Enhancement of value of imported goods based on NIDB data and circular issued by DGOV without rejecting declared value under Rule 12 of Customs Valuation Rules, 2007 is not proper.
Benefit of CVD exemption under Notification No.30/2004-CE dated 09.07.2004 cannot be denied if condition is such that it is practically impossible to satisfy condition.
Authority admits that there has to be some material on record on basis of which, A.O. would form a bonafide belief that income of assessee had escaped assessment
Deepa Satish Borse Vs Income Tax Officer (ITAT Pune) ITAT held that once it has come on record that the assessee’s matrimonial matter has already supported her case of having received the impugned sum by way of cash prior to demonetization for maintenance of herself and their sole girl child followed by similar arrangement post […]
When ITC has been wrongly availed and utilized with a revenue impact, that interest liability is attracted. Making it clear that it is only in situations where there is a revenue impact that interest will become chargeable.
A manufacturer of finished goods is allowed the benefit of availment of CENVAT Credit on any inputs used in the manufacture of intermediate goods, processed by way of job work, availing the benefit of exemption as contained in MF, DR Notification No. 214/86-CE dated 25.03.1986, and received by them for use in or in relation to, the manufacture of final product.
PCIT Vs SPPL Property Management Pvt. Ltd. (Calcutta High Court) Tribunal concluded that on both these issues, namely with regard to the provisions for doubtful debts and air-conditioner expenses, the assessing officer had conducted a detailed enquiry and thereafter completed the assessment. Secondly, it was held that the PCIT had erred in invoking the revisional […]
No service tax can be levied on the amount collected towards liquidated damages or penalty for breach of any of the terms of the contract.
ARS International Vs Commissioner of Customs (CESTAT Chennai) Brief facts of the case are that the appellant is a holder of Customs Broker license issued by Commissioner of Customs, Tuticorin and is also transacting business at Bengaluru, Chennai, Mumbai and New Delhi. As per the investigation report dated 23.7.2020, a specific intelligence was received by […]
Interest from staff welfare fund, interest income from staff loan, charges for closing flexi account and fine against non-payment of R/D amount due in time are eligible for deduction u/s 80P(2)(a)(i).
