ITAT held that that lack of cross examination and violation of principle of natural justice results is total nullity of the entire addition. P. Mittal Manufacturing Pvt. Ltd. Vs ITO (ITAT Delhi)
ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) Learned CIT-DR vehemently reiterated the Revenue’s foregoing pleadings that the issuance of Section 143(2) notice is nowhere mandatory in Section 153A proceedings initiated in furtherance to a search in light of the various case law cited therein. We find no merit in the Revenue’s instant grievance since […]
Mahendra Kumar Agarwal Vs ACIT (ITAT Hyderabad) It is an admitted factual position that this assessee is assessed and lives in Hyderabad whereas all the corresponding loan creditors parties are from Kolkata only. And that too, there is not even a single loan agreement between the assessee and the said parties, reflecting the terms of […]
Q.1 Does linking my bank account, PAN, and other services with Aadhaar make me vulnerable? Ans: No. As your bank information is not shared by the bank with anyone else, no one can have information about your bank account just by knowing your Aadhaar number. Also, UIDAI or any entity for that matter would not […]
In re Rashtriya Chemicals and Fertilizers Limited (GST AAAR Maharashtra) The Appellant have a Sewage Treatment Plant (‘STP’) at its Trombay premises. This plant uses sewage water and converts it into water for use in the factory for manufacture of the fertilizers. The Appellant has also contended that it has never been the intention of […]
Income Tax Department conducts searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights and Real Estate Groups The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across […]
Revised scheme of education and training developed in conformity with the best practices adopted by international accountancy bodies, implementation of National Education Policy 2020 and taking note of revolution in information technology, has been approved by the Council of the ICAI and has been submitted to Ministry of Corporate affairs for their in-principle approval
SEBI extends the date of applicability of Circulars including the clauses relating to Two Factor Authentication (‘2FA’) for redemption and source account verification to July 01, 2022.
Section 70 and 71 mandate that the income disclosed in VDIS shall not be included income under section 139 means income which had already been disclosed and that assessment is not liable to be reopened.
Given the bullish tide presiding until a quarter or two ago, it was always too late to jump on the bandwagon. This incited many to invest in haste. Instead, what followed was not a palatable serving of rate hikes from the US Federal Reserve, coupled with geopolitical tensions. Add to the mix; various industries had to deal with rising costs of raw materials due to inflationary pressures. The ongoing result has been a bearish trend that has eroded the investment.
