There is no requirement in law that evidence in support of its case must be produced only at the time when the seizure has been made and not during the assessment proceedings.
As notice issued under section 274 read with section 271(1)(c) of Income Tax Act, 1961 did not specify particular viz., whether assessee had concealed particulars of income or had furnished inaccurate particulars thereof, hence, levy of penalty could not be sustained.
Recently, in the Kanaka Mahalakshmi Cooperative Bank Ltd. vs. ACIT & vice-versa [ITA Nos. 299 & 300/VIZ/2017 and ITA Nos. 326 & 327/VIZ/2017, (A.Y.: 2012-13 & 2013-14), decided on 5.9.2018], there were cross appeals by the assessee and the Revenue for the AYs 2012-13 & 2013 & 14. In ITA No. 299/VIZ/2007, one of the ground related to the addition of Rs. 26,10,443/- on account of interest on reverse fund.
CIT Vs M/s. SKS Ispat & Power Limited (Bombay High Court) On perusal of Section 153A of the Act, it is manifest that it does not make any distinction between assessment conducted under Section 143(1) and 143(3). This Court had occasion to consider the scope of Section 153A of the Act in case of The […]
In re Asahi Kasei India Private Limited (GST AAR Maharashtra) Question:- 1. Whether the service supplied by the Applicant under the Service Agreement dated 1 March 2013 constitute a supply of ‘Support services’ falling under HSN code 9985 ‘Intermediary service’ classifiable under HSN code 9961 /9962? Answer (i) The services provided by the applicant in the […]
Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd. Vs CIT (Supreme Court of India) The CIT had no express power of cancellation of the registration certificate once granted by him to the assessee under section 12A till 1-10-2004. It is for the reasons that, first, there was no express provision in the Act vesting the CIT […]
The Neem fruit is known as ‘Nimouli’ in Chhattisgarh and is collected in both fresh and dry forms and is used for making neem oil only, after drying the neem seed. Dry neem fruit is not generally used for trading for horticulture or agro-based commercial purpose i.e. dry neem fruit is not identifiable with seed commercially.
Get insights into the modified ruling by the Appellate Authority for Advance Ruling regarding the tax liability on the supply of PV modules in solar power plant contracts.
Gain insights into the upheld ruling by the Appellate Authority for Advance Ruling regarding the GST levied on rent paid for premises taken on lease by Tathagat Heart Care Centre.
In re Ideal Construction (GST AAR Maharashtra) Question 1.What is the rate of tax to be levied on the sale of Flats/Units to the prospective buyers? And whether registration of project under Pradhan Mantri Awas Yojana is required? Answer :- The rate of tax to be levied is 12% (8% GST after deducting value of […]
