Assessee was engaged in the business of trading in readymade garments. A letter was received from the Assessing Officer, TDS Circle Mumbai that the respondent-assessee had paid 3commission’ to HDFC on payments received from customers who had made purchases through credit cards.
In the case in hand, the appellate authorities have not applied Section 44AD as such. Difficulty arose as they had to estimate reasonable rate of net profit. In the absence of any data and details, they applied the net profit rate as mentioned in Section 44AD.
It was claimed by the Petitioner P. C. Joshi who is an advocate by profession that section 65(105) (zzzzm) of the Finance Act, 1994 as inserted by the Finance Act 2009 and substituted by Finance Act 2011, proceeds to levy Service Tax on the Advocates.
In Commissioner of Income Tax vs. Creative Dyeing and Printing Pvt. Ltd., 318 ITR 476, an advance was given to the said assessee by the sister concern, which held 50% of the share holding in the assessee concern for mordenisation project.
The assessment proceedings are not public proceedings where all and sundry are allowed to participate and add their opinion to the proceedings. Merely because a spirited citizen wishes to assist in assessment proceedings, the same cannot be stated to be in larger public interest.
In this case ICAI has started the Disciplinary proceeding against a CA . It was alleged that he has got published an advertisement in ‘Accountancy Journal’ published by the Institute of Chartered Accountants of England and Wales, in United Kingdom to solicit any business
It is unfortunate that the Revenue insists in arguing Appeals in this manner and for subsequent Assessment Years. The Revenue ought to have been fair and brought to the notice of this Court the fact that its Appeal challenging the very findings and conclusions for prior Assessment Years has been dismissed by this Court on merits.
Can SEZ unit claim exemption from CVD when cleared to DTA based on an Exemption Notification issued under Section 5A of CEA’1944 although when there is specific bar under Section 5A for SEZ units?
Mcleod Russel (India) Limited having its registered office at 4, Mangoe Lane, Kolkata has tea plantations in the state of Assam and the area is highly volatile and acts of vandalism being carried out by terrorists.
On Appeal Honourable high court has held that in view of the decision of the Hon’ble Apex Court in the case of Dr. T.A. Quereshi Vs. Commissioner of Income-tax, Bhopal reported in 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the assessee.
