Supreme Court has observed that if the signature on the cheque is admitted, then presumption under Section 139 of the Negotiable Instruments Act that the cheque was issued in discharge of a legally enforceable debt will be raised. Upon such presumption being raised, it is incumbent upon the accused to rebut the same.
Imports of Hydrofluorocarbon (HFC) Blends – Authority recommends imposition of anti-dumping duty equal to the lesser of the margin of dumping and the the margin of injury, so as to remove the injury to the domestic industry. Accordingly, the Authority recommends imposition of the antidumping duty on the imports of subject goods, originating in or […]
New Victoria Mills & Ors. Vs Shrikant Arya (Supreme Court of India) In this resignation had already been accepted on 28.05.2003 before the respondent endeavoured to withdraw the same on 01.06.2003. It has, thus, rightly been contended by the appellants that the mere delay in relieving the respondent from duties would not impact the acceptance […]
International Bakery Products Ltd. Vs ACIT (ITAT Chennai) Prior period item whether expenses or income is an item of expense deductible or item of income, always comes below the line in the profit & loss account. That means, for all practical purposes, the net profit as per books of account for the relevant period is […]
Directions were issued to the field formations to ensure judicious application of CAROTAR, 2020, while following prescribed timelines strictly and avoiding unnecessary delays or use of arbitrary practices during clearance of goods.
Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 due to impact of COVID-19 pandemic.
Bhimendra Kumar Goyal Vs Enforcement Directorate (Andhra Pradesh High Court) Hon’ble Apex Court in catena of cases observed that while granting bail the Court has to keep in mind the nature of accusation, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances […]
Petitioner is found to have deliberately supplied goods without issuing invoices in violation of the provisions of AGST Act with intention to evade Tax during the period of 2019 to 2021.
Tech Mahindra Business Services Limited Vs DCIT (ITAT Mumbai) During the course of assessment proceedings, the assessee was asked to furnish the break-up of foreign exchange gain credited in the profit and loss account amounting to Rs.13,31,38,000/- for which deduction u/s.10A of the Act was claimed by the assessee. The assessee was also asked to […]
DSIIDC Ltd. Vs PCIT (ITAT Delhi) It is pertinent to note that the Assessing Officer has raised only a query before completion of assessment u/s 143 (3) relating to claim of 80IA(4). However, the Assessing Officer has not given any cogent finding. Thus, the observation of the Principal Commissioner of Income Tax that the assessment […]
