The A.O. while estimating income of assessee, has applied net profit rate of 12%. However, Learned Counsel for the Assessee has filed chart of net profit rate for earlier year as well as subsequent years which shows that in subsequent assessment year assessee has declared 8.134% as net profit rate, however, in A.Y. under appeal, net profit rate is 3.014%.
Md. Tajal Hussain Vs State of Assam (Guwahati High Court) The appellant took the stand that under Section 67 of the Assam Goods and Services Tax Act, 2017 (for short, AGST Act 2017), the search and seizure can be made only upon the proper officer, being not below the rank of Joint Commissioner, having reason […]
Let us discuss the provisions of the Trade Unions Act 1926. It is pertinent to note here that section 4 of the Act says any seven or more members of a trade union can apply for registration of a Trade Union by subscribing their names in the Trade Union Rules and by otherwise complying with the provisions of this Act with respect to registration, apply for registration of the Trade Union under the Act.
Advance Paints (P) Ltd. Vs Commercial Tax Officer (Madras High Court) Admittedly, before the Assessing Authority himself adequate proof of movement of goods from Tamil Nadu to Kerala had been produced by the Assessee. In support of the branch transfer/ stock transfer made by the Assessee, the prescribed Form “F” were also furnished by the […]
Nidhi Gupta Vs Union of India and Anr. (Delhi High Court) In view of Rule 3 of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, which is floated under the provisions of Finance Act, 2019, and looking to the definition of “amount in arrears”as stated herein above, by no stretch of imagination it can be […]
Bituman in its original form is solid but melts when heats, for it is used in molten stage. There is no difficulty to appreciate that bitumen emulsion comes into existence when bitumen is treated with emulsifiers and other chemicals to attain a liquid form. It has a huge advantage and add benefit because it is not to be heated and detained in its liquid form and has better stability and thus, saves time and cost components.
Since assessee acquired only a right to use the software and there was no enduring benefit acquired by the assessee on account of the license promoted by it on payment of annual fee, the expenditure incurred towards installation of such software would qualify as revenue expenditure.
Pr. CIT Vs M/s Secure Meters Ltd. (Rajasthan High Court) As far as the question relating to trading profit is concerned, the record shows that the assessee derived this income from the sale of boxes manufactured by it to house electric meters. It is not disputed that the deduction under section 80 IB/IC was for […]
PCIT Vs Abhisar Buildwell P. Ltd (Delhi High Court) Learned counsel for the Revenue repeated the submission made before the ITAT viz., that the report of Special Audit should be treated as incriminating evidence. Clearly the report of the Special Auditor, having been commissioned subsequent to the search, and during the assessment proceedings against DSL, […]
Web advertisement expenses and depreciation claimed by assessee in respect of software purchase was not an allowable deduction as the expenses claimed by assessee were bogus and assessee would not have been able to substantiate the genuineness of the transactions by producing relevant and material evidence.
