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Capital goods under para. 09.08 of FTP includes furniture used indirectly for manufacture

October 4, 2022 3969 Views 0 comment Print

Ratnamani Metal And Tubes Limited Vs Commissioner of Customs (CESTAT Ahmedabad) We find that there is no dispute to the use of the subject second hand office furniture/equipment in relation to the manufacturing of goods and hence the subject goods are part of complete stainless steel tube manufacturing plant. The authorities below have nevertheless taken […]

Section 68 Additions Justified if Assessee fails to Prove Genuineness of Unsecured Loan

October 3, 2022 7335 Views 0 comment Print

Where assessee-firm claimed to have received unsecured loans during relevant years, however, it could not prove genuineness of unsecured loan taken and underneath sources for making these investments, addition made by Assessing Officer under section 68 was justified

Order Passed By AO not Erroneous if passed After Duly Examining Claim of Assessee

October 3, 2022 1086 Views 0 comment Print

Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequent revision order passed by Principal Commissioner setting aside impugned assessment order as erroneous and prejudicial to interest of revenue was to be quashed

Section 54F Exemption allowable if Property is of Commercial Nature

October 3, 2022 15822 Views 0 comment Print

In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.

Company penalised for using CIN as listed even after becoming delisted

October 3, 2022 3450 Views 0 comment Print

Company is using its letter heads which contains CIN as listed even after becoming delisted w.e.f. 21.12.2018 from both stock exchange (NSE & BSE) which shows that company has made violation of Section 12(3)(c) of Companies Act, 2013.

Gadkari emphasizes importance of E-vehicles in transforming Automobile industry

October 2, 2022 405 Views 0 comment Print

Shri Nitin Gadkari emphasizes importance of E-vehicles in transforming Automobile industry Union Minister for Road Transport and Highways Shri Nitin Gadkari said that automobile industry is being engaged  to make more e vehicles. Launching the first Made in India Mercedes-Benz Luxury Electric Car (580 4Matic) at the company’s Chakan plant in Pune, Maharashtra he said […]

DoT unearths fraudulent illegal Telecom set-ups to route ISD calls

October 2, 2022 354 Views 0 comment Print

Fraudsters use illegal telecom set-ups to route ISD calls received through internet (VoIP) illegally to domestic mobile and wireline customers in India. Illegal telecom setups primarily use internet connectivity on one side and connect to domestic mobile and landline network for distribution of call which is not allowed as per regulations. Such illegal setups pose […]

23.45 crore e-KYC transactions executed via Aadhaar in August

October 2, 2022 798 Views 0 comment Print

23.45 crore e-KYC transactions executed via Aadhaar in August Almost 220 crore Aadhaar authentications done in August, Aadhaar usage and adoption continues to grow UIDAI successfully executes 1.46 crore Aadhaar updation requests from residents during the month 24.2 lakh fresh Aadhaar enrolments happened in August; Aadhaar saturation near universal among adults in India Aadhaar usage […]

Listed companies to submit Shareholding Pattern in latest XBRL utility

September 30, 2022 3759 Views 0 comment Print

Listed companies are required to submit Shareholding Pattern by downloading the latest XBRL utility of the Exchange.

 Submission of Annual Life Certificate

September 30, 2022 2412 Views 0 comment Print

Every Central Government pensioner has to submit Annual Life Certificate in the month of November for further continuation of pension. It has been observed that a large number of Central Government pensioners physically visit bank branches for this purpose.

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