ITAT find that if the expenses are proved to be un-genuine on verification, the AO ought to have disallowed the entire expenditure. Accepting 75% of expenditure as allowable and the remaining 25% disallowable on ad-hoc basis cannot be considered as a reasonably rational order.
Velankanni Constructions Vs ACIT (ITAT Chennai) The assessee being resident firm is stated to be engaged in civil construction. The assessee could not produce bills or voucher for blue metal jelly purchase, brick purchase and sand purchase. The reasons adduced were that the assessee undertook work at remote places and was dependent on local supplies. […]
TDK India Private Limited Vs Commissioner of CGST & Excise (CESTAT Kolkata) Regarding Works Contract Service, it has been observed in the impugned order that w.e.f 01.07.2012, vide Notification No. 30/2012-ST, the reverse charge mechanism for Works Contract Service was introduced. I find that this Notification is applicable to individual/partnership firm and Hindu Undivided Family […]
ACIT (Intl. Taxn) Vs Allscripts (India) Pvt. Ltd. (ITAT Ahmedabad) It is pertinent to note that Section 201(3) specifies the time limit in respect of TDS for residents only. The CIT(A) observed that the order dated 25.03.2019 is beyond four years in light of Hon’ble Delhi High Court decision in case of NHK Japan Broadcasting […]
Guidance note on inclusion of Object of the issue in case of Preferential issues (in the Explanatory statement to the notice to the shareholders) and in Qualified Institutions Placement (QIP) (in the preliminary and final placement document) under Chapter V and VI of SEBI (ICDR) Regulations, 2018, respectively.
Grant of non-agricultural permission along with sanad issued in the form in Schedule IV or Schedule V in accordance with Rule 4 and Rule 7 of the Maharashtra Land Revenue (Conversion of Use of Land and Non-Agricultural Assessment) Rules, 1969 (the Rules) by the concerned Competent Authority shall be considered as Commencement Certificate for plotted development projects.
Reserve Bank of India RBI/2022-23/154 DOR.ACC.REC.No.91/21.04.018/2022-23 Dated: December 13, 2022 Madam/Sir, Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 – Disclosure of material items Please refer to the notes and instructions for compilation of Balance Sheet and Profit and Loss Account, for commercial banks, as specified in Annexure II to the Reserve […]
On a review, it has been decided to permit eligible entities to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA).
ITAT has allowed the appeals of the Assessees following the judgement of this Court in Director of Income Tax v. Sheraton International Inc (2009) 178 taxman 84 (Del). He, however, states that the said decision of this Court has not been accepted by the Revenue and an appeal has been preferred against the same, which is pending adjudication before the Supreme Court being CA No. 3094/2010.
In the instant case, officer deemed it necessary to carry out physical verification of the petitioner’s place of business before proceeding to pass the impugned order, which resulted in the cancellation of petitioner’s GST registration. Concededly, no notice was issued to the petitioner requiring, as mandated by Rule 25, his presence at the time of verification.
