Standard Builders Vs ACIT (ITAT Chennai) ITAT held that reopening could not be done in a mechanical manner and on a mere change of opinion. Further, in case of reopening beyond 4 years, the revenue must allege that there was failure on the part of the assessee to disclose material facts. We find that the […]
V.R.S. Traders Vs Assistant Commissioner (State Taxes) (Madras High Court) As per section 74 of CGST Act, 2017 the first step, if the revenue wants to initiate proceedings under Section 74, has to serve a notice to pay the amount of tax along with interest payable under Section 50 and a penalty equivalent to 15% […]
Explore the ITAT Delhi’s decision in Anant Media Pvt. Ltd. vs. ACIT case. Learn about the challenges, legal principles, and the directive to the assessee for a fresh hearing. Understand the implications of the share premium disallowance and the significance of complying with authorities’ notices.
The Special Judge, CBI Cases, Ernakulam(Kerala) has sentenced Shri K.S. Chandrasekhar, then Assistant Commissioner of Customs, Air Cargo Complex, Cochin International Airport, Nedumbassery, Ernakulam(Kerala) to undergo three years Rigorous Imprisonment with fine of Rs.1,20,000/-.
Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme -2022 is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act and duration of this Amnesty Scheme will be from April 1, 2022 to September 30, 2022.
Any CS student after passing Final Examination or Professional Programme, who claims to have acquired practical knowledge and skills equivalent for Practical training (including EDP) stated in regulation 46BB, may apply for exemption from undergoing practical training (including EDP) in accordance with the criteria laid down in these guidelines.
Hawkish tones in systemically important policy pivots in early 2022 confirmed the worst fears of financial markets – the age of abundant liquidity is drawing to a close. Financial assets, which were buoyed by liquidity into stretched valuations, are being re-priced.
Kanshi Ram through Legal heir Sh. Sanjeev Kumar Vs ITO (ITAT Delhi) On perusal of the notice issued u/s 274 read with section 271(1)(c) of the Act we observe that the notice issued was stereotyped and the Assessing officer has not specified any limb or charge for which the notice was issued i.e., either for […]
Kurz India Private Limited Vs PCIT (Delhi High Court) Appellant submits that in this case reopening is initiated on the basis of review and re-appreciation of the same material i.e. audited accounts which were subject to verification in the course of original assessment proceedings under Section 143(3) which is not permissible in law. Upon perusal […]
Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Upon perusal of assessee’s financial statements, it could be gathered that assessee’s own funds in the shape of share capital and free reserves far exceeds the investment made by the assessee and therefore, a presumption would run in assessee’s favor that the investments were funded out of […]
