The Assessing Authority, in the matter of framing of assessments has to apply his mind to the issues that arise from the return of turnover filed by a dealer/assessee. However, orders of assessment are routinely passed based wholly on the proposals received from the Enforcement Wing and this case is no different.
A cursory reading of Section 36 (1) (iv) of the Act would reveal that nowhere in the said provision it is stated that the pension fund should be recognised by the jurisdictional Commissioner.
When the excess stocks were found during the Survey, there was no question of allowing the assessee to record any additional purchases because such purchases had already been recorded in the books of account of the assessee. Therefore, the excess stock, per se, had to be naturally brought to tax as ‘undisclosed income’ by itself and there was no question of any corresponding deduction from that in such cases. Hence, revenue was justified in bringing to tax the undisclosed Income under section 69C.
Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court) View of Third Member The question raised is as to whether interest on delayed payment of tax as contemplated under Section 50 of the Central Goods and Services Tax Act, 2017, is automatic or the same is to be determined, […]
he total replacement cost of three machineries in question purchased by the Assessee amounting to Rs.54,59,149/- came to be allowed by the Tribunal as ‘repairs maintenance expenditure’ or ‘revenue expenditure’.
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 […]
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.
Assessee, in the instant case, has not concealed the income deliberately (particularly in the light of the fact that advances have been shown in the balance sheet filed even along with the original return) and therefore, is not liable for imposition of penalty under Section 271(1)(c) of the IT Act.
