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Gross Profit rate can not be same each year. AO could not step into the shoes of businessman to determine sale price. Addition made for low GP deleted by ITATÂ ABCAUS Case Law Citation: ABCAUS 1157 (2017) (03) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: March-2017 Important …
Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT ABCAUS Case Law Citation: ABCAUS 1156 (2017) (03) ITAT Question for determination: Whether non-furnishing of the reasons for reopening, after the specific request for the same is made …
Assessment in individual status bad when notice issued to HUF Assessment set aside when notice u/s 148 was issued in the name of HUF-ITATÂ ABCAUS Case Law Citation: ABCAUS 1155 (2017) (03) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: March-2017 Important Case Laws Cited/relied upon: Suraj Mal, …
GST Council approves CGST and IGST Bills. Main Features of Central Goods and Services Tax (CGST) and the Integrated Goods and Services Tax (IGST) Bills Ministry of Finance Press Release Dated: 9th March, 2017 Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) …
Election Commission bans exit polls till 9th March, 2017 evening Election Commission of India Press Release Dated: 04/03/2017 Ban on Exit Polls during State assembly elections of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh. The Commission had notified the period of prohibition of conduct of Exit polls for …
Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments u/s 40A(3) ABCAUS Case Law Citation: ABCAUS 1154 (2017) (03) ITAT The Ground of Appeal: In the present appeal, the assessee, inter alia raised a ground challenging the order of …
Revised Pension claim Form-Aadhaar. Simplified UAN  based Form 10-D has been revised.  Aadhaar authentication was made compulsory earlier-EPFO EMPLOYEES’ PROVIDENT FUND ORGANISATION Ministry of Labour & Employment, Government of India Head Office Bhavishya Nidhi  Bhawan,  14, Bhikaji Cama Place, New  Delhi -110066 No.Pension-1/7(1)/96/20 17/Forms/32614      …
Issue of notice us 133(6) for cash deposits verification under Operation Clean Money. CBDT issues Instructions for procedure to be followed Instruction No. 4/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct taxes North Block, New Delhi dated the 3rd of March, 2017 …
Section 43B applicable to both employee and employer contributions. No disallowance can be made u/s 36(1)(va) if paid before ITR due date. Allahabad High Court CBDT in view of the decision of the Hon’ble Supreme Court in Alom Extrusions Ltd. has vide circular no. 22 of 2015 dated 17/12/2015 …
ICAI-Penalty u/s 271J on chartered accountants be withdrawn. ICAI advocates withdrawal of penalty in its Post-Budget Memorandum submitted to the Government ICAI in its Post-Budget Memorandum-2017 has advocated that the proposed Section 271J- Penalty imposable on chartered accountant for furnishing incorrect information in reports or certificates may be removed. The …
