Loans been taken by Assessee from a sister concern in cash to make payments to labourers at site. This was held to be a reasonable explanation
It is trite law, valid service of notice under section 148 of the Act is sine qua non for proceeding under section 147 of the Act. In absence of valid service of notice under section 148 of the Act, the assessment proceeding under section 147 of the Act has to be declared as invalid.
Priyo Gopal Bishoyi Grandson Vs ACIT (ITAT Kolkata) We find that Revenue has erred in comparing two accounting statements, which are un-comparable to each other because Revenue has taken book stock on the basis of Tally Software, whereas physical stock on the basis of ORIEL Software. It is also observed that ld. Assessing Officer failed […]
Whether assessee can claim deduction for provision of doubtful debts without giving adjustment in individual ledger account of sundry debtors?
Trans India Carco Carriers Vs The Assistant Commissioner (Circle) (Madras High Court) I have had an occasion to consider the identical issue that arises in these writ petitions, in a batch of writ petitions in W.P.Nos.10663 of 2022 etc. batch and I have passed the following order on 17.08.2022:- ‘All writ petitioners have challenged orders […]
Shilpa Vitthal Jadhav Vs ITO (ITAT Pune) AO considered sale of plot as per development agreement of Rs.50,00,000/- as the share of assessee but, I find no reference whatsoever regarding the exact share of assessee pointing out in the said development agreement. The contention of ld. AR is that the AO considered the said amount […]
ACIT Vs Mercedes-Benz India Pvt. Ltd (ITAT Pune) In the line of business of assessee i.e. manufacture and sale of passenger cars, the automobiles which were manufactured were governed by Central Motor Vehicles Act (CMV Act) and Central Motor Vehicle Rules (CMV Rules). Under the said regulations, it is mandatory to seek approval from the […]
It is reiterated that all insurance products that cover newborns/unborns shall comply with the above referred provisions without any deviation and provide, coverage from day one(1) without imposing any waiting periods/sub-limits or any other restrictive conditions.
Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background 1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report was shared with the insurer for their comments vide letter dated 30th December 2019. Response of the […]
Kalyani Seetharaman Vs ACIT (ITAT Chennai) ITAT noted that the PCIT has not at all given a finding that the order of the AO i.e., the assessment order is erroneous or prejudicial to the interest of revenue and how. We have already noted the finding of PCIT in above para 4 and noted that simple […]
