For the only reason that the payment of purchase has been made after a lapse of 9 months cannot render the purchase as non genuine unless and otherwise any material is brought on record which could negate this
Reasons recorded by AO to reopen assessment merely on basis of information from DIT(Inv.) without independently applying his own mind could not be said to be reason to believe that income had escaped assessment hence, reopening was bad in law.
One these reasonings, in the absence of any material change justifying the Revenue to take a different view of the matter— and, if there was no change, it was in support of the assessee— we do not think the question should have been reopened and contrary to what had been decided by the CIT in the earlier proceedings, a different and contradictory stand should have been taken
Where AO had imposed penalty under section 271(1)(c) on account of change of head of income in assessment, it was held that mere making a claim which was not acceptable to revenue, could not tantamount to furnishing of inaccurate particulars of income to attract penalty proceedings.
In the case of Reliance Communications Ltd, Mumbai bench of Income Tax Appellate Tribunal (ITAT) laid down certain guidelines for taxation of royalty payments to non-residents and held that payment for acquiring the copy of the software for the copyrighted article cannot be considered as royalty.
The product manufactured/supplied by the applicant, which is resultant of mounting/fixing of crane on readymade trucks/lorries bought by them from truck/lorry manufacturers such as Ashok Leyland, TATA, etc. and known as truck mounted cranes (TMC), is classifiable under heading 8705.
Seeks to amend notification No. 50/2017 Customs dated 30.06.2017 so as to maintain effective rate of BCD on Whey, concentrated, evaporated or condensed, liquid or semi-solid (0404 10 10) and Other Whey (0404 90 00) at 30%.
Seeks to increase tariff rate of basic customs duty (BCD) on tariff items covered under tariff sub head 0404 10 ie. Whey and modified Whey, whether or not concentrated or containing added sugar or other sweetening matter, and under tariff item 0404 90 00 ie. Other Whey from present 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975.
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K. R. Saji Kumar, Executive Director of the IBBI
The revisionist called in question the order dated 01.06.2009 passed by the Commercial Tax Tribunal, Uttarakhand, by which the Tribunal allowed the Appeal filed by the respondent assessee and set aside the order of the Appellate authority and also modified the order passed by the Assessing officer and set aside the tax imposed and declared the dealer (respondent)exempted from tax
