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Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment and taxed u/s 69B – ITAT ABCAUS Case Law Citation:ABCAUS 3798 (2023) (09) ITAT Important Case Laws relied upon by parties:M/s. SVS Oil Mills vs ACIT 418 ITR …
Margin of profits in Arhat business is not strictly comparable with previous years unlike other business ventures. It depends upon agricultural produce which overwhelmingly depends upon vagaries of climate variability and also demand and supply. ABCAUS Case Law Citation:ABCAUS 3797 (2023) (09) ITAT In the instant case, the …
Guidance Note on Tax Audit u/s 44AB. ICAI releases revised 2023 Edition ICAI has released the revised 2023 edition of Guidance Note on Tax Audit u/s 44AB of the Income Tax Act 1961. The first Guidance note was released in 1985 and this ninth edition in series. Tax …
Application for TDS mismatch correction. CBDT notifies Form 71 Mismatch of TDS credit has become a big trouble specially for the assessee and has give rise to increased litigation. Particularly when income is reflected in the return of income but the corresponding TDS has been deducted and paid …
Procedure to requisition services of Police/Govt. Official in search operation & reference to valuer CBDT has issued Notification No. 70/2023 dated 28.08.2023 prescribing a new Rule 13 for procedure to be followed for requisition of services of Police/Govt. Official in search operation & reference to valuer u/s 132 …
CBDT launches the revamped National Website of the Income Tax Department www.incometaxindia.gov.in CBDT has launched a revamped Website of the Income Tax Department. In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its National website www.incometaxindia.gov.in with a user-friendly interface, …
ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS Case Law Citation:ABCAUS 3796 (2023) (08) ITAT Important Case Laws relied upon:P.M. Mohammed Meerakhan vs. CIT (1969) 73 ITR 735 In the instant case, the Income Tax Department …
GSTN launches Mera Bill Mera Adhikaar scheme to win lucky draw prizes up to one crore GSTN has developed and launched a mobile application (available on iOS and Android platforms) and also a web portal for the “Mera Bill Mera Adhikaar” scheme. This scheme is to be implemented from 1st …
MCA condones delay in filing of Form-3, Form-4 & Form-11 by Limited Liability Partnerships General Circular No. 08/2023 F. No. Policy-01/2/2021-CL-V-MCA-Part(3) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A’ Wing Shastri Bhawan, Dr. R.P. Road, New Delhi Dated: 23.8.2023 To, DGCOA All Regional Directors/ All Registrar …
RBI issues revised penal interest guidelines for lending institutions w.e.f. 1st January 2024 As per the existing guidelines issued by RBI, lending institutions had the operational autonomy to formulate Board approved policy for levy of penal rates of interest. RBI observed that many Lending Institutions use penal rates …
