In the absence of any specific mention of the Assessing Officer in the assessment order for charging of interest u/s 234A and 234B, no interest would be recovered from the assessee merely by way of a demand notice.
The issue is with respect to levy of penalty under section 271B of the Act. It is an undisputed fact that assessee is engaged in the business of Advertising Agency and during the year under consideration the commission earned from the Advertising Agency was not in excess of the limits prescribed under section 44AB for the purpose of getting the books audited.
DIT Vs. Nomura India Investment Fund (Bombay High Court) Provisions of section 271(1)(c) can only be invoked upon satisfaction of the ingredients as laid down in the said section. In the present case, it appears that the assessee had disclosed in its return the loss of Rs. 80.64 Crores sustained by him and further in the return, note was also given that it reserves its right to carry forward the loss.
It is brought to the notice of the trade, public and all stake holders that with the objective of reducing physical interface between Customs, other regulatory agencies and the trade, and to further enhance the speed of clearance of import cargo, it has been decided to introduce a facility to upload digitally signed supporting documents on a pilot basis at Air Cargo Complex, New Delhi. The said pilot shall cover all types of imports under ICES.
The Bengaluru ITAT, on Wednesday, confirmed the dis allowance of interest expenses claimed on advances received under sub-Lease agreement since there was a defect in the title of the assessee on the subject property.
Seeks to notify the evidences required to be produced by the supplier of deemed export supplies for claiming refund under rule 89(2)(g) of the CGST rules, 2017
Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A the Income-tax Act, 1961 (the Act) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act
Uninstall any previous version of the tool installed on your system. Extract the -OfflineTool.zip downloaded from portal and install by selecting GST offline Tool icon. For detailed instruction, for installation please refer Read Me file in the extracted folder.
Under Transfer Pricing regulation, Safe Harbor rules means binding rules laid down under law which mandates income tax authorities to accept the transfer price declared by the assesse, if opted for. Further section 92CB provides methods for determination of arm’s length price.
TDS requirement under section 194C is not applicable to transactions of purchase of goods, therefore, no disallowance under section 40(a)(ia) could be made.
