IBBI, in consultation with IPAs, has devised the format of ANNUAL COMPLIANCE CERTIFICATE(Annexure A) to be submitted by the IPAs to the IBBI and to be displayed on its website within 45 days of the closure of the financial year.
No dis allowance u/s 14A is called for in a case where the shares are held as stock-in-trade as held in India Advantage Securities Ltd. (supra), CCI Ltd. v. JCIT (2012) 20 taxmann.com 196 (Karn.), PCIT v. State Bank of Patiala (2017) 78 taxmann.com 3 (P& H) and CIT v. G.K.K. Capital Markets (P.) Ltd. (2017) 78 taxmann.com 341 (Cal.).
Functionality to rectify Intimation u/s 143(1) for all ITR forms is now available through the Rectification module of Income Tax Business Application for Asst. Yrs. 2014-15, 2015-16, 2016-17. For earlier AYs, rectification can be done using AST module for now.
Functionality to rectify mistakes apparent from record in Appeal orders and Revision orders is now available to users through the Rectification module of Income Tax Business Application (ITBA). User may rectify mistakes in drafting of order including typos or other factual inaccuracies falling within the scope of section 154 which occurred in the original order. Similarly, mistake in recording of appeal decision can also be rectified.
(1) These rules may be called the Central Goods and Services Tax (Fourth Amendment) Rules, 2018. (2) Save as otherwise provided, they shall come into force on the date of their publication in the Official Gazette.
Where application for registration certificate was rejected solely on the ground that trust deed did not contain the beneficiary clause; opportunity was given to assessee to make fresh application after incorporating the said clause in the trust deed.
