As to the addition made of Rs.37,30,710/-, which is lesser cash in hand as compared with the books of accounts in which the assess has shown more cash in hand, the Tribunal held that it is neither a case under Section 68 of the IT Act nor Section 69-A of the Income Tax Act.
Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed assets should be allowed as revenue expenditure by charging the same into the Profit and Loss account and not as capital expenditure by deducting the same from the cost of the respective fixed assets.
In so far as the second substantial question of law is concerned, it is necessary to note that the Assessing Officer, Commissioner of Income-tax (Appeals) and the ITAT have concurrently held that notwithstanding the nomenclature of the settlement, or the fact that the settlement is incorporated in the Consent Decree, the same is not a family settlement as such, the principle in Sachin Ambulkar (supra) is inapplicable.
Relcon Foundations (P) Ltd. Vs Assistant State Tax Officer (Kerala High Court) A perusal of Ext.P1 order would indicate that the detention of the vehicle carrying the goods was on the ground that the GSTR 3B returns had not been filed from June 2018 and GSTR I had not been filed from March 2019. It […]
As per Section 129 of GST Act, the detention notice has been passed on the ground that the validity period of the e-way bill that accompanied the transportation had already expired at the time of detention.
Jurisdiction of the Assessing Officer while making assessments in Limited Scrutiny cases, by initiating inquiries on new issues has to comply with mandatory requirements of the relevant CBDT Instructions dated 09.2014, 29.12.2015 and 14.07.2016, i.e. the approval of the PCIT.
Pr. CIT Vs M/s. Colour Roof (India) Ltd. (Bombay High Court) The Supreme Court in the case of Commissioner v/ s. Mahindra and Mahindra Ltd., [2018] 404 ITR 1 has held that sine-qua-non for application of Section 41(1) of the Act, is that there should have been allowance or deduction claimed by the Assessee in […]
We request the learned President of CESTAT, Principal Bench, New Delhi to initiate some remedial measures by deputing a Member Technical for atleast two weeks during a month to hold Court at Chandigarh Bench so that the Divisional Bench, CESTAT, Chandigarh Bench can function for reducing the pendency.
Tube Investments of India Limited Vs Union of India (Madras High Court) Exemption, when port notified subsequently: Madras High Court has allowed benefit of Notification No. 104/2009-Cus. (status holder incentive scheme) in a case where the imports were made before the addition of the name of the specific port in the said notification. It observed […]
Where assessee had hired the services for various works such as storage of data, scanning of documents, processing charges, call center operations, etc. and the same were basically clerical services of repetitive nature of work therefore, work outsourced was in the nature of clerical work and was rightly deducted under section 194C.
