The week gone by had begun on a positive note. A Departmental Screening Committee meeting was held for ad-hoc promotions from the grade of Senior Translator to the grade of Assistant Director (Official Language). Due to this, 14 officers are likely to get promoted as AD (OL).
Based on the representation of the Mutual Fund Industry to consider a glide path for implementation of the policy and request of other stakeholders, it has been decided that the deemed residual maturity for the purpose of valuation of existing as well as new bonds issued under Basel III framework shall be as below:
The assessee herein is one of the branches of M/ State Bank of Travancore, which has since been merged with M/s State Bank of India. It is stated that there was shortage of staff and domain expertise in taxation. On examination of reasons furnished by the assessee in a liberal manner, in our view, the reasons given by assessee for delay in filing appeal before Ld. CIT(A) shall constitute sufficient cause
In a separate development, the Income Tax Department, carried out search and seizure operations on 17/03/2021 on a business group engaged in yarn trading and supply of PPE kits, bags and Baby care kits to various State Governments. The searches were conducted in eight premises at Tirupur, Dharapuram and Chennai.
K.S. Hanumantha Rao Vs PCIT (ITAT Bangalore) According to the CIT, the assessee was not entitled to claim for deduction u/s 54 of the I.T.Act amounting to Rs.48,81,963 for the investment made in new asset, since the investment in the new asset was made one year prior to the date of sale of the original […]
Chandigarh CESTAT ruling in Maharaja Crane Services vs. Commissioner of CGST – Applicability of Limitation Act to service tax matters. Legal insights on demand beyond the five-year limit.
Through Government Resolutions dated 20/12/2018, the Government prescribed the modalities procedure for sanction and disbursement of Industrial Promotional Subsidy (IPS) to all Eligible Units i.e. Mega/Ultra —Mega Projects & units other than Mega/Ultra-Mega Projects.
Office Order No. 68 of 2021 Consequent upon approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Principal Commissioner of Income Tax (Pr. CIT) (level 15 in the pay matrix Rs. 1,82,200-2,24,100/-) on in-situ basis with immediate effect or w.e.f. the date of assumption of charge of the post by them, whichever is later:-
Outstanding demands or disputed amounts which pertain to regular assessment and its escaped assessment, if any, and are not related to evasion cases. Here the penalty, if any, as mentioned in column 4 of the Table- A, implies penalty other than the penalty imposed for evasion/avoidance of tax.
It is essential that all insurers establish procedures to let policyholders get clear and transparent communication at various stages of claim processing. As specified in the within referred circular dated 10.4.2019, all the insurers shall ensure putting in place systems to enable policyholders track the status of cashless requests/ claims filed with the Insurer/TPA through the Website/Portal/App or any other authorized electronic means on an ongoing basis.
