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From the clarification issued by the Hon’ble High Court, it is clear that until and unless the decision of Marilyn Shipping & Transport (supra) is reversed by the Court, it is binding on all the benches of the Tribunal.
We find that the learned Tribunal taking note of the pendency of the appeal in this Court, preferred by the Revenue against the decision of the Special Bench of the Tribunal in M/s. Merilyn Shipping & Transport in I.T.A. No.477/Viz/2008 dated 29-03-2012, directed the Assessing Officer to re-decide the issue after the disposal of the appeal by this Court.
The first issue relates to rejection of books of account and estimation of profit. The assessee is a private limited company and it has got its account audited under the provisions of Companies Act, 1956. The assessee has stated that it was following cash system of accounting.
The Comptroller and Auditor General Report no. 32 of 2014 has taken the list of Chartered Accountants who have signed tax Audit cases under Income tax Act of more than 400 during FY 2012-13 and there are 22 people in the list.
The Tribunal should pass a fresh order not only in relation to the objection raised by the Assessee to the exercise of powers under section 263 of the IT Act, but on the merits of the claim as well. Merely because such an opportunity is given by us does not mean that the Tribunal is obliged
As per the AO the assessee did not file any details in this regard. Referring to the provisions of section 40(a)(ia) of the Act, he held that the assessee had defaulted in not deducting TDS as per the provisions of section 194C and 194J of the Act, that as per the provisions of section 40(a)(ia) of the Act the amount on which tax was deductible was not deducted or not paid within the time allowed
The Union Cabinet had approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014 to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008 as reported by the Select Committee of the Rajya Sabha, and for suitably introducing it in the Parliament in the next session for consideration and passing.
1. Step 1: CPC (TDS) will first process Original TDS Statements till the stage of 26AS generation for deductees reported. 2 Step 2: Short Payments and PAN Errors will be identified in the preliminary check of the Original statements.
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 for the Form 24G Statements from FY 2005-06 onwards released (26/12/2014) Key features of NSDL Return Preparation Utility (RPU) version 1.4 · Quoting of structurally valid TAN of DDO: Quoting of structurally invalid TAN of DDO has been discontinued i.e., values quoted, […]
n the light of various references received from the field formation from time to time, existing guidelines on compounding of offences under Income-tax Act, 1961 (the Act) have been reviewed and in supersession of the same, including the guidelines issued vide F.No. 285/90/2008-IT(Inv.)/12 dated 16th May 2008, the following guidelines are issued for compliance by all concerned.
