Prism Cement Ltd. Vs DCIT (ITAT Mumbai) We observed that assessee has earned exempt income of Rs. 12,62,95,486/- and made a suo moto disallowance of Rs. 29,87,943/-. After careful consideration of the assessment order passed by the AO and the order passed by Ld. CIT(A), it is fact on record that AO has not recorded […]
Notification No. 02/2021-Customs (N.T.) – CBIC rescinds Customs (Advance Rulings) Rules 2002 which were notified by notification o No. 55/2002-Customs (NT), dated the 23rd August,2002. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 04 January, 2021 Notification No. 02/2021-Customs (N.T.) G.S.R._________ (E). – In exercise of the powers conferred by section […]
Notification No. 01/2021 – Customs (N.T.)- CBIC releases Customs Authority for Advance Rulings Regulations, 2021 which relates to filing of Advance Ruling Application. CBIC also released format of FORM CAAR-1 [See regulation 6(1)] Application form for Advance Ruling, FORM CAAR-2 [See regulation 10(1)] Appeal to the Appellate Authority for Advance Rulings and FORM CAAR-3 [See […]
Sobha Developers Ltd. Vs DCIT (Karnataka High Court) From perusal of the relevant extract of Section 115JB, it is evident that Sub-Section (1) of Section 115JB provides the mode of computation of the total income of the assessee and tax payable on the assessee under Section 115JB of the Act. Sub-Section (5) of Section 115JB […]
Sujay Pankajbhai Shah Vs ACIT (ITAT Ahmadabad) A bare glance of the reasons recorded gives an unflinching impression that powers exercised under section 147 of the Act was to enable the AO to carry out detailed verification of the various aspects of such matter in reference made to the AO herein by the office of […]
Ministry of External Affairs has informed that email spoofing/phishing cyber frauds are causing increased bilateral trade disputes. Though this is registered as a cybercrime in the respective jurisdictions of the country, the authorities cannot do much to reverse the transaction.
Whether on facts and in the circumstances of the case, the Tribunal was right ignoring the Rule 45 of the IT Rules mandating filing of e-appeal with effect from 02.3.2016 and Board Circular 20/2019 dated 26.5.2016 extending the time for filing of e-appeal only till 15.6.2016 a
Jaya Hind Industries Limited Vs DCIT (ITAT Pune) which is used in the robotic arms forming part of high pressure die casting machines can be allowed as revenue expenditure. The factual submissions made on behalf of the appellant are that the expenditure was incurred on replacement of Gripper which is part of robotic arms forming […]
The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest @ 8.50 % for the year 2019-20 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952.
Deep Industries Ltd. Vs DCIT (ITAT Ahmedabad) Assessee in the present case has secured such loss with respect to the liability in foreign currency which may arise at the time of payment by way of taking of forward contract. The assessee to secure the loss on account of foreign currency fluctuation has taken a forward […]
