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Provision for warranty allowable deduction if based on past events and reliable scientific estimate is made of future liability likely to be incurred ABCAUS Case Law Citation: ABCAUS 2471 (2018) 08 ITAT Important Case Laws Cited/relied upon by the parties: Rotork Controls India Pvt.Ltd In this appeal, the …
Income accumulation application allowed under rectification u/s 154 as assessment was not completed and there was only intimation u/s 143(1) ABCAUS Case Law Citation: ABCAUS 2470 (2018) 08 ITAT Important Case Laws Cited/relied upon by the parties: Bagalkot Town Development Authority v. CIT CIT Vs. Nagpur Hotel Owner’s …
FAQs – Receiving Intimation of ITC Blocked by Tax Official 1. I have received an email message as well as a SMS stating – “Please visit your Credit Ledger to see the amount of credit blocked for utilization by the jurisdictional tax officer.” What does this message indicate? …
Brought forward debit balance can not make assessment erroneous and prejudicial to the interest of the Revenue – ITAT quashes Revisionary Order ABCAUS Case Law Citation: ABCAUS 2469 (2018) 08 ITAT In this appeal, the assessee had challenged the correctness of the order of the Principal Commissioner of …
Bank guarantee requirement for bond executed by EOUs-Clarification on waiver of bank guarantee-surety to EOUs Circular No. 27/2018-Customs F.No. DGEP/EOU/GST/Misc/24/2017 Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs (Directorate General of Export Promotion) ****** New Delhi, Dated: 14th August, 2018 …
Moratorium u/s 14 of the Insolvency and Bankruptcy Code, 2016 not apply to a personal guarantor of a corporate debtor – Supreme Court ABCAUS Case Law Citation: ABCAUS 2467 (2018) 08 SC The instant appeal involved the question whether Section 14 of the Insolvency and Bankruptcy Code, 2016 …
Exclusions from both export and total turnover for deduction u/s 10A – CBDT Circular 4/2018. All charges/expenses in Explanation 2(iv) liable to be excluded Circular No. 4/2018 F. No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th August …
Forfeiture of gratuity is not automatic on dismissal from service; it is subject to sub-Sections (5) and (6) of Section 4 of The Payment of Gratuity Act, 1972. The Act must prevail over the Rules framed by the employer – Supreme Court ABCAUS Case Law Citation: ABCAUS 2467 …
Compensation paid to retiring partner consequent to family settlement-Deduction allowed as capital of firm was kept intact and business was continued by other coparceners partners. ABCAUS Case Law Citation: ABCAUS 2466 (2018) 08 ITAT The instant appeal was filed by the assessee directed against CIT(A)’s order in sustaining …
Interest for late payment of service tax not penal in nature but only compensatory. ITAT deletes disallowance made under section 37 ABCAUS Case Law Citation: ABCAUS 2465 (2018) 08 The instant appeal was filed by the assessee directed against CIT(A)’s order in holding that the interest on delayed …
