The claim of exemption under section 11 could not be denied to assessee society on the ground that the audit report was not filed online along with the return as the requirement of law that the assessee shall have its account audited, had been complied with within the time prescribed by the statute.
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The Reserve Bank of India (RBI) granted its approval to HDFC Bank last week to acquire a share of maximum 9.9% of the Bandhan Bank paid-up capital, with effect from the date of the proposed amalgamation between the two entities. This was in reply to the earlier application made by HDFC to RBI (post the announcement of the proposed deal) to hold shares in the Bandhan Bank.
Oil India Limited Vs Commissioner of Central Tax (CESTAT Hyderabad) Refund jurisdiction of the Officers of Central Excise and Service Tax emanates from Section 12E and Section 11B of Central Excise Act, 1944 and Section 83 of the Finance Act, 1994. The powers of the first appellate authority to decide appeals or such decisions emanates […]
it has now been decided to enhance the housing loan limits for eligibility under priority sector lending. Accordingly, in respect of RRBs and SFBs, housing loans to individuals up to ₹ 35 lakh in metropolitan centres (with population of ten lakh and above) and ₹ 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centres and at other centres does not exceed ₹ 45 lakh and ₹ 30 lakh, respectively will be eligible for classification under Priority Sector Lending.
In the present case at the very inception notice initiating penalty is not in accordance with mandates of law. Moreover, it is settled position of law that such defect is not curable u/s 292BB of the Act. Therefore, we hereby quash the penalty order.
Firstly, we may observe that the learned Single Judge was absolutely right in holding that the Assessee, having not raised an objection before the Assessing Authority to the re-opening of the assessment under Section 147/148 of the Act, should be deemed to have acquiesced to the same. Nothing prevented the Assessee from raising the objection, which could have been dealt with by the Assessing Authority in accordance with law.
The 49th Campus Placement Programme for the newly qualified Chartered Accountants was organised by the Institute during February-March 2019 at 17 centres across the nation. A comparative of the Offers made during the last 3 Campus placement drives is mentioned below.
ACIT Vs Indian Hotels Company Ltd. (ITAT Delhi) It was the submission of the assessee that credit card commission was out of the realm of section 194H of the Act since there was no principal-agent relationship between the merchant establishment and the bank and, therefore, the provisions relating to tax deduction at source were not […]
Pr. CIT Vs M/s RST India Ltd. (Bombay High Court) It is not disputed that upon termination of the contract, the assessee’s entire business of soliciting freight on behalf of the US based company came to be terminated. It may be that assessee had, other business. Insofar as the question of taxing the receipts arising […]
