On the one hand the Revenue has made demand of central excise duty on goods consumed in the finished goods and on the other hand it is demanding duty on the finished goods which is wrong. Even if there is any duty demand, the same shall be restricted only upon finished goods. The raw material duty cannot be demanded as the same were consumed for intended purpose of manufacture.
Unraveling SEBI’s 2023 Notification on the (Depositories and Participants) (Second Amendment) Regulations. Dive into its implications, changes, and key takeaways.
Analysis of ITAT Mumbai’s decision in Sanjay V. Kothari Vs ITO, focusing on the addition of bank deposits. The case involves A.Y. 2006-07 assessment.
Orissa High Court dismisses appeal in PCIT Vs Dimple Murarka, ruling excess stocks should represent income from undisclosed sources.
ITAT Indore grants a new opportunity to rectify Form 35 mistakes, emphasizing a fair appeal process in Vijesh Samule Vs ITO. Read the full order here.
ITAT Mumbai imposes Rs. 10,000 cost on Hunt International Investments LLC for non-response to notices under section 142(1). Details on the case inside.
Clarification provides the level of authority of various documents issued by ICAI e.g. Accounting Standards, Auditing Standards, Guidance Notes on Accounting, Guidance Notes on Auditing.
ITAT Ahmedabad rules that Section 271D penalty doesn’t sustain if a loan is accepted through banking channels, relating to A.Ys. 2013-14 & 2016-17.
ITAT Delhi deletes section 68 addition in B N Public School vs ACIT, confirming no separate PAN or return needed for institution owned by trust/society.
Analysis of ITAT Delhi’s ruling in Bushra Javed Vs ACIT: Indexation benefits for acquisition costs based on payment year. Read the full legal insight here.
