CBDT had issued guidelines dated 10th September, 2011 mandating prior approval of the CCIT for scrutiny assessment and in the present case that was not obtained.
Refund under Rule 5 of Cenvat Credit Rules also being a refund under section 11B would squarely fall within the ambit of Section 11BB and interest is payable in case of delay in sanctioning the refund under Rule 5
DCIT Vs Crystal Glaze (ITAT Ahmedabad) ITAT considered judgment passed by the Co-ordinate Bench in case of Zirconia Cera Tech Glazes vs. DCIT wherein addition was made only on basis of show cause notice issued by Excise Department against assessee alleging that assessee was engaged in undervaluation of sales and clandestine removal of goods and […]
Read about the CESTAT decision in the case of Globus Infocomm Ltd. vs. Principal Commissioner of Customs (Import), where the plea for change of classification was accepted. The order directs the re-examination of classification, duty demands, mis-declaration allegations, and penalties.
Education cess paid by the respondent-assessee would not be allowed as an expenditure under Section 37 read with 40 (a) (ii) of the Income Tax Act, 1961.
Ranvir Kumar Karan Vs Union of India (Madhya Pradesh High Court) In view of the Apex court judgment in Civil Appeal No.10177 of 2018 in the case of Union of India vs. Hind Energy and Coal Benefication (India Ltd.) HC dismisses plea challenging Levy and collection of cess under Section 8 of the Goods and […]
Admittedly, the issuance of notice and initiation of re-assessment proceeding are beyond six years and, prima facie, it is barred by limitation both under the old Act as well as under newly amended provision relating to Section 147 of the Act.
The week gone by saw officers of the Directorate of Revenue Intelligence (DRI) detect two clandestine units manufacturing Mephedrone, a psychotropic substance under the Narcotic Drugs & Psychotropic Substances (NDPS) Act, 1985.
Exemption otherwise available to the assessee trust under section 11 cannot be denied merely on account of delay in furnishing of audit report in form 10B as required under section 12A(b) of the Act.
Ashoka Palace Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) The issue whether interest income derived from deposits with cooperative banks is eligible for deduction under section 80P(2)(d) of the Act or not has been considered by Tribunal in catena of decisions. The Co-ordinate Bench in the case of Kaliandas Udyog Bhavan Premises Co-op Society […]
